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IndexBox has just published a new report: Asia-Pacific – Solar Cells and Light-Emitting Diodes – Market Analysis, Forecast, Size, Trends and Insights.
The article provides a comprehensive analysis of the Asia-Pacific market for solar cells and light-emitting diodes (LEDs). It forecasts continued growth, with market volume expected to reach 200 billion units by 2035, driven by a CAGR of +2.7%, and market value projected to hit $334.4 billion. Key consumption countries in 2024 were India, South Korea, and Japan, while China dominates production and exports. The report details trends in consumption, production, imports, and exports from 2013 to 2024, highlighting significant growth in India’s consumption and imports, China’s export leadership, and overall declining unit prices in trade.
Key Findings
Driven by increasing demand for solar cells and light-emitting diodes in Asia-Pacific, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.7% for the period from 2024 to 2035, which is projected to bring the market volume to 200B units by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.0% for the period from 2024 to 2035, which is projected to bring the market value to $334.4B (in nominal wholesale prices) by the end of 2035.
Solar cells and light-emitting diodes consumption expanded remarkably to 149B units in 2024, with an increase of 8.9% on 2023. The total consumption volume increased at an average annual rate of +1.1% over the period from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, consumption reached the peak volume in 2024 and is likely to continue growth in years to come.
The revenue of the market for solar cells and light-emitting diodes in Asia-Pacific stood at $268.9B in 2024, with an increase of 4.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a significant decrease. Over the period under review, the market reached the maximum level at $98,214.2B in 2013; however, from 2014 to 2024, consumption remained at a lower figure.
The countries with the highest volumes of consumption in 2024 were India (70B units), South Korea (41B units) and Japan (15B units), with a combined 84% share of total consumption.
From 2013 to 2024, the biggest increases were recorded for India (with a CAGR of +31.0%), while consumption for the other leaders experienced more modest paces of growth.
In value terms, India ($11.7B), South Korea ($9.3B) and Thailand ($5.3B) constituted the countries with the highest levels of market value in 2024, together comprising 9.8% of the total market.
Among the main consuming countries, India, with a CAGR of +27.0%, saw the highest growth rate of market size over the period under review, while market for the other leaders experienced more modest paces of growth.
The countries with the highest levels of solar cells and light-emitting diodes per capita consumption in 2024 were South Korea (787 units per person), Singapore (502 units per person) and Malaysia (196 units per person).
From 2013 to 2024, the biggest increases were recorded for India (with a CAGR of +29.6%), while consumption for the other leaders experienced more modest paces of growth.
In 2024, after two years of growth, there was significant decline in production of solar cells and light-emitting diodes, when its volume decreased by -34.5% to 238B units. Overall, production, however, showed a moderate expansion. The most prominent rate of growth was recorded in 2018 with an increase of 150%. Over the period under review, production reached the maximum volume at 364B units in 2023, and then reduced markedly in the following year.
In value terms, solar cells and light-emitting diodes production contracted markedly to $132B in 2024 estimated in export price. In general, production, however, showed resilient growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 118%. Over the period under review, production reached the maximum level at $180.8B in 2023, and then dropped sharply in the following year.
China (136B units) remains the largest solar cells and light-emitting diodes producing country in Asia-Pacific, comprising approx. 57% of total volume. Moreover, solar cells and light-emitting diodes production in China exceeded the figures recorded by the second-largest producer, South Korea (41B units), threefold. Japan (27B units) ranked third in terms of total production with an 11% share.
From 2013 to 2024, the average annual rate of growth in terms of volume in China stood at +8.1%. In the other countries, the average annual rates were as follows: South Korea (+7.6% per year) and Japan (-4.4% per year).
In 2024, overseas purchases of solar cells and light-emitting diodes were finally on the rise to reach 267B units after two years of decline. Overall, imports enjoyed a resilient expansion. The volume of import peaked at 278B units in 2021; however, from 2022 to 2024, imports failed to regain momentum.
In value terms, solar cells and light-emitting diodes imports totaled $32.7B in 2024. The total import value increased at an average annual rate of +1.0% from 2013 to 2024; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 20% against the previous year. As a result, imports attained the peak of $35.9B. From 2022 to 2024, the growth of imports remained at a lower figure.
