Is Asia Pacific the Largest Market for Solar Photovoltaic, with India Shining Bright?
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Synopsis
Discover how the Asia Pacific region is leading the solar photovoltaic and wind energy market, with India making significant strides. Learn about the investments, growth forecasts, and government initiatives that are shaping the future of renewable energy in this dynamic region.
Key Takeaways
- Asia Pacific is the leading market for solar PV and wind energy.
- Solar PV investments reached $329.1 billion in 2024.
- India's solar PV market is expected to grow significantly.
- Government initiatives are essential in promoting solar adoption.
- The global renewable energy capacity is set to surge significantly by 2035.
New Delhi, May 31 (NationPress) The Asia Pacific (APAC) region has established itself as the foremost market for solar photovoltaic (PV) and wind energy capacity, showcasing impressive figures of 1.18 TW and 0.67 TW in 2024, respectively, as detailed in a recent report.
Solar PV systems are set to lead the charge in new investments, surpassing both onshore and offshore wind sectors.
In 2024, investments in solar PV reached $329.1 billion, while onshore wind attracted $151.2 billion and offshore wind saw $69.6 billion by year-end, according to GlobalData, an esteemed data and analytics firm.
“Looking forward, the onshore wind sector is projected to expand to $186.9 billion and the offshore wind sector to $150.4 billion by 2030. These figures reflect a CAGR of 4% for onshore wind and an impressive 14% for offshore wind, indicating strong growth potential for these renewable energy sectors,” stated Rehaan Shiledar, a power analyst at GlobalData.
Renewable energy sources, especially solar PV and wind energy, are progressively capturing a larger portion of the global energy mix.
Primarily driven by decreasing costs and robust policy support for solar PV and wind energy, the worldwide renewable power capacity is anticipated to escalate from 3.42 TW in 2024 to 11.2 TW by 2035.
Additionally, another industry report disclosed earlier this month that India’s solar PV balance of system (BoS) market is on a strong growth path, expected to rise from roughly $3 billion in 2024 to about $7 billion by 2029, marking a CAGR of 16%.
Several factors are propelling this growth, including India’s national goal of achieving 500 GW non-fossil fuel capacity by 2030 and the commitment to derive 50% of its electricity from renewable sources, as indicated by 1Lattice’s latest industry report.
The report also highlighted that facilitating initiatives like PM-KUSUM, the Grid Connected Rooftop Solar Programme, and the Delhi Solar Energy Policy are helping to make solar adoption accessible across both rural and urban regions, presenting new avenues for innovation, manufacturing, and investment in the BoS sector.
Point of View
It is clear that the transformative potential of renewable energy, especially in the Asia Pacific region, cannot be overstated. India's commitment to enhancing its solar and wind capacity reflects a strategic move towards sustainability and energy independence. This trend signifies a promising trajectory for the global energy landscape.
NationPress
08/06/2025
Frequently Asked Questions
What is the current market size of solar PV in Asia Pacific?
As of 2024, the Asia Pacific region holds a remarkable solar photovoltaic market size of 1.18 TW.
How much investment is projected in India's solar PV sector?
India's solar PV balance of system market is expected to grow from approximately $3 billion in 2024 to around $7 billion by 2029.
What is the expected growth rate for offshore wind energy?
The offshore wind sector is anticipated to experience a robust growth rate, with projections indicating a CAGR of 14% by 2030.
What government initiatives support solar energy in India?
Initiatives like PM-KUSUM and the Grid Connected Rooftop Solar Programme play a crucial role in promoting solar energy adoption across India.
What is the expected global renewable power capacity by 2035?
The global renewable power installed capacity is projected to increase from 3.42 TW in 2024 to 11.2 TW by 2035.
