According to a new report by APAC Market “Asia-Pacific Solar Energy Panel (China, Japan, India, Korea) Market (Type, Mounting systems, End User and Country) - Analysis, Segmentation and Forecast, 2013 - 2020“, the Asia-Pacific solar energy panel market is expected to reach $37.8 billion by 2020, registering a compound annual growth rate (CAGR) of 14.8% during 2014 – 2020.
Solar panel market growth factors
Government subsidies, eco-friendly technology and the decreasing costs of raw materials are key factors that supplement the growth of this market.
Some key factors
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.
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.
Energy diversification in India is essential to support the country’s long-term growth in solar energy power sources.
Adani Enterprises 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.
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.
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