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Government Backing to Help Solar PV Systems Market Generate $33.22 Billion in 2017 Reports Frost & Sullivan - Declining prices, high customer awareness, attractive government policies, elimination of fuel costs and active private sector participation have seen solar photovoltaic (PV) systems emerge as the technology of choice in the Asia Pacific
Government Backing to Help Solar PV Systems Market Generate $33.22 Billion in 2017 Reports Frost & Sullivan

 

PRZOOM - /newswire/ - Singapore, Singapore, 2011/02/22 - Declining prices, high customer awareness, attractive government policies, elimination of fuel costs and active private sector participation have seen solar photovoltaic (PV) systems emerge as the technology of choice in the Asia Pacific.

   
 
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This market has risen to prominence, with countries attempting to mitigate harmful carbon dioxide emissions and combat climate change while ensuring energy security.

New analysis from Frost & Sullivan (energy.frost.com), Asia Pacific Solar PV Systems Market Outlook, finds that the market had a total installed capacity of 4,624 MWp in 2010 and estimates this to reach 25,840 MWp in 2017. This market has large untapped potential because of the high solar radiation available throughout the year in the region.

Gradual, large-scale adoption of solar PV systems will lower the region's dependence on highly volatile oil and gas resources. However, customers find these systems prohibitively priced, despite the declining prices globally.

"Being an expensive source of clean power generation, continued government backing is essential till solar PV power price reaches grid parity," says Frost & Sullivan Program Manager Suchitra Sriram. "Strong government support in the form of national policies, regulations, tax incentives, rebates and feed-in-tariff schemes are absolutely necessary to build capacity, especially in the nascent stage of market growth."

The market is likely to experience exponential growth in the next few years following the likely introduction of energy regulations in countries that presently do not have them and the aggressive promotion of existing policies. Participants must actively provide project developers and end users with information about the adoption criteria, list of certified installers and technical guidelines.

As the initial capital expenditure (CAPEX) involved is high, it is crucial for potential end users to be presented with a compelling business case. Customers that have installed solar PV systems have done so not only for operational benefits, but also to demonstrate their strong commitment to environment protection.

"There is an increasing willingness among customers to adopt energy-efficient measures because of the heightened awareness regarding the harmful effects of climate change and greenhouse gas (GHG) emissions," notes Sriram. "This has resulted in a rising demand for solar PV systems among the educated, urban customers as the system is readily available, offers rapid installation and is easy to maintain."

Despite its many advantages, solar PV systems are not likely to find traction in countries where the grid infrastructure is highly reliable and stable, and where electricity is supplied at a highly subsidised rate. Furthermore, as the majority of the customers in this region fall under the low-income group, solar PV systems' high cost of installation deters potential buyers. This is especially true in Southeast Asia, where customers are not provided with easy access to credit since solar PV is not a proven technology.

In other cases, the lack of incentives to sell the excess power generated, low technology awareness and limited presence of certified installers dissuade prospective investors. Solar PV systems are likely to find more takers once customers are made aware of its long-term cost benefits, ability to generate on-site power, modular design, high flexibility and ease of installation in both the business and residential segments.

"Rural and remote area electrification opportunities through solar PV systems also act as a major driver in Southeast Asia and ANZ regions," observes Sriram. "The extension of utility grid is not economically feasible in these regions because of several logistical issues, and this creates opportunities for the installation of solar PV systems and hybrid systems."

If you are interested in more information on this study, please send an email to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.

Asia Pacific Solar PV Systems Market Outlook is part of the Energy & Power Growth Partnership Services programme, which also includes research in the following markets: North American Residential Solar Market and Overview of the Investment Attractiveness of Selected Parts of the Value Chain: Wind and Solar Power. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents.

Asia Pacific Solar PV Systems Market Outlook / P4B4

 
 
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Government Backing to Help Solar PV Systems Market Generate $33.22 Billion in 2017 Reports Frost & Sullivan

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