Yieldcos in Solar Industry – The Story so Far
March 12, 2015Chinese solar product makers face additional trade sanctions from Canada and Europe
March 16, 2015Asia Pacific Solar market to reach $37.8 billion by 2020
The Asia Pacific region is rapidly getting solarized and China, Japan, India are the leading markets in the region.According to a report Asia-Pacific Solar Energy Panel Market by ApacMarket.com the APAC market will be worth $37.8 billion by 2020, achieving compound annual growth rates of 14.8%.
Source: PV magazine
China not only houses most of the leading solar companies, but also supplies more than 50% of solar modules to the world at large. Leading manufacturers and suppliers of solar panels like Jinko Solar, Trina Solar have their manufacturing bases in China. The report also mentions that China’s National Development and Reform Commission plans to instal 70 GW of solar energy by 2017. China accounted for 25% of the world’s solar capacity addition of around 40 GW in 2014.
Japan with its attractive feed in tariffs also saw a boom in solar installations there. India is the new upcoming solar hero in Asia. With the new renewable energy supportive government at the centre, the country has set up ambitious target to increase the installed capacity by 33 times in the next 7 years. To support solar energy promotion in the country, the US government has promised $4 billion in loan to the country. The Asian Development Bank has already invested $100 million into India’s solar sector.
Solar energy has already reached grid parity in a number of places and is becoming cheaper and more affordable with each passing day. But for the countries like China, India and Japan solar energy is the need of the hour. Japan needs to move away from its nuclear power and China and India need to cut their dependence on dirty coal. The region has improved technology, low cost manufacturing and leading expertise in PV panel manufacturing, thus making it a leader in the solar industry.
1 Comment
Basically China, Japan and India are the big markets for solar modules. China and Japan have developed culture for utilization of solar energy, therefore, majority of peoples are conversant and contributing towards solar energy. In India only few large solar projects have been commissioned in Rajasthan and Gujarat, most of the peoples are not conversant with electricity generation by solar. The cultural for adoption of solar energy has not yet developed in India.