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KUALA LUMPUR, Malaysia,
Dec. 11, 2012 /PRNewswire/ -- Spurred on by favorable government policies and incentives, several
Asia-Pacific countries such as
the Philippines, and
Malaysia have begun to make large-scale investments in solar power projects. The market is also attracting the attention of manufacturers in the U.S. and
Europe, which are scouting for newer markets to conduct business in, following the oversupply of solar panels in their domestic markets.
New analysis from Frost & Sullivan (
Solar Power Markets in Asia-Pacific, finds that the market earned revenues of over
US$7.60 billion in 2011 and estimates this to reach
US$11.11 billion by 2016.
The launch of the feed-in-tariff (FiT) scheme will accelerate solar energy installations in the
Asia Pacific. In
Japan, FiT is expected to help the solar market grow at 20 percent in 2012, and the country is likely to be the revenue leader in the region throughout the forecast period (2012-2016).
"Meanwhile, FiT in
Thailand enables people in remote areas to participate in electricity generation from renewable sources," said
Frost & Sullivan Research Analyst
Subha Krishnan. "However, since these schemes target photovoltaic (PV) power, concentrated solar power (CSP) is yet to be harnessed as a viable option of alternative power in the region."
In 2011, PV power garnered 99.6 percent of the market revenue.
Vietnam are vigorously implementing policies for the development of PV.
The year-on-year drop in solar panel prices, particularly the 60 percent slash in 2011, has further encouraged PV power installations. Renewable energy proposals lined up for CSP have been replaced with PV systems, which are considered less expensive.