Solar PV Systems Market in Asia – Focus on Self-Consumption to Encourage Growth | Technavio

LONDON–(BUSINESS WIRE)–#Energy—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, ÔÇ£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.ÔÇØ

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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 marketÔÇÖs 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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