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After a decade of stellar growth, Wood Mackenzie forecasts that solar demand in the Asia-Pacific will decline for the first time this year. Compared to 2017, the region's solar demand will dip 18% to 59 GW in 2018 due to declining installations in China, India and Japan.
Looking at behind-the-meter, Australia was the biggest residential storage market in the world in 2017, with a tripling of residential storage deployments over the previous year. High retail electricity rates and diminishing or expiring feed-in tariffs have encouraged residential solar customers to choose storage for self-consumption benefits. As a result, over the past few years, Australia has been the preferred testbed for new residential energy storage products, as several technology vendors have first introduced their residential product portfolios in the country.
Historically, coal has played a key role in meeting Asia's growing power demand. However environmental concerns has led to more stringent regulations and commitments towards tighter emission controls globally. Increasingly over the last year, financing institutions (mostly export credit agencies (ECAs) in OECD countries and European banks) have announced plans to stop investing in coal power projects. This could impact Asia since we expect growth in power demand through to 2035, and this calls for new power capacity, including coal-fired ones.
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