Connect with us

Hi, what are you looking for?


Clean Power

Major Asian Markets Set To Lead Solar PV Growth

In a completely unsurprising turn of events, NPD Solarbuzz forecasts that global solar PV demand is being driven by major Asian markets, with India, China, and Japan leading the way.

In a blog post on the NPD Solarbuzz website, analyst Michael Barker comments on numbers extracted from Solarbuzz Quarterly, published in June. The numbers are represented in the following image, and shows the top 10 single-country markets globally by 5- and 10-year compound average growth rates (CAGRs) through 2018.

Cumulative Market Sizes & Compound Annual Growth 2008-2018

major asian markets

Each bubble represents forecast cumulative market size by 2019, with the UK, China, and Thailand projected to have the highest 10-year CAGRs. These numbers are slightly exaggerated, however, due to the sub-100 MW size of the markets when the 10-year forecast period began (ie, 2008).

Michael Barker comments that “three of the Major Asia-Pacific countries are set to see annual demand double in 2014,” while there are two outliers from the data — the UK and Australia. “The UK has seen significant growth over the past two years as aggressive incentive policies have propelled large-scale ground-mount development,” allowing the UK to rank as a major growth market alongside India, China, and Japan. On the other side of the scale, however, is Australia, a Major Asia-Pacific country which “has struggled amidst continued policy cuts and regulatory uncertainty.”

Earlier this month NPD Solarbuzz forecasted that China could expand beyond 100 GW solar PV capacity by 2018, while mid-August saw reports that the UK had reached 5 GW solar PV capacity — only the sixth country to do so behind Germany, China, Japan, Italy, and the US.

As Barker notes in his blog post, the major threats to these forecasts is as it has always been of late — policy and regulatory uncertainty and change. Australia is currently seeing massive hits to its renewable energy industry as a result of the current government’s decision making, while countries like the US are in the midst of trade investigations creating uncertainty throughout the industry. Add to that the inevitable rethinking of subsidies and incentives, and the solar industry is likely to remain the center of conversation for many years to come.

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (, and can be found writing articles for a variety of other sites. Check me out at for more.


You May Also Like


New analysis exposes how costly e-fuels are threatening the EU’s climate targets.


Researchers seek new formula for energy efficient windows in beer wort, balsa wood, and paper pulp.


Kia and Ford are bringing new midsize electric SUVs to market --- one for China and one for Europe -- but none for the...

Clean Power

A major collaboration between universities and energy companies has made vital improvements to offshore wind turbines, which could help them generate more renewable energy...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.