Solar PV Market Share

APAC Market Statistics

APAC region in solar PV market is expected to capture revenue share of over 40% by 2037. The region’s solar PV sector is thriving, because of the rising consumption of energy in this region. According to, the International Solar Alliance (ISA) report, with 4.4 billion people residing in 58 markets in 2023, from small island economies that are among the most vulnerable to the effects of climate change to the world's largest energy consumer—the Asia and Pacific area is one of the world's most varied and dynamic regions.

The market for solar PV has expanded in China as a result of the rising production of renewable energy in this country. As stated by IEA, with 100 GW of new solar PV capacity added in 2022—nearly 60% more than in 2021—China remains the leader in this regard. The aggressive deployment objectives in the 14th Five-Year Plan for Renewable Energy, which was issued in 2022, should spur more capacity increase in the upcoming years.

The Korean solar PV development mainly lies in rising government initiatives for renewable energy. For instance, the goal of the third master plan is to bring Korea's overall energy consumption below the estimated business-as-usual (BAU) level by 14.4% by 2030, 17.2% by 2035, and 18.6% by 2040.  At the UN Climate Change Conference in Glasgow (COP26) in October 2021, Korea unveiled its updated Nationally Defined Contribution (NDC), which includes goals to cut its carbon emissions by 40% from 2018 levels by 2030.

The Japanese solar PV industry will notice a huge expansion mainly due to the rising installation of solar panels. With 78,833 MW of solar PV capacity, Japan leads the market in the Asia-Pacific region deployed in 2022, having increased at a 10% CAGR from 49,500 MW in 2017.

European Market Analysis

Through 2037, European region in solar PV market is expected to register over 4% growth, owing to the rising deployment of solar PVs. According to the International Energy Association (IEA), in response to the energy crisis, the European Union is speeding up the deployment of solar PV, adding 38 GW in 2022—a 50% increase from 2021. The Green Deal Industrial Plan and the REPowerEU Plan's new goals and objectives are anticipated to be significant catalysts for solar PV investment in the upcoming years.

Solar PVs are especially in actual demand in Germany, driven by the rising energy consumption of renewable energies. By 2030, the nation aims to boost the share of renewable energy in total energy consumption to at least 32%.

In Italy, solar PVs will encounter massive growth because of the country’s rising installation of solar PVs. By 2030, Italy aims to achieve a minimum of 32% of its total energy consumption from renewable sources.

The solar PV sector will also be huge in France due to the reduction of in electricity mix. By 2035, France wants to cut its electricity mix from 70% to 50% nuclear power and shut down its coal-fired power facilities by 2022.