The force of the renewable wave of energy has hit the Asia-Pacific region and shows no signs of receding. The solar market has become especially popular among the millions and even billions of people in the region. Following reports from several energy analyst organizations, the industry is set to experience consistent growth of around 22% every year, positioning the region as a global leader in the adoption and practical implementation of the latest solar technology, with wind picking up a close second.
Solar’s exponential growth has been evident in the region’s top economies, pointing the way to a solar-powered future
The Asia-Pacific region is exceedingly densely populated, with documentaries and videos online of people cramming into high-rise buildings, living on top of each other like sardines in a can. For any government in the region, ensuring a sufficient supply of energy and electricity for its populace is paramount.
While the region has historically relied on oil and gas for the majority of its energy supply, the renewable energy sector has grown in leaps and bounds. Among the sea of renewable possibilities, one stands head and shoulders above the rest like a triumphant warrior after a battle, peering out over the energy battlefield. In the royal family of renewable energy, there can only be one king, solar power.
Energy thinktanks expect substantial growth in the Asia-Pacific region for the solar market
Several international energy thinktanks and analyst organizations, one being Ember, have forecast an exponential growth of 22% annually for the solar market in the Asia-Pacific region. Leading the solar charge like a dragon is none other than China, which produces up to 80% of the world’s solar panels. China’s embrace of not only solar power but wind as well has led the country to aim for a 2030 clean energy target of 1,200 GW.
China has become a global superpower, but not in the way you might expect
China’s geopolitical power has never been in question, but its reliance on the conventional oil and gas sector has landed the country in some hot water with international climate organizations and watchdogs. However, in recent years, China has displayed the kind of energy industry transition that is unparalleled in the market.
While the nation has not set a singular and isolated goal for solar power addition to the national grid, solar power has contributed a 50% share of capacity additions on average between 2012 and 2021. According to the Chinese government’s roadmap toward Net Zero Emission (NZE) by 2060, all new power capacity from 2030 will come from renewable energy resources.
The Philippines has also set some lofty solar power ambitions for the future
Way back in 2019, the government legislated officialised plans to add a significant amount of solar power capacity by the end of the decade, up to 18 GW to be exact. The new administration in the Philippines also has plans to review the current policies and reshape the regulatory environment for the renewable energy sector, positioning itself for consistent growth heading into 2023. With Europe already investing heavily in the solar power sector, the Asia-Pacific region has closed the gap.
Asia is embracing the solar power sector with open arms, and an empty checkbook
Excluding China, which would be the first choice to lead the region in the embrace of the solar power sector, the Asian region is forecasted to see substantial growth in the solar power sector. India has emerged as a major player as well, so the growth is not limited to one or two countries, but rather is spread out across the region like a magic, solar-power flying carpet. Expansion can be challenging, though, and Asia’s embrace of the renewable energy sector could place some strain on national grids that are not designed, nor have the investment capital necessary to modernize aging infrastructure.
