Japan Solar Energy Market Size (2024 - 2029)

Japan Solar Energy Market Analysis

The Japanese solar energy market is expected to witness more than a 9.2% CAGR during the forecast period.

• Over the long term. Factors such as solar PV projects under construction in the pipeline and planning stages are expected to boost the cumulative installed solar energy capacity during the forecast period. Also, the market is being propelled by supportive government policies, particularly the plans formulated to encourage renewables-based power generation.
• On the other hand, increasing adoption of alternate renewable energy, such as wind, is likely to hinder market growth during the forecast period.
• Nevertheless, with a target of reducing GHG emissions by 2030, the region is expected to increase the opportunity for solar energy companies to install solar PV plants in the region during the upcoming years. Moreover, the region has plans to reduce dependency upon foreign fossil fuels like crude oil and would opt for renewable energy like solar to reduce regional expenses related to imported oil.

Japan Solar Energy Industry Segmentation

Solar energy is the conversion of energy present in the sun and is one of the renewable energies. Once the sunlight passes through the earth's atmosphere, most of it is visible light and infrared radiation. Solar cell panels are used to convert this energy into electricity.

The Japanese solar energy market is segmented by deployment and end-user. By deployment, the market is segmented into ground-mounted and rooftop. By end-user, the market is segmented into residential, commercial & industrial (C&I), and utility-scale. For each segment, the market sizing and forecasts have been done based on installed capacity (GW).