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Asia Pacific Solar PV Market Growth

The Asia Pacific Solar Photovoltaic (PV) Market has established itself as the largest and most influential regional solar market globally, driven by rapid capacity additions, strong policy support, and the expansion of low-cost PV manufacturing. In 2024, the APAC Solar PV Market added approximately 430 GW of new solar capacity, reinforcing its position as the leading contributor to global solar PV installations in both volume and value terms.

In 2024, China remained the powerhouse of the APAC solar industry, contributing most annual installations and commanding unparalleled manufacturing capacity across wafers, cells, and modules. China’s scale leaves other regional markets, including India, Japan, South Korea, and emerging Southeast Asian countries, significantly behind, though these markets continue to build momentum through renewable energy targets, utility-scale tenders, and corporate procurement programs.

Key Growth Drivers of the Asia-Pacific Solar PV Market

• Cost Competitiveness and Manufacturing Leadership: The APAC Solar PV Market benefits from a highly integrated manufacturing ecosystem, led by China, which continues to drive down production costs across the solar value chain. This cost leadership supports widespread solar deployment across both developed and emerging markets within the region

• Policy Alignment and Renewable Energy Targets: National clean-energy mandates, long-term tendering programs, and grid-connected solar expansion plans support predictable installation pipelines across India, Southeast Asia, and East Asia.

• Rising Electricity Demand and Urban Expansion: Rapid urbanization, industrial growth, and increasing power needs across major economies drive sustained investment in utility-scale and distributed PV systems.

• Corporate and Residential Adoption: Growing corporate demand for clean energy procurement, combined with declining rooftop installation costs, is accelerating solar adoption across commercial, industrial, and residential segments of the Asia Pacific Solar Energy Market.

• Emerging Commercial & Industrial Trends: Textile manufacturers in Pakistan and Bangladesh are installing PV systems on-site to meet client climate targets marking the beginning of widespread commercial and industrial solar deployment in these markets.

Scope of the Study for Asia-Pacific Solar Photovoltaic (PV) Market

Makreo Research presents its latest report titled, "Asia Pacific Solar Photovoltaic (PV) Market Size and Forecast (2021–2030) – Analysis by Deployment Model, Application, Technology, Grid Type, and Geography (China, India, Japan, South Korea)," delivering a comprehensive evaluation of the region’s rapidly expanding solar energy landscape. The study opens with a structured analysis of historical market trends, cost evolution, policy developments, and the prevailing industry structure, providing the foundation for understanding the Asia Pacific Solar PV Market’s role as the global center of solar photovoltaic growth.

Asia-Pacific Solar Photovoltaic (PV) Market Analysis

• The report provides a regional overview of the APAC solar PV market, evaluating past, present, and future trends.

• It analyses recent developments, annual and cumulative installed capacity, and country-wise capacity distribution across leading markets in the region.

• The study includes a focused assessment of the key countries contributing to APAC’s overall solar capacity and market expansion.

APAC Solar PV Market - Country-Wise Analysis

The study provides a comprehensive country-level assessment of all major APAC solar PV markets:

• Market evolution and outlook, examining past performance, current conditions, and forward-looking trends for each leading country market.

• Recent developments and policy actions influencing annual installation trajectories and deployment momentum.

• Incentives, subsidies, and regulatory frameworks shaping market adoption.

• Technological advancements supporting efficiency gains and system cost reductions.

• System cost structures, including comparative analysis of residential and utility-scale installations.

• Installed capacity trends, reviewing annual additions and cumulative deployment across each country.

• Manufacturing capabilities and export dynamics, assessing domestic production strength, export destinations, and product mix within the solar PV supply chain.

• Investment activities, national initiatives, and large-scale solar programs.

• Future growth prospects (2026–2030) based on policy direction, manufacturing shifts, and installation pipelines.

Market Segmentation of Asia-Pacific Solar PV Market

Geography Assessed

Asia Pacific Solar PV Industry Insights

Asia Pacific Solar PV Capacity Growth

The Asia–Pacific Solar Photovoltaic (PV) Market expanded at a CAGR of 14.32% between 2021 and 2025E, reflecting steady and sustained growth supported by accelerating capacity additions, consistent policy support, and the region’s leadership in global PV manufacturing and deployment.

Looking ahead, the Solar PV Market in APAC is expected to sustain a double-digit CAGR during 2026–2030, driven by rising electricity demand, increasingly competitive solar economics, and continued investment across utility-scale and distributed solar installations in major Asia-Pacific economies.

Asia Pacific Solar PV Market - Key Country Highlights (2024)

• China: Installed ~270 GW of solar PV in 2024.

• India: After a weak year in 2020 with only 4.4 GW added, installations improved to 13 GW in 2021, surged to 31.9 GW of grid-connected PV in 2024.

• Japan: The average bid price dropped from JPY 8.17/kWh in the 3rd tender to JPY 5.06/kWh in the 4th, indicating increased competitiveness.

In India, early 2025 saw a significant rise in rooftop installations. In the first 9 months of 2025, ~5 GW rooftop solar capacity was added.