July 13, 2021 Read More →

WoodMac estimates Asia Pacific solar PV capacity could triple by 2030

PV Tech:

Solar PV capacity in Asia Pacific could triple to 1,500GW by 2030, with China driving deployment and Indonesia set to be the region’s fastest-growing market, according to Wood Mackenzie.

The research firm said ambitious solar targets mean China will add 619GW of PV by the end of the decade, by which time it will contribute more than 60% of Asia Pacific’s total solar capacity. In Q1 2021, China deployed 5.56GW of solar, taking its total installed capacity to 259GW as of March.

Second in terms of solar additions in the region is India, which Wood Mackenzie expects to rebound from an installation decline as a result of the coronavirus pandemic in 2020-21 to add 138GW by 2030, meaning it is not forecast to meet its target of having 100GW of installed solar by 2022. The country is said to be supported by the consistent rollout of tenders, but is affected by low completion rates for projects.

Japan and South Korea are placed third and fourth, installing 63GW and 58GW of PV capacity, respectively, in the next ten years. While new additions in Japan have slowed because of high costs, the country is set to have one of the highest solar PV penetrations in power generation, growing to a 13% share by 2030. 

[Jules Scully]

More: Asia Pacific PV capacity to triple by 2030 as China leads growth, says Wood Mackenzie

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