As per MarkNtel The Asia-Pacific Solar Photovoltaic Materials market is projected to grow at a CAGR of around 10.2% during the forecast period, i.e., 2023-28. The factor attributed to the growth is the higher demand for solar cells from the residential & commercial sectors. This increased demand has been supported by rising electricity prices, the decline in the electricity generation cost of solar power, enhanced support by the respective government in the countries, etc.

Asia-Pacific Solar Photovoltaic Materials Market Systems Market Insights:

In line with the declining cost of solar power generation, many large-scale projects have been implemented in the historical years in the Asia-Pacific region to promote the demand for solar panels on a large scale, thereby supporting the growth of the market in the region. For instance:

In 2021, according to the International Renewable Energy Agency (IRENA), the cost of electricity generation from solar power has reduced by around 85% between 2010 to 2020.

In 2022, Coal India announced a Memorandum of Understanding (MoU) with the Rajasthan Vidyut Utpadan Nigam Ltd (RUVNL) to set up a 1,190-MW solar power plant in the Bikaner city of Rajasthan.

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Asia-Pacific Solar Photovoltaic Materials Market Systems Market Segmentation:

By Material

• Silicon
• Polycrystalline Silicon
• Monocrystalline Silicon
• Thin Film Photovoltaics
• Cadmium Telluride (CdTe)
• Copper Indium Gallium Selenide (CIGS)
• Concentrator Photovoltaics
• Others (Organic Photovoltaics, Multijunction Photovoltaics, etc.)

By Technology

• Half-Cell (HC) Technology
• Multi-Busbar (MBB) Technology
• Bifacial Technology
• Passivated Emitter and Rear Cell (PERC) technology
• Others (Tiling Ribbon Technology, N-Type Technology, etc.)
• By Power Output Range
• Less than 300 Watts
• 300-400 Watts
• 401-500 Watts
• Above 500 Watts

By Application

• Residential
• Commercial
• Utility

By Country

• China
• India
• Japan
• South Korea
• Australia
• Southeast Asia
• Rest of the Asia-Pacific

Asia-Pacific Solar Photovoltaic Materials Market Recent Development:

• 2023: Jinko Solar announced the launch of the second generation Tiger Neo solar panel family with different power outputs in three ranges, i.e., 445Wp for 54-cell, 615Wp for 72-cell, and 635Wp for 78-cell.
• 2022: Trina Solar announced a new generation of Vertex S and Vertex rooftop solar modules based on G12R-210 cells by Trina Solar Co., Ltd. ("Trina Solar" or the "Company"), a major global PV & smart energy total solution provider. Another improvement to the 210mm Vertex technology base can be seen in this. The recently introduced modules would deliver a fantastic product experience & outstanding investment returns in residential and C&I rooftop uses.

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Asia-Pacific Solar Photovoltaic Materials Market Drivers:

Growing Focus on the Solar Power Projects to Fuel the Demand - Asia-Pacific region is witnessing a rapid increase in urban population, with a noticeable number of people migrating from sub-urban to urban places. This upsurge in urbanization & industrialization has led to a rise in the demand for electricity, for which the region has been dominantly dependent on fossil fuels such as coal, petroleum, natural gas, etc. Further, fossil fuel resources are severely exhausted during the past few years, which has been encouraging governments across different countries of the region to shift towards a renewable source of energy. Hence, to cope with the challenges & meet the carbon-neutrality targets of both the public & private sectors, the proclivity towards sustainable sources of energy has grown. This has resulted in the deployment of many large-scale solar power projects, subsequently enhancing the demand for solar photovoltaic panels on a large scale during 2018-2022.

Report Highlights Essential Insights for Strategic Decision-Making

• Detailed market size, share, and forecast analysis
  • In-depth pricing trends and segment-wise cost evaluations
  • Key industry strategies, including innovation, partnerships, and acquisitions
  • Critical value chain analysis and stakeholder profiling
  • Regional import-export market insights and trade flow assessment
  • Thorough competitive benchmarking of top hearing aid manufacturers
  • Identification of new growth opportunities and niche market segments
  • Overview of market trends, drivers, and challenges shaping future demand

Some of the leading players in the Asia-Pacific Solar Photovoltaic Materials Market are:

• Jinko Solar
• Trina Solar
• BASF SE
• DuPont
• Shin-Etsu Chemical Co. Ltd
• Ferrotech Corporation
• Wacker Chemie AG
• Okemetic
• GCL-Poly Energy Holdings Ltd.
• Motech Industries Inc.
• Lanco Solar
• Great Solar Materials
•  

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Research Methodology Summary

A systematic approach is used to ensure accurate market insights, combining both bottom-up and top-down methods. Data triangulation validates findings from multiple angles.

Key Steps:

• Define objectives and research design
• Collect data through surveys and interviews
• Analyze and validate data using reliable tools
• Forecast trends and deliver actionable insights

About us:

MarkNtel Advisors is a global research and advisory firm with expertise across the energy industry, covering renewable energy, oil & gas, energy storage, and power generation. We deliver data-backed insights that assist energy producers, utilities, and investors in navigating regulatory transitions and emerging technologies. With Consulting Services, we help clients interpret market intelligence and design actionable strategies that accelerate decarbonization, enhance energy resilience, and ensure sustainable growth across global markets.

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