2018-2022 Asian solar photovoltaic system compound annual growth rate of more than 10%

Technavio, an international market research institution, recently released a report that from 2018 to 2022, the compound annual growth rate of solar photovoltaic systems in Asia is expected to exceed 10%.

According to the report, the increasing focus on self-consumption is the key trend
expected to impact the growth of the market during the forecast period.
Distributed energy production is becoming more prevalent due to the growing demand for an uninterrupted and reliable power supply in developed countries and increasing electrification rates
in developing countries.

At the same time, examples of natural disasters disrupting the continuous flow of electricity are forcing customers to seek better reliability and resiliency
.

Among various renewable solar photovoltaic systems, energy storage and diesel generators have become the most commonly used distributed energy resources
.
As technologies like solar PV qualify for incentives and feed-in tariffs, making them more cost-competitive, end-users are becoming consumers
.
Therefore, self-consumption is expected to increase the adoption
of rooftop solar installations.

Technavio analysts highlighted the need for increased energy access as a key factor
contributing to the growth of the solar PV systems market in Asia Pacific.

According to the International Energy Agency (IEA), about 439 million people in developing Asia did not have access to electricity
in 2016.
Providing grid access for all will require greater government investment
in electrification projects.
However, providing electricity to everyone is a time-consuming process
.
Off-grid electrification is an economic option
for improving energy access.
Solar systems such as solar home systems (SHS), micro solar and micro grids can be deployed in a limited time, reducing transmission and distribution losses and increasing security of
supply.

According to Technavio's senior analyst at Power Research, "The use of solar systems also provides environmental and health benefits as such systems replace kerosene lamps and candles
that are widely used in homes.
" Thus, increasing demand for access to the advantages offered by energy and solar energy will drive Asia Pacific during the forecast period.
Growth
of solar photovoltaic systems market.
”

In 2017, non-residential end-users accounted for more than
79% of the solar PV system market share in the Asia-Pacific region.
The non-residential segment includes facilities
in the utility, commercial, and industrial sectors.
The residential segment mainly consists of rooftop solar installations and therefore occupies a small market share
.

The leading countries in the solar PV system market in Asia are China, Japan, India, and Thailand
.
These countries have turned their focus to renewable energy
in order to reduce pollution and combat climate change.