Asia Pacific solar panel market was valued at $120.25 billion in 2024 and is projected to reach $710.58 billion in 2035, growing at a CAGR of 16.1% during the forecast period (2025-2035). Governments across the globe are promoting solar energy as part of their strategies to combat climate change, reduce dependence on fossil fuels, and boost energy security. In nations such as China, clean energy accounts for an increasing share of GDP, rising from 7.2% in 2022 to 9.0% by 2023. Without this contribution, China's GDP growth would have been much lower than the government's aim. The Chinese government has actively promoted the growth of a solar manufacturing industry. Through initiatives including innovation funding, land fee and electricity bill exemptions, low-rate loans, tax credits, and grants, the government supported an industrial strategy. In 2023, in response to a downturn in the real estate sector, the federal government implemented a policy to encourage the use of solar electricity on empty and existing construction sites, boosting investment in the technology. Furthermore, rising demand in developing countries has enabled China to lower production prices.
Browse the full report description of “Asia Pacific Solar Panel Market Size, Share & Trends Analysis Report by Panel Type (Monocrystalline, Polycrystalline, and Thin-Film), and by End-User (Residential, Commercial, Industrial, Utility, and Others) and by Installation Type (Rooftop Solar Installation, Ground-Mounted Solar Installation, Floating Solar Installation, and Building-Integrated Photovoltaics (BIPV)), Forecast Period (2025-2035)” at https://www.omrglobal.com/industry-reports/asia-pacific-solar-panel-market
Apart from China, the Indian government is actively promoting domestic manufacturing through several policy initiatives aimed at boosting self-reliance, creating jobs, and reducing import dependence. To strengthen India's solar panel manufacturing environment, the government implemented Basic Customs Duty (BCD) in April 2022, charging 40% on solar modules and 25% on solar cells. This strategic approach aimed to cut imports and increase domestic solar panel production. In future budgets, the BCD structure was somewhat modified to improve access to upstream resources while still protecting local industry. Furthermore, the Indian Renewable Energy Development Agency (IREDA) offers financial assistance for solar cell and module manufacturing projects, such as long-term loans, low interest rates, and custom-designed financial instruments for MSMEs and large-scale producers. Following its "Navratna" designation in 2024, IREDA's ability to promote solar infrastructure is enhanced.
Market Coverage
Key questions addressed by the report.
Asia Pacific Solar Panel Market Report Segment
By Panel Type
By End-User
By Installation Type
Asia Pacific Solar Panel Market Report Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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