Asia-Pacific Solar Panel & Coating Market - Industry Size, Opportunity, Growth, Demand, & Forecast To 2027

The Asia-pacific region is one of the global leaders in manufacturing of solar panels and solar panel coating. Many countries in this region like India and Vietnam will be leading for deployment of solar panels. They have always maintained the dominance in this region. China is the global leader for solar panel manufacturing and making of various products. They have introduced new products with increase in efficiency of solar panels. Due to the huge demand of solar panel all over the world, China is one of the countries who export the product in large volumes. The growth of the solar panel market is growing due to the rise in favorable government regulations and incentives, also customers are more inclined towards the applications of sustainable energy. The rise in fossil fuels has made consumers have made aware and therefore this is also one of the factors which people are shifting into solar panel installations. Some of the solar panels have low efficiency and it has major concern. Companies are constantly doing research and investment which would give more efficiency rate in solar panels. There are three types of solar panels which consist of monocrystalline solar panel, polycrystalline solar panel and thin film solar panel. Polycrystalline solar panel is most demanded and leading in this Asia-pacific region with maximum market share. It is available in abundance and has better performance compared to other region. There are some companies Asia-pacific, they consistently worked on green energy and make some changes in order to decarbonize. It has been possible because of the solar energy has become cost-effective sources of new solar. According to the research report, “Asia-pacific Solar panel & Coating Market Outlook, 2027” published by Actual Research, the solar panel & coating market is anticipated to grow at a CAGR of more than 16% in terms of value during this forecasted period. Growing investment by major market players in the research and development of solar panel coating has impacted the market growth. New models of solar panels are made from a thin film solar panel technology which is used through coating of cadmium telluride in solar panels. This is termed to have higher efficiency and it has very little cost compared to other products in market. The market is expected to be utility market and includes the creation of electricity for large consumer base which is residential, industrial and for commercial purpose. The market is expected to increase at fast pace and will continue to dominate during the forecast period.

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Blueleaf energy’s company is into development, finance, construction and operation of renewable energy and storage across asia-pacific. They develop and deliver high quality renewable energy project and at low price. Over the years they have operated over 2GW and in Asia-pacific 500 MW. This company is into several projects and delivers and gives their best in execution working with local partners. Generating of solar energy has become one of the important factor and to eliminate the use of other energy which causes pollution in environment. With producing more of solar energy, the challenges have arrived as to where the energy can be stored and transported. Storing in batteries has become more expensive and its maintenance is also high. Installing more of solar panels has also made more expensive. However, in recent times with rise in solar panel and generating of solar power have increased the economic condition for various counties like China and India and their environmental condition has also been improved. Lately we have seen that other countries are expanding their business and entering into Asia-pacific making the labor charges less and cost-effective. Some of the major companies in Asia-pacific region which are dominating all over the world are Risen energy (China), Azure Power (India), Enterprize Energy (Singapore), Pattern Group (Japan), Adani Group (India) and Invenergy (Japan). Asia-pacific is segmented based on solar panel type and end-user. For solar panel type, it consists of Monocrystalline solar panel, polycrystalline solar panel and thin film solar panel. Polycrystalline solar panel is considered to dominate in Asia-pacific region. This product is made metallurgical grade silicon and a chemical purification process. This is made through melting raw silicon and this is multi-crystalline panel. This panel have efficiency rate of 13-17%. It is most demanded due to availability in abundance, affordable and its life span is also long. In forecast period it will dominate. Now if we see segment on the basis of end-user, it consist of commercial, residential and Industrial. In Asia-pacific, the end user is dominated by commercial use. In 2016 it was around more than 30% and in its forecast period also it is going to dominate.

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Kripa Shah

Senior Analyst

Covid-19 Impact: In 2020, the pandemic was announced and first covid-19 case was detected in China. This had affected a lot in economic crisis. This leads to national lockdowns. Countries had to make lot of social distancing within and travel was banned. In 2020 the global solar panel was 133.8GW. There was massive disruption in supply chain and non-availability of labour due to travel restrictions. Total of $ 1 Trillion had impacted the economic and stock market had also crashed. Everything went so negative that there were lot of fluctuations in oil prices and demand for solar power was not in a good scenario. Major Companies present in the market: Risen energy, Azure Power, Enterprize Energy, Pattern Group, Adani Group and Invenergy Considered in this report: • Geography: Asia-pacific region • Historic year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecasted year: 2027 Aspects covered in this report: • Asia-pacific Solar panel & Coating Market with its value and forecast along with its segments • Country wise Solar panel & Coating market analysis • Application wise Solar panel coating market distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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Countries covered in the Report: • China • Japan • India • South Korea • Australia By application Solar panel type in the report: • Monocrystalline solar panel • Polycrystalline solar panel • Thin film solar panel Technical types of Solar panel Coating in the report: • Anti-Reflective • Hydrophobic • Self-cleaning • Anti-soiling • Anti-abrasion The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to solar panel & coating industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.