Market Size of Southeast Asia Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 10.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Southeast Asia Solar Energy Market Analysis
The Southeast Asia Solar Energy Market is estimated to be at 27 GW by the end of this year and is projected to reach 43 GW in the next five years, registering a CAGR of over 10.2% during the forecast period.
- Over the medium term, factors such as increasing renewable energy installation to reduce carbon emissions and the decreasing price of solar PV modules drive the market for solar Energy.
- On the other hand, the increasing adoption of alternative renewable technologies like hydropower is expected to hinder market growth during the study period.
- Nevertheless, supportive government policies towards renewable Energy and technological advancements in solar energy equipment are expected to increase the opportunity for solar energy companies to install solar PV plants in the region during the upcoming years.
- Vietnam is expected to be the largest market in Southeast Asia due to its increasing demand for electricity and the rising number of renewable energy installations, and their connection to the country's grid.
Southeast Asia Solar Energy Industry Segmentation
Solar power is the conversion of solar energy into thermal or electrical energy. Solar energy is the cleanest and most abundant renewable energy source accessible, and it may be used to generate electricity, provide light or a comfortable interior environment, and heats water for home, commercial, or industrial purposes.
The Southeast Asia Solar Energy Market is segmented by type and geography. The market is segmented by type into solar photovoltaic and concentrated solar power. The report also covers the market size and forecasts for the solar energy market across the major countries in the region. The market sizing and forecasts have been done for each segment in Gigawatts (GW).
| Type | |
| Solar Photovoltaic | |
| Concentrated Solar Power |
| Geography | |
| Vietnam | |
| Indonesia | |
| Philippines | |
| Thailand | |
| Malaysia | |
| Rest of Southeast Asia |
Southeast Asia Solar Energy Market Size Summary
The Southeast Asia solar energy market is experiencing rapid growth, driven by increasing demand for renewable energy and supportive government policies. The region is becoming a significant player in the global solar photovoltaic industry, with countries like Vietnam leading the charge due to their high electricity demand and favorable geographical conditions for solar energy production. The decreasing cost of solar PV modules and technological advancements are further propelling market expansion. However, the market faces challenges from the adoption of alternative renewable technologies such as hydropower. Despite these challenges, the potential for solar energy companies to install PV plants remains strong, supported by government incentives and a well-developed grid infrastructure.
Vietnam stands out as a key market within Southeast Asia, with substantial growth in solar PV capacity attributed to attractive feed-in-tariff rates and large-scale projects. The country's energy demand is expected to rise significantly, prompting efforts to diversify its energy mix with more renewable sources. The completion of projects like the rooftop solar power installation by GreenYellow Vietnam underscores the sector's potential. The market is moderately fragmented, with major players including Canadian Solar Inc., JinkoSolar Holding Co. Ltd., and Trina Solar Limited, among others. Recent developments, such as floating solar projects in Indonesia and large-scale solar energy agreements in Singapore, highlight the ongoing investment and expansion in the region's solar energy market.
Southeast Asia Solar Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Southeast Asia Solar Energy Installed Capacity and Forecast in GW, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Increasing Renewable Energy Installation to Reduce the Carbon Emission
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1.5.1.2 The Decreasing Price of Solar PV Modules
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1.5.2 Restraints
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1.5.2.1 Increasing Adoption of Alternative Renewable Technologies like Hydropower
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1.6 Supply Chain Analysis
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1.7 Industry Attractiveness - Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Solar Photovoltaic
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2.1.2 Concentrated Solar Power
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2.2 Geography
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2.2.1 Vietnam
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2.2.2 Indonesia
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2.2.3 Philippines
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2.2.4 Thailand
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2.2.5 Malaysia
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2.2.6 Rest of Southeast Asia
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Southeast Asia Solar Energy Market Size FAQs
What is the current Southeast Asia Solar Energy Market size?
The Southeast Asia Solar Energy Market is projected to register a CAGR of 10.20% during the forecast period (2024-2029)
Who are the key players in Southeast Asia Solar Energy Market?
Canadian Solar Inc., JinkoSolar Holding Co. Ltd, Trina Solar Limited, Thai Solar Energy Public Company Limited and Scatec ASA are the major companies operating in the Southeast Asia Solar Energy Market.
