Japan Solar Energy Market Size (2024 - 2029)

The Japanese solar energy market is poised for significant growth, driven by the development of solar PV projects and supportive government policies aimed at enhancing renewable energy generation. Despite potential challenges from the increasing adoption of alternative renewable sources like wind, the market's expansion is supported by Japan's commitment to reducing greenhouse gas emissions and decreasing reliance on imported fossil fuels. This strategic shift towards solar energy is expected to create substantial opportunities for solar energy companies in the region.

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Market Size of Japan Solar Energy Industry

Japan Solar Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 9.20 %
Market Concentration Low

Major Players

Japan Solar Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Japan Solar Energy Market Analysis

The Japanese solar energy market is expected to witness more than a 9.2% CAGR during the forecast period.

  • Over the long term. Factors such as solar PV projects under construction in the pipeline and planning stages are expected to boost the cumulative installed solar energy capacity during the forecast period. Also, the market is being propelled by supportive government policies, particularly the plans formulated to encourage renewables-based power generation.
  • On the other hand, increasing adoption of alternate renewable energy, such as wind, is likely to hinder market growth during the forecast period.
  • Nevertheless, with a target of reducing GHG emissions by 2030, the region is expected to increase the opportunity for solar energy companies to install solar PV plants in the region during the upcoming years. Moreover, the region has plans to reduce dependency upon foreign fossil fuels like crude oil and would opt for renewable energy like solar to reduce regional expenses related to imported oil.

Japan Solar Energy Industry Segmentation

Solar energy is the conversion of energy present in the sun and is one of the renewable energies. Once the sunlight passes through the earth's atmosphere, most of it is visible light and infrared radiation. Solar cell panels are used to convert this energy into electricity.

The Japanese solar energy market is segmented by deployment and end-user. By deployment, the market is segmented into ground-mounted and rooftop. By end-user, the market is segmented into residential, commercial & industrial (C&I), and utility-scale. For each segment, the market sizing and forecasts have been done based on installed capacity (GW).

Deployment
Rooftop
Ground-mounted
Application
Residential
Commercial and Industrial
Utility-scale
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Japan Solar Energy Market Size Summary

The Japanese solar energy market is poised for significant growth, driven by a combination of supportive government policies and strategic corporate initiatives. The market is expected to experience a robust expansion, fueled by ongoing solar PV projects and plans to enhance renewable energy capacity. Government initiatives, particularly those aimed at reducing greenhouse gas emissions and decreasing reliance on imported fossil fuels, are pivotal in promoting solar energy adoption. Despite the competition from other renewable sources like wind energy, the solar sector is set to benefit from technological advancements and cost reductions. The country's focus on expanding its solar capacity is further supported by collaborations between local companies and global giants, which are expected to drive down costs and enhance market growth.

Japan's solar energy landscape is characterized by a transition from Feed-in Tariff (FiT) schemes to Feed-in Premium (FiP) models, reflecting a shift towards market-driven pricing mechanisms. This transition is part of the government's broader strategy to reduce dependency on subsidies and encourage competitive bidding for solar projects. The market's growth is also supported by declining solar energy generation costs and reduced energy storage prices. Key players in the market, including Canadian Solar Inc., First Solar Inc., and Mitsubishi Electric Corporation, are actively involved in expanding solar capacity through various projects and partnerships. These developments, coupled with favorable government policies, are expected to drive the growth of Japan's solar energy market in the coming years.

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Japan Solar Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast, in GW, till 2028

    3. 1.3 Japan Renewable Energy Mix, 2022

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Deployment

      1. 2.1.1 Rooftop

      2. 2.1.2 Ground-mounted

    2. 2.2 Application

      1. 2.2.1 Residential

      2. 2.2.2 Commercial and Industrial

      3. 2.2.3 Utility-scale

Japan Solar Energy Market Size FAQs

The Japan Solar Energy Market is projected to register a CAGR of greater than 9.20% during the forecast period (2024-2029)

Canadian Solar Inc., First Solar Inc., SunPower Corporation, Trina Solar Co. Ltd and Mitsubishi Electric Corporation are the major companies operating in the Japan Solar Energy Market.

Japan Solar Energy Market Report Snapshots

Japan Solar Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)