Asia-Pacific rooftop solar panel market is estimated to grow significantly at a CAGR of around 8.4% during the forecast period. Asia-Pacific being home to several developing economies is seen as the high potential market for the rooftop solar panel companies to invest. The growth of Asia-Pacific market is being primarily driven by China and India’s solar panel market. Japan, Australia, Korea and Taiwan are the key regions growing at a significant rate due to increasing demand for solar energy and mass manufacturing of solar panels.
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Asia-Pacific is significant rooftop solar panel market due to high solar radiation, which enables installation of rooftop solar panels across the region. Other key market players are investing in Asia-Pacific region due to affordable labor and high solar radiation. Growing trend towards green energy resources has also influenced the growth within the region at an extensive level. Partnerships with other countries have also played a vital role in the growing installations within the region. Emerging countries such as Malaysia, which is showing signs of possible rapid PV development in the future, followed by Vietnam and Indonesia. India could become one of the global PV market leaders during the forecast period. This can be attributed to the increasing investment in renewable energy sector by the government.
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The companies which are contributing to the growth of Asia-Pacific rooftop solar panel market include JA Solar Holdings Co., Ltd., JinkoSolar Holding Co., Ltd., Hanwha SolarOne Co. Ltd., Wuxi Suntech Power Co., Ltd., and Yingli Green Energy Holding Co., Ltd. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market. For instance, in August 2018, JA Solar Holdings Co., Ltd. supplied 3.2 MW of mono PERC modules for Aramex solar plant in Dubai, UAE. This plant represents the largest single-rooftop solar project in the Middle East and North Africa (MENA) region to date. The rooftop solar project is expected to generate 5 million kWh of electricity every year.
Asia-Pacific Rooftop Solar Panel Market by Type
- Monocrystalline Solar Panel
- Polycrystalline Solar Panel
- Thin-Film Crystalline Solar Panel
- Amorphous Silicon (a-Si)
- Cadmium Telluride (CdTe)
- Copper Indium Gallium Selenide (CIS/CIGS)
- Other Solar Panels
Asia-Pacific Rooftop Solar Panel Market by End-User
- Household Sector
- Corporate Sector
- Rest of Asia-Pacific
- Allpowers Industrial International Ltd.
- China Sunergy Co., Ltd.
- Hanwha SolarOne Co. Ltd.
- JA Solar Holdings Co., Ltd.
- JinkoSolar Holding Co., Ltd.
- Motech Industries, Inc.
- Neo Solar Power Corp.
- Renesola Zhejiang, Ltd.
- Risen Energy Co., Ltd.
- Shenzhen Portable Electronic Technology Co., Ltd.
- Shunfeng International Clean Energy, Ltd. (SFCE)
- Sharp Corp.
- Tata Power Solar Systems Ltd.
- .Trina Solar Energy Co., Ltd.
- Vikram Solar, Ltd.
- Wuxi Suntech Power Co., Ltd.
- Yingli Green Energy Holding Co., Ltd.
- Zhongli Talesun Solar Co., Ltd.
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