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 (%)

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.