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Asia Pacific PV module market will increase by 7.9% in the next 12 months

The London research institute GlobalData recently announced that the PV module market in the Asia Pacific region will grow by about 7.9% in the next 12 months.

    In addition, the report pointed out that the cumulative installed capacity of photovoltaics in the Asia-Pacific region will grow at a faster rate, and is expected to rise from 19.6GW in 2012 to 420.6GW in 2030, with an annual growth rate of 18.6%.

    Last year, China and Japan accounted for 77% of the total size of the entire Asia-Pacific region. However, GlobalData expects that China and Japan will remain the main markets in the Asia-Pacific region in the next few years, but the proportion will decline slightly.

    “The Asia Pacific government has been driving the development of the photovoltaic industry through long-term policies, financial incentives, subsidies and tax incentives.” Prasad Tanikella, senior analyst at GlobalData's renewable energy division, said, “China, Taiwan and Japan have already been in the global PV industry. Dominant. Thanks to continued favorable conditions, the PV market in the Asia Pacific region will grow further in the coming years."