Demand for solar in emerging Asia PV markets is set to grow to over 3 GW by 2017 according to research firm NPD Solarbuzz, with Thailand leading the way.
The forecast is from NPD Solarbuzz’ latest report, Emerging PV Markets: Asia Pacific and Central Asia Report, and finds that compared to demand of just 723 MW in 2012, the Emerging Asia Pacific and Central Asia (EAPCA) region will see an annual growth rate of 28%.
“Previously, most solar PV applications across the EAPCA region were based upon solar lighting applications or residential schemes,” said Steven Han, analyst at NPD Solarbuzz.
“However, future PV demand will be based upon widespread adoption of large-scale, ground-mounted PV installations. By 2017, the ground mount segment will account for 64% of all PV demand from the EAPCA region.”
Forecast PV Demand in the Emerging Asia Pacific and Central Asia Region. Credit: NPD Solarbuzz
Thailand, Malaysia, the Philippines, Indonesia, and Taiwan will account for most of the new installations – in fact, these five countries alone will make up 50% of the forecast demand.
According to NPD Solarbuzz, the region will see massive growth in solar because of increased demand for electricity (especially in rural areas) and supportive government policies.
“Although challenges will remain in securing adequate solar PV project financing, we forecast that overall PV demand from the EAPCA region will account for 5% of global PV demand by 2017, with the potential to reach 5 GW,” added Han.
