The installed capacity of solar photovoltaics in the Asia-Pacific will increase five-fold in the next decade, according to a new report.
The study from research firm GlobalData predicts that the Asia-Pacific will increase its cumulative installed capacity from 63.3 GW in 2014 to 345.33 GW by 2025.
And this will see the region overtake Europe as the largest contributor to global solar PV installed capacity.
Pavan Vyakaranam, GlobalData’s associate project manager covering power, said: “Commitments to solar energy from the APAC region’s governments have resulted in various research and development initiatives and increased solar power plant installations, which will be key to driving the market’s future growth.”
He added that China will be the region’s largest contributor, installing an extra 198 GW of solar PV capacity by 2025, “as the country is aiming for renewables to account for 20 per cent of its total energy mix by 2020″.
Among the other emerging markets in the APAC region, GlobalData says that South Korea is a major centre for the development of solar technologies and the manufacture of modules, “although the country is not a major consumer of solar modules due to its small geographic size”.
Vyakaranam said: “While South Korea’s annual additions are small compared to other major markets, its cumulative solar PV capacity is expected to more than treble from 1.7 GW in 2014 to around 6 GW by 2025.
“This comes as the country has significant production capacity for solar modules and is able to mass-produce modules and supply them to several solar power markets at competitive prices.”
GlobalData’s report adds that Japan’s solar PV capacity will also experience positive growth, climbing from 21.81 GW in 2014 to 52.02 GW by the end of the forecast period, maintaining the country’s position as the second largest market in the APAC region.