Asia-Pacific Rooftop Solar Panel Market

Asia-Pacific Rooftop Solar Panel Market Size, Share & Trends Analysis Report by Panel Type (Monocrystalline, Polycrystalline, Thin-Film, and Others), and by End-User (Residential Sector and Commercial Sector) Forecast Period (2022-2028)
    Update Available - Forecast 2024-2030   

Published: Jul 2022 | Report Code: OMR2023397 | Category : Renewable Energy | Delivery Format: /

The Asia-Pacific rooftop solar panel market is estimated to grow at a considerable CAGR of 8.4% during the forecast period. The growth of the Asia-Pacific rooftop solar panel market is attributed to factors including increasing demand for green energy, as green energy is supported by various governments to promote nonhazardous sources of energy and provide electricity facilities to rural and remote areas. The increasing environmental concern and reduction in the price of rooftop solar panels are also driving the growth of rooftop solar panels in the Asia-Pacific region. Low operating costs, significant changes in laws, maintenance costs, and awareness among people boost the growth of APAC rooftop solar panels during the forecast period. For instance, in 2022, to finance solar power projects State Bank of India (SBI) launched a centralized processing cell - Surya Shakti Cell in collaboration with Tata Power Solar Systems. The Surya Shakti Cell will process all the loan applications for Solar Projects (capacity up to 1 MW) sourced from across India, for installation by business entities as well as households.

Impact of COVID-19 

COVID-19 has jolted the global economy, and the whole world has been struggling to contain this disease. Due to COVID-19, there were no physical movements owing to the lockdown and government restrictions. Therefore, people started purchasing online to avoid going into crowded places. Following the recovery from the COVID-19 pandemic, the Asia-Pacific government is likely to take regulatory measures to boost the growth of the domestic solar energy market. Renewable energy sources are projected to be promoted by factors such as planned solar projects and government incentives to lessen reliance on fossil fuels. During the forecast period, this is expected to boost demand for solar panels in the region. 

Segmental Outlook

The Asia-Pacific rooftop solar panel market is segmented based on the panel type and end-user. Based on the panel type, the solar panel market is classified into monocrystalline, polycrystalline, thin-film, and other solar panels. Further, based on end-user, the market is segregated into the residential sector and commercial sector. The polycrystalline segment is expected to hold a prominent market share in the rooftop solar panel market in the APAC region. Further the monocrystalline is expected to be the fastest-growing segment in the APAC region during the forecast period.  

Asia-Pacific Rooftop Solar Panel Market Growth by Panel Type, 2021 (%)

Asia-Pacific Rooftop Solar Panel Market Growth by Panel Type

Polycrystalline Silicon Sub-Segment is expected to Hold the Considerable Share In Asia-Pacific Rooftop Solar Panel Market

Among panel types, polycrystalline silicon segment is expected to hold a considerable share in Asia-Pacific rooftop solar panel market during the forecast period. Polycrystalline silicon is produced from metallurgical grade silicon and a chemical purification process is used, known as the Siemens process. These are made by melting raw silicon fragments together and are one of the components of rooftop solar PV systems. Owing to the presence of several crystals in each cell, polycrystalline solar panels are also known as multi-crystalline panels. Rooftop solar panels made of polycrystalline silicon usually have a performance of 13-17%. Furthermore, the low cost of polycrystalline silicon PV panels per channel, durability and long-term design, and environmentally friendly features are some of the benefits that are driving polycrystalline solar panel adoption.

Regional Outlooks

The Asia-Pacific rooftop solar panel market is segregated geographically into China, India, Japan, and the Rest of Asia-Pacific. Among all the countries, China is expected to contribute the highest share in the Asia-Pacific solar panel market during the forecast period followed by Japan. The market is driven due to factors including increasing demand for solar energy and mass manufacturing units of solar panels.  Many key players are also investing in Asia-Pacific due to factors such as high solar radiation and affordable labor. The green energy trend is also influencing the growth of the market in the region. Additionally, increasing government support and increasing awareness regarding the advantages of solar panels are also propelling the growth of the market. India is one of the countries where the growth of the market is boosted by factors such as decreasing prices of solar cells, increasing consumer tariffs, and rising government initiatives in the region. For instance, the government of India has set a 'rooftop solar program ‘for providing uninterrupted power to commercial, and industrial end-user by the end of 2022.

