Technical FAQs 4

What is the growth rate of PV market in Southeast Asia?

By 2024, PV demand reached 1–1.6 GW, with 2025 demand expected to rise to 1.4–2.4 GW, growing 40–50%. Vietnam is showing faster growth than most other Southeast Asian markets. Southeast Asia's PV market is growing steadily, despite weaker demand in some countries.

Is PV module manufacturing in Southeast Asia under pressure?

Thanks to new data, this edition includes entries such as ICA Solar and United Renewable Energy (URE), reflecting the evolving landscape of PV manufacturing in the region. Despite strong ambitions, PV module manufacturing in Southeast Asian is currently under pressure.

Will Thailand's PV market grow in 2024?

These initiatives will likely drive the long-term growth of Thailand's PV market. The Philippine PV market saw nearly fivefold growth in 2024, with demand surging from the MW level in 2023 to 2–2.4 GW by late 2024, positioning the Philippines as a leader in the Southeast Asian PV market. Demand is expected to reach 2.2–3 GW in 2025.

Will PV demand increase in Southeast Asia by 2028?

PV demand in Southeast Asia is expected to rise by over 70% by 2028, but issues remain regarding grid capacity, slow approvals, and policy hurdles. Governments must enhance cooperation, upgrade grids, and accelerate projects to support the energy transition.

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