The Asia Photovoltaic Industry Association (APVIA) recently predicted that the installed capacity of photovoltaic systems in Southeast Asia this year will rebound for the first time since 2020. It is expected to grow by 13% in 2023, with an additional installed capacity of 3.8GW.
It is expected that 3.8GW of photovoltaic systems will be installed in Southeast Asia by 2023, an increase of 13% compared to the previous year. However, the installed capacity of photovoltaic systems installed in Southeast Asia in 2021 is 4.2GW. Nowadays, favorable policy frameworks, declining technology costs, and growing electricity demand have brought growth opportunities to the photovoltaic market in Southeast Asia.
However, there is still uncertainty in the Southeast Asian photovoltaic market as some countries are currently at a turning point in their photovoltaic industry development. According to the research report, it remains to be seen how quickly these countries are deploying photovoltaic systems. The Southeast Asian region also faces challenges related to grid infrastructure, financing channels, land availability, and a lack of skilled labor. According to the "high" scenario of the report, the installed capacity of photovoltaic systems installed in Southeast Asia may reach 5.7GW by 2023, or decrease to 2.5GW in the "low" scenario.
It is expected that the installed capacity of photovoltaic systems installed in Southeast Asia will increase by 32% to 5.1GW in 2024; In 2025, it will grow by 59% to reach 8.1GW; In 2026, it will grow by 28% to 10.4GW, ultimately reaching 13.3GW in 2027.
The top five photovoltaic markets in Southeast Asia are Vietnam, Thailand, Malaysia, the Philippines, and Indonesia.
