LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the solar PV systems market in Asia to grow at a CAGR of over 10% during the period 2018-2022, according to their latest report.
The growing focus on self-consumption is a key trend that is expected to impact the growth of the market over the forecast period. The increasing adoption of distributed energy generation is due to the growing need for uninterrupted and reliable power supply in developed countries and the focus on increasing the rate of electrification in developing countries. Instances of natural calamities disrupting the continuous flow of power have forced customers to seek better reliability and resilience.
Of various renewable-based solar PVs, energy storage and diesel generators have been the most commonly used distributed energy sources. End-users are becoming prosumers as technologies such as solar PV are eligible for incentives and FiTs, which make them affordable. Therefore, self-consumption is expected to increase the adoption of rooftop solar installations.
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In this report, Technavio analysts highlight the need to increase access to energy as a key factor contributing to the growth of the solar PV systems market in Asia:
Need to increase access to energy
According to the International Energy Agency (IEA), about 439 million people in 2016 did not have access to electricity in developing countries in Asia. Providing grid access to all people requires significant investments by governments to accelerate their electrification programs. However, providing electricity to all people is a time-consuming process. Off-grid electrification is an economical option to improve access to energy. Solar power systems such as solar home systems (SHS), pico-solar, and mini-grids can be deployed in a limited period, reduce transmission and distribution (T&D) losses, and increase the security of supply.
According to a senior analyst at Technavio for power research, “The use of solar power systems also provides environmental and health benefits as such systems replace kerosene lamps and candles, which are widely used in homes. Hence, the need to increase access to energy and the advantages offered by solar power will drive the growth of solar PV systems market in Asia during the forecast period.”
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Solar PV systems market in Asia - market segmentation
This market research report segments the solar PV systems market in Asia by application (on-grid and off-grid), and by end-user (non-residential and residential). The report also presents a detailed analysis of the market’s growth prospects across regions such as China, Japan, India, Thailand, and others.
In 2017, the non-residential end-user segment held over 79% share of the solar PV systems market in Asia. The non-residential segment includes installations in the utility, commercial, and industrial sectors. The residential segment mostly includes rooftop solar installations and hence it accounted for a very small share of the market.
The key countries for the solar PV systems market in Asia are China, Japan, India, and Thailand. Increasing pollution in these countries has shifted the focus towards renewable sources of energy. Moreover, these systems are eligible for incentives and FiTs, which make them affordable. Hence there has been an increase in adoption of solar PV systems in the region.
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