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Asia Pacific On Grid Solar PV Market Size

Report ID: GMI8871
Published Date: Apr 2024
Report Format: PDF

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Asia Pacific On Grid Solar PV Market Size

Asia Pacific On Grid Solar PV Market was valued at USD 71.5 billion in 2023 and is set to grow at a CAGR of 4% from 2024 to 2032.

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Large scale renewable energy deployment owing to growing sustainable energy targets in line with falling prices of solar panels, inverters, and balance of system components will stimulate the product adoption. For instance, in January 2024, the Government of India launched its first on grid solar project with battery energy storage system at Lakshadweep islands. Rapid urbanization, industrialization, and economic growth will eventually increase the energy demand, thereby influencing the market dynamics.

Asia Pacific On Grid Solar PV Market Report Attributes
Report Attribute	Details
Base Year:	2023
Asia Pacific On Grid Solar PV Market Size in 2023:	USD 71.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4%
2032 Value Projection:	USD 100.1 Billion
Historical Data for:	2019 to 2023
No. of Pages:	150
Tables, Charts & Figures:	250
Segments covered:	End-Use and Region
Growth Drivers:	Deployment of large scale solar PV systems Growing emphasis on clean electricity Growing solar PV targets
Pitfalls & Challenges:	Longer payback period

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

Asia Pacific market size for on-grid solar PV was reached USD 71.5 billion in 2023 and will exhibit a 4% CAGR from 2024 and 2032, attributed to rising energy demands, coupled with efforts to reduce carbon emissions and declining costs of solar technology.

Asia Pacific utility-scale grid solar PV market is anticipated to exceed USD 56 billion by 2032, owing to the increasing focus on large-scale solar projects to meet growing energy demands sustainably in the region.

China on-grid solar PV industry size will register USD 51 billion by 2032, fueled by the massive investments in solar energy infrastructure and its ambitious renewable energy targets.

Prominent Asia Pacific on-grid solar PV market players are Amplus Solar, Canadian Solar, First Solar, Havells India Ltd., Indosolar, JA SOLAR Technology Co., Ltd, JinkoSolar, LONGi, LOOM SOLAR PVT. LTD., Rays Power Infra, RISEN ENERGY Co., LTD, Sunova Solar, Trina Solar among others.