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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.
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.
Which are the leading firms operating in the Asia Pacific on-grid solar PV market?
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.
How big is the on-grid solar PV market in China?
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.
What factors are driving the demand for utility-scale grid solar PV in APAC?
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.
What is the size of the Asia Pacific on-grid solar PV market?
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.