Market Players Outlook

The key market players in the Asia-Pacific rooftop solar panel market are Evergreen Solar, JA SOLAR Technology Co., Ltd., Sharp Corp., Suzhou Talesun Solar Technology Co., Ltd, Tata Power Solar Systems Ltd, and others. To sustain a strong position in the market, these players adopt different marketing strategies such as mergers and acquisitions, partnerships, collaborations, R&D, project development, geographical expansion so on. For an instance, in April 2022, India's first portable solar rooftop system was launched in Gandhinagar. The installation of 10 PV Port systems in the temple complex has been supported by the German development agency Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ).

The Report Covers

  • Market value data analysis of 2021 and forecast to 2028.
  • Annualized market revenues ($ million) for each market segment.
  • Country-wise analysis of major geographical regions.
  • Key companies operating in the Asia-Pacific rooftop solar panel market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
  • Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
  • Analysis of market-entry and market expansion strategies.
  • Competitive strategies by identifying ‘who-stands-where’ in the market.

1.Report Summary

  • Current Industry Analysis and Growth Potential Outlook
  • Impact of COVID-19 on the Asia-Pacific Rooftop Solar Panel Industry 
  • Recovery Scenario of the Asia-Pacific Rooftop Solar Panel Industry

1.1.Research Methods and Tools

1.2.Market Breakdown

1.2.1.By Segments

2.Market Overview and Insights

2.1.Scope of the Report

2.2.Analyst Insight & Current Market Trends

2.2.1.Key Findings

2.2.2.Recommendations

2.2.3.Conclusion

3.Competitive Landscape

3.1. Key Company Analysis

3.2.Evergreen Solar

3.2.1.Overview  

3.2.2.Financial Analysis 

3.2.3.SWOT Analysis

3.2.4.Recent Developments

3.3.JA SOLAR Technology Co., Ltd.

3.3.1.Overview  

3.3.2.Financial Analysis 

3.3.3.SWOT Analysis

3.3.4.Recent Developments

3.4.Sharp Corp.

3.4.1.Overview  

3.4.2.Financial Analysis 

3.4.3.SWOT Analysis

3.4.4.Recent Developments

3.5.Suzhou Talesun Solar Technology Co., Ltd.

3.5.1.Overview  

3.5.2.Financial Analysis 

3.5.3.SWOT Analysis

3.5.4.Recent Developments

3.6.Tata Power Solar Systems Ltd.

3.6.1.Overview  

3.6.2.Financial Analysis 

3.6.3.SWOT Analysis

3.6.4.Recent Developments

3.7.Key Strategy Analysis

3.8.Impact of COVID-19 on key players

4.Market Segmentation

4.1.Asia-Pacific Rooftop Solar  Panel Market by Panel Type

4.1.1.Monocrystalline 

4.1.2.Polycrystalline

4.1.3.Thin-Film

4.1.3.1.Amorphous Silicon (A-SI)

4.1.3.2.Cadmium Telluride (CDTE)

4.1.3.3.Others

4.1.4.Others (Concentrated Solar Power)

4.2.Asia-Pacific Rooftop Solar  Panel Market by End-User 

4.2.1.Residential Sector

4.2.2.Commercial Sector 

5.Regional Analysis

5.1.Asia-Pacific

5.1.1.China

5.1.2.India

5.1.3.Japan

5.1.4.Rest of Asia-Pacific

6.Company Profiles 

6.1.Canadian Solar  Inc.

6.2.Csun Solar Tech

6.3.DelSolar Co., Ltd.

6.4.Desert Technologies

6.5.Evergreen Power Solution Inc.

6.6.First Solar, Inc. 

6.7.Hanwha Corp.

6.8.JinkoRooftop Solar Holding Co., Ltd.

6.9.Juwi Holding AG

6.10.KYOCERA Corp.

6.11.Motech Industries Inc.

6.12.Renesola Zhejiang Ltd.

6.13.RISEN ENERGY CO., LTD.

6.14.SoloPower Systems, Inc.

6.15.SunEdison Inc.

6.16.SunPower Corp.

6.17.Wuxi Suntech Power Co., Ltd.

6.18.Trina Rooftop Solar  Ltd.

6.19.Yingli Green Energy Holding Co. Ltd.

6.20.Zhongli Talesun Rooftop Solar  Co., Ltd.

