Research
and consulting firm GlobalData has published a new report that suggests PV module growth in the Asia-Pacific (APAC) region is
likely to enjoy a modest performance over the coming year.
The
report estimates a Compound Annual Growth Rate (CAGR) of 7.9%, rising in revenue
from $6.7 billion in 2012 to $8.6 billion by 2015.
However,
APAC’s solar installation growth
will increase at a far greater rate, finds GlobalData's report, which
anticipating a CAGR increase of 18.6% per year, rising from 19.6 GW cumulative
installed capacity in 2012 to 420.6 GW by 2030. Last
year, the twin market leaders of Japan and China accounted for 77% of all
installations in APAC's solar PV industry – a share that will fall
slightly but still be dominant in the coming years.
"Governments
in the region are promoting solar PV through
long-term policies, financial incentives, subsidies and tax benefits," said GlobalData’s senior analyst covering
Alternative Energy, Prasad Tanikella. "The strong commitment from APAC’s
countries towards the development of solar energy has led to many research and
development initiatives and increased solar power plant
installations, which will drive future market growth."
The
APAC region already boasts three of the world’s leading manufacturing nations
for solar energy systems – China, Japan and Taiwan, with Tanikella confident
that continued favorable conditions in the region will contribute to a thriving
manufacturing industry for years to come.
"Domestically
available polysilicon,
a favorable regulatory environment and an easily available and inexpensive labor
force has allowed APAC companies, such as Yingli Green Energy, Canadian Solar
Inc., Trina Solar, LDK Solar and
Suntech Power Holdings Co., to lead solar module production with annual capacities of over
1,000 MWeach," concluded the analyst.
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