In 2024, China (176B units) represented the major importer of solar cells and light-emitting diodes, making up 66% of total imports. It was distantly followed by India (70B units), committing a 26% share of total imports. Japan (10B units) and Malaysia (5.2B units) took a little share of total imports.
Imports into China increased at an average annual rate of +18.6% from 2013 to 2024. At the same time, India (+30.9%) and Malaysia (+5.5%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +30.9% from 2013-2024. By contrast, Japan (-2.7%) illustrated a downward trend over the same period. While the share of China (+38 p.p.) and India (+22 p.p.) increased significantly in terms of the total imports from 2013-2024, the share of Japan (-10.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, the largest solar cells and light-emitting diodes importing markets in Asia-Pacific were China ($6.3B), India ($4.7B) and Japan ($1.9B), together accounting for 39% of total imports.
Among the main importing countries, India, with a CAGR of +14.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.
In 2024, the import price in Asia-Pacific amounted to $122 per thousand units, dropping by -60% against the previous year. In general, the import price recorded a drastic downturn. The pace of growth appeared the most rapid in 2022 when the import price increased by 107% against the previous year. Over the period under review, import prices reached the maximum at $306 per thousand units in 2023, and then declined rapidly in the following year.
There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Japan ($186 per thousand units), while China ($35 per thousand units) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Malaysia (-4.9%), while the other leaders experienced a decline in the import price figures.
In 2024, approx. 356B units of solar cells and light-emitting diodes were exported in Asia-Pacific; rising by 7.1% against 2023. Over the period under review, exports saw strong growth. The pace of growth was the most pronounced in 2014 when exports increased by 145% against the previous year. Over the period under review, the exports hit record highs in 2024 and are likely to see steady growth in the near future.
In value terms, solar cells and light-emitting diodes exports shrank rapidly to $67.5B in 2024. In general, exports recorded a measured expansion. The growth pace was the most rapid in 2022 with an increase of 38% against the previous year. As a result, the exports reached the peak of $85.5B. From 2023 to 2024, the growth of the exports remained at a somewhat lower figure.
China dominates exports structure, amounting to 306B units, which was approx. 86% of total exports in 2024. It was distantly followed by Japan (23B units), making up a 6.4% share of total exports. The following exporters – Malaysia (9B units), Thailand (8.7B units) and Singapore (7.2B units) – together made up 7% of total exports.
China was also the fastest-growing in terms of the solar cells and light-emitting diodes exports, with a CAGR of +16.2% from 2013 to 2024. At the same time, Thailand (+13.5%), Singapore (+3.9%) and Malaysia (+3.2%) displayed positive paces of growth. By contrast, Japan (-6.0%) illustrated a downward trend over the same period. While the share of China (+36 p.p.) increased significantly in terms of the total exports from 2013-2024, the share of Singapore (-2 p.p.), Malaysia (-2.9 p.p.) and Japan (-31.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, China ($34.3B) remains the largest solar cells and light-emitting diodes supplier in Asia-Pacific, comprising 51% of total exports. The second position in the ranking was held by Malaysia ($4.4B), with a 6.6% share of total exports. It was followed by Thailand, with a 4.5% share.
In China, solar cells and light-emitting diodes exports expanded at an average annual rate of +7.3% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Malaysia (+2.7% per year) and Thailand (+28.4% per year).
The export price in Asia-Pacific stood at $190 per thousand units in 2024, waning by -23.6% against the previous year. Over the period under review, the export price recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when the export price increased by 183%. As a result, the export price attained the peak level of $437 per thousand units. From 2016 to 2024, the export prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Malaysia ($493 per thousand units), while China ($112 per thousand units) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Thailand (+13.1%), while the other leaders experienced more modest paces of growth.
Source: IndexBox Market Intelligence Platform
This report provides an in-depth analysis of the market for solar cells and light-emitting diodes in Asia-Pacific. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
Choosing the Best Countries to Boost Your Export
The Latest Trends and Insights into The Industry
The Largest Import Supplying Countries
The Largest Destinations for Exports
The Largest Producers on The Market and Their Profiles
The Largest Markets And Their Profiles
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