Published on March 11th, 2015 | by Smiti1
Solar PV Modules Market In Asia-Pacific To Be Worth $38 Billion By 2020
March 11th, 2015 by Smiti
The impending solar power boom in Asia is providing tremendous benefits to the manufacturers of solar photovoltaic modules, pushing their revenues to new highs.
A recent report by ApacMarket, a market research firm covering the Asia-Pacific market, states that the solar photovoltaic (PV) module market in the region will be worth $37.8 billion by the end of the decade. As the Asian countries push to diversify into renewable energy sources of power generation, the solar PV modules market is expected to grow at almost 15% every year between 2014 and 2020. In 2013, the industry generated revenue of $15 billion, the report said.
As expected, China and India are likely to drive the growth in revenue for the module makers. China is aggressively working to achieve 100 GW installed solar power capacity by 2020, with substantial capacity to be realised in the distributed sector. The national emissions trading scheme to be launched in 2016 is also expected to push industries to invest even more into renewable energy infrastructure like solar power projects.
India has also announced similar targets, planning for 100 GW installed solar power capacity by 2022. Almost all of this capacity is expected to be commissioned in the form of solar PV projects. The Indian government plans to set up almost 2 dozen ultra mega solar power projects with capacity of up to 4 GW. Additionally, the government has also promised to provide access to electricity to all households by 2019. In the absence of transmission connectivity to thousands of villages, distributed solar power projects are likely to be implemented on a wide scale.
The report by ApcaMarket also notes some emerging module manufacturers in addition to the Chinese leaders. Some Indian module manufacturers have already announced to increase their production capacity in response to a call by the government to boost the domestic manufacturing sector. At an international renewable energy investors summit held at New Delhi last month, module manufacturing companies pledged 7 GW of manufacturing capacity by the end of the decade.
Several other countries in the Pacific also have aggressive solar energy plans. Thailand is one of the hotspots for solar power development in south-east Asia. And while the Liberal government in Australia is adamant to cut the Renewable Energy Target, the country remains an attractive market for residential solar power projects.