Solar energy generation in the APAC region has exhibited remarkable growth from 2013 to 2023. Starting at 32.39 TWh in 2013, it surged to 894.59 TWh by 2023, representing a year-on-year variation of 20.37% between 2022 and 2023. This increase emphasizes a significant trend of increasing solar capacity, bolstered by substantial investments and favorable policies. Notably, the Compound Annual Growth Rate (CAGR) over the past five years, ending in 2023, stands at 23.66%, reflecting sustained and accelerating growth year after year.
For the future, the forecast indicates continued growth, with solar energy generation in the APAC region expected to reach 1640 TWh by 2028. This five-year forecast period projects an average CAGR of 9.43%, still impressive but slightly tapering compared to past growth rates. The overall forecasted growth rate over this period is set at 56.94%.
Future trends to watch for include advances in solar technology, improvements in energy storage solutions, regional policy changes, and increased cross-border collaborations aimed at boosting renewable energy adoption. Staying updated on these trends will be crucial for stakeholders to navigate this rapidly expanding market.
