Solar Energy Market in Japan to Record 505.27 TWh growth: Report

The 'Solar Energy Market in Japan by End-user and Application - Forecast and Analysis 2022-2026' report by Technavio expects the market size to grow by 505.28 terawatt-hours from 2021 to 2026, accelerating at a CAGR of 29.78% during the forecast period.

The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across Japan. The solar energy market in Japan is fragmented due to the presence of numerous international and regional players.

The market has pure-play, industry-focused, as well as diversified vendors. The competition in the market is high due to the presence of a wide range of competitors offering many products and solutions. However, the high capital requirement will render the threat of rivalry to be moderate.

Technavio identifies Abengoa SA, Acciona SA, BrightSource Energy Inc., Canadian Solar Inc., E Solar, First Solar Inc., Kaneka Corp., Shunfeng International Clean Energy Co. Ltd., SunPower Corp., and Tata Power Co. Ltd. as major market participants.

The market is primarily driven by high electricity demand. The rise in average time spent at home has significantly increased the demand for power in Japan. The marginal rise in energy demand has increased direct purchases of power generators to ensure stable supplies in response to government recommendations for preventive measures to avoid power shortages.

These increased demands have increased the adoption of solar energy, which is driving the growth of the market in focus.