The solar energy capacity in the APAC region has shown significant growth from 40.83 thousand megawatts in 2013 to 739.07 thousand megawatts in 2023. This remarkable increase highlights a compound annual growth rate (CAGR) of 69.12% in the early years which has stabilized to 20.97% over the last five years. Year-on-year growth has also varied, peaking at 103.77% in 2013, and moderating to 18.3% in 2023. Forecasts indicate that the solar capacity is expected to continue growing, reaching 1,294.8 thousand megawatts by 2028, with a forecasted CAGR of 8.72% over the next five years.
Future trends to watch for include technological advancements in solar panel efficiency, government policies promoting renewable energy, and the growth of energy storage solutions. Increased investments and regional collaborations could also play critical roles in sustaining robust growth in the APAC solar energy market.