1.ASIA-PACIFIC ROOFTOP SOLAR PANEL MARKET RESEARCH AND ANALYSIS BY PANEL TYPE, 2021-2028 ($ MILLION)

2.ASIA-PACIFIC MONOCRYSTALLINE SILICON ROOFTOP SOLAR PANEL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)

3.ASIA-PACIFIC POLYCRYSTALLINE SILICON ROOFTOP SOLAR PANEL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)

4.ASIA-PACIFIC THIN-FILM ROOFTOP SOLAR PANEL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)

5.ASIA-PACIFIC AMORPHOUS SILICON (A-SI) THIN-FILM ROOFTOP SOLAR PANEL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)

6.ASIA-PACIFIC CADMIUM TELLURIDE (CDTE) THIN-FILM ROOFTOP SOLAR PANEL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)

7.ASIA-PACIFIC OTHER THIN-FILM ROOFTOP SOLAR PANEL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)

8.ASIA-PACIFIC OTHER ROOFTOP SOLAR PANEL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)

9.ASIA-PACIFIC ROOFTOP SOLAR PANEL MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)

10.ASIA-PACIFIC ROOFTOP SOLAR PANEL FOR RESIDENTIAL SECTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)

11.ASIA-PACIFIC ROOFTOP SOLAR PANEL FOR COMMERCIAL SECTOR MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)

12.ASIA-PACIFIC ROOFTOP SOLAR PANEL MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)

1.IMPACT OF COVID-19 ON ASIA-PACIFIC ROOFTOP SOLAR PANEL MARKET, 2021-2028 ($ MILLION)

2.IMPACT OF COVID-19 ON ASIA-PACIFIC ROOFTOP SOLAR PANEL MARKET BY SEGMENT, 2021-2028 ($ MILLION)

3.RECOVERY OF ASIA-PACIFIC ROOFTOP SOLAR PANEL MARKET, 2022-2028 (%)

4.ASIA-PACIFIC ROOFTOP SOLAR  PANEL MARKET SHARE BY PANEL TYPE, 2021 VS 2028 (%)

5.ASIA-PACIFIC MONOCRYSTALLINE SILICON ROOFTOP SOLAR PANEL MARKET SHARE BY GEOGRPAHY, 2021 VS 2028 (%)

6.ASIA-PACIFIC POLYCRYSTALLINE SILICON ROOFTOP SOLAR PANEL MARKET SHARE BY GEOGRPAHY, 2021 VS 2028 (%)

7.ASIA-PACIFIC THIN-FILM ROOFTOP SOLAR PANEL MARKET SHARE BY GEOGRPAHY, 2021 VS 2028 (%)

8.ASIA-PACIFIC AMORPHOUS SILICON (A-SI) THIN-FILM ROOFTOP SOLAR PANEL MARKET SHARE BY GEOGRPAHY, 2021 VS 2028 (%)

9.ASIA-PACIFIC CADMIUM TELLURIDE (CDTE) THIN-FILM ROOFTOP SOLAR PANEL MARKET SHARE BY GEOGRPAHY, 2021 VS 2028 (%)

10.ASIA-PACIFIC OTHER THIN-FILM ROOFTOP SOLAR PANEL MARKET SHARE BY GEOGRPAHY, 2021 VS 2028 (%)

11.ASIA-PACIFIC OTHER ROOFTOP SOLAR PANEL MARKET SHARE BY GEOGRPAHY, 2021 VS 2028 (%)ASIA-PACIFIC ROOFTOP SOLAR  PANEL MARKET SHARE BY END-USER, 2021 VS 2028 (%)

12.ASIA-PACIFIC ROOFTOP SOLAR PANEL FOR RESIDENTIAL SECTOR MARKET SHARE BY GEOGRPAHY, 2021 VS 2028 (%)

13.ASIA-PACIFIC ROOFTOP SOLAR PANEL FOR COMMERCIAL SECTOR MARKET SHARE BY GEOGRPAHY, 2021 VS 2028 (%)

14.ASIA-PACIFIC ROOFTOP SOLAR  PANEL MARKET SHARE BY COUNTRY, 2021 VS 2028 (%)

15.CHINA ROOFTOP SOLAR  PANEL MARKET SIZE, 2021-2028 ($ MILLION)

INDIA ROOFTOP SOLAR  PANEL MARKET SIZE, 2021-2028 ($ MILLION)

17.JAPAN ROOFTOP SOLAR  PANEL MARKET SIZE, 2021-2028 ($ MILLION)

18.REST OF ASIA-PACIFIC ROOFTOP SOLAR  PANEL MARKET SIZE, 2021-2028 ($ MILLION)