The APAC region offers the most substantial opportunities for solar PV investments globally. The new research from Wood Mackenzie provides detailed country market analysis of China, India, Japan, Vietnam. Australia, South Korea, Taiwan, Malaysia, Thailand, Philippines, Indonesia in terms of new installation capacity, national policies and frameworks and levelised cost of electricity.
- The total installed capacity is expected to more than double to 681 GW in 2024 compared to 281 GW in 2018. China will remain the largest regional and global market through 2024, adding 193 GW between 2019-2024. India will come second, adding 76 GW between 2019-2024.
- 9 out of the top 12 markets have solar specific auctions in place. The 2019 auctions have delivered a 14% decline in bid prices year over year. Utility-scale solar is expected to account for 53% of the 2019-2024 APAC solar PV additions.
- Distributed Solar dominates East Asia’s ( South Korea, Taiwan) 5-year outlook. Factors such as ambitious policy targets, regulatory frameworks ( FITs), high retail tariffs, land constraints for large scale solar, competitive economics, and the mature industry contributes to this East Asia’s outlook.
- Corporate PPA is allowed in Australia and India and
drives the majority of the APAC corporate PPAs installations
Download the report brochure by filling in the form on the right column and get to know what key data points are included in it.