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Asia-Pacific Solar Energy Panel Market is Expected to Reach $37.8 Billion, by 2020 with top key players: Canadian Solar First Solar, Jinko Solar, Sharp, Suntech Power Holdings, Trina Solar, Yingli Green Energy Holding Bosch Solar Energy, Hanwha SolarOne,

03-29-2019 06:29 AM CET | Energy & Environment

Press release from: Allied Market Research

/ PR Agency: Allied Analytics
Asia-Pacific Solar Energy Panel Market

Asia-Pacific Solar Energy Panel Market

Asia-Pacific Solar Energy Panel Market Report, published by Allied Market Research, forecasts that the Asia-Pacific market is expected to garner $37.8 billion by 2020, registering a CAGR of 14.8% during the forecast period 2014-2020. Solar Panels function on the process of photovoltaics (PV), which is a method of generating electricity through the conversion of sunlight through different semiconductors. The technologies used in the generation of electricity, some of which include, mono and multi crystalline silicon, thin films, hybrid and black backed panel technology comprise of different raw materials. Strong government support across the countries in the Asia-Pacific region holds potential opportunities for the solar panel market. The impending need for the reduction of air pollution, carbon emissions and greenhouse gases has resulted in an increased adoption of solar panels. Energy diversification in India is essential to support the country's long term growth in solar energy power sources. The ADB (Asian Development Bank) has invested an amount of $100 million to support and empower solar power developers operating in the private sector. The Asia-Pacific Solar Energy Panel market generated a revenue of $14.9 billion in the year 2013.

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Technology improvements and a rise in the demand for solar PV's should present potential opportunities for this industry in the near future. Government subsidies, eco-friendly technology and the decreasing costs of raw materials are key factors that supplement the growth of this market.

The impending need for clean energy favored with strong government initiatives in major countries of the Asia-Pacific, supplement the increase in adoption of solar panels in this region. Adani Enterprises Ltd. in association with the Government of Rajasthan has announced to set up India's largest solar park with a capacity to generate 10,000 MW of electricity.

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Key Findings of Asia-Pacific Solar Energy Panel Market:
Presently, polycrystalline holds the largest percentage share in the market as compared to monocrystalline and thin film technologies
Roof mounted solar panels should generate considerable revenue for the solar energy panel market, by the year 2020
The commercial sector would grow at the highest CAGR and generate a considerable revenue for the solar energy panel market by the year 2020
China is estimated to be the maximum revenue generating country for ground mount panels

The Asia-Pacific countries are commendably promoting the clean energy concept with large scale solar installations across the region. Solar panels are rapidly gaining acceptance and are largely used in the making of rooftops, industrial parks, utility lands, and even backpacks. In what proved to be a revolutionary concept, Japan implemented large scale installations of solar panels on water bodies across the country. Japan, presently is in the process of conceptualizing the largest floating solar installation in the world that possess a capacity to generate 15,635 megawatts of energy, annually. Frequent earthquakes and the nuclear plant tragedy has gravely hampered the energy sector of Japan. Following this, Japan has strengthened its approach towards the sources and applications of renewable energy.

The National Development and Reform Commission (NDRC) of China has set new production targets for solar capacities to reach a minimum of 70 GW by 2017. This move should remarkably boost the solar panel market in China.

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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