Why the future of Asia's niche solar markets looks sunny

It's expected to gain ground quickly.

According to a forecast from research and advisory firm Lux Research, niche solar markets are expected to grow to 1.2 GW in 2024 due to the combination of a suite of niche applications, led by building-integrated photovoltaics (BIPV) that incorporate PV panels directly in building roofs, skylights or facades.

Though Europe, Middle East, and Africa (EMEA) will remain the largest niche PV market--growing from 66 MW in 2013 to 505 MW in 2024--the Asia-Pacific market is seen to expand faster, growing at a 23% compound annual growth rate (CAGR) from 27 MW to 315 MW.

Here's more from Lux Research:

Technology barriers including the need for high-quality barrier films, and integrators’ hesitance, have slowed growth in these markets to date,” said Edward Cahill, Lux Research Analyst and lead author of the report titled, “Into the Niche: Putting a Magnifying Glass on PV’s Tiniest Markets.”

“Market adoption has been limited and will remain small relative to conventional solar demand, but the niche application can be a profitable side business that supports a core business market,” he added.

Lux Research analysts used a logistics curve analysis to forecast markets for niche applications through 2024. Among their findings:

Facades are the fastest-growing segment for BIPV. Roofing products like solar shingles have the most traction in BIPV, accounting for 425 MW, or nearly half its market. But facades will grow faster – at a 20% compound annual growth rate (CAGR) – to 407 MW.

Skyrocketing rechargers drive electronics. Electronics will emerge the fastest-growing segment of the thin-film PV market, driven by solar chargers popular with outdoor enthusiasts and off-grid users. The rechargers will grow 31-fold to 125 MW (199 MW) in 2024.

Asia gains momentum. EMEA will remain the largest niche PV market – growing from 66 MW in 2013 to 505 MW in 2024. However, Asia-Pacific will expand faster, growing at a 23% CAGR from 27 MW to 315 MW, while the Americas market will grow steadily from 61 MW to 340 MW.

Also Read

AMPIN Energy Transition achieves financial closure for 200MWp Rajasthan project

India’s solar scheme installs 385,000 units in first six months

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit