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Solar Energy Market in Japan to record 505.27 TWh growth — Driven by high electricity demand – EQ Mag Pro

Solar Energy Market in Japan to record 505.27 TWh growth — Driven by high electricity demand – EQ Mag Pro

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NEW YORK :  The “Solar Energy Market in Japan by End-user and Application – Forecast and Analysis 2022-2026” report by Technavio expects the market size to grow by 505.28 terawatt-hours from 2021 to 2026, accelerating at a CAGR of 29.78% during the forecast period.

The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across Japan. Download Sample PDF Report Here

The solar energy market in Japan is fragmented due to the presence of numerous international and regional players. The market has pure-play, industry-focused, as well as diversified vendors. The competition in the market is high due to the presence of a wide range of competitors offering many products and solutions. However, the high capital requirement will render the threat of rivalry to be moderate.

Technavio identifies Abengoa SA, Acciona SA, BrightSource Energy Inc., Canadian Solar Inc., E Solar, First Solar Inc., Kaneka Corp., Shunfeng International Clean Energy Co. Ltd., SunPower Corp., and Tata Power Co. Ltd. as major market participants.

The market is primarily driven by high electricity demand. The rise in average time spent at home has significantly increased the demand for power in Japan. The marginal rise in energy demand has increased direct purchases of power generators to ensure stable supplies in response to government recommendations for preventive measures to avoid power shortages. These increased demands have increased the adoption of solar energy, which is driving the growth of the market in focus.

In addition, increasing greenhouse gas emissions and environmental concerns, and favorable government policies will offer immense growth opportunities. However, high initial investment, the requirement of a large installation area to set up solar farms, and the rising adoption of alternate renewable sources will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. View Sample Report Here

The solar energy market in Japan is segmented as below:

  • End-user
    Utility
    Rooftop

The utility segment held the largest share of the market in 2021 The segment is driven by increased investments in utility-scale solar plants. The market growth in the segment will be significant during the forecast period.

  • Application
    Grid-connected
    Off-grid

The grid-connected segment generated the maximum revenue in the market in 2021. The segment is driven by the increasing number of solar-powered residences connected to the grid. In addition, low operating and maintenance costs of grid-connected PV systems will have a positive impact on the growth of the segment during the forecast period.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our solar energy market in Japan report covers the following areas:

Solar Energy Market 2022-2026: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the solar energy market in Japan. Backed with competitive intelligence and benchmarking, our research report on the solar energy market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

Solar Energy Market in Japan 2022-2026: Key Highlights

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will assist solar energy market growth during the next five years
  • Estimation of the solar energy market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the solar energy market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of solar energy market vendors
Anand Gupta Editor - EQ Int'l Media Network