The Asia-Pacific (APAC) solar photovoltaic (PV) module market value is forecast to show modest growth by the end of next year, jumping from $6.7 billion in 2012 to $8.6 billion by 2015, at a Compound Annual Growth Rate (CAGR) of 7.9%, says a new report from research and consulting firm GlobalData.

According to the company's report*, the APAC region's solar PV installed capacity is also expected to increase over the coming years, from 19.6 Gigawatts (GW) in 2012 to 420.6 GW by 2030, at a CAGR of 18.6%. In 2013, China and Japan led the region with a combined total of 77% of its solar PV installed capacity.

Prasad Tanikella, GlobalData's Senior Analyst covering Alternative Energy, says: "Governments in the region are promoting solar PV through various long-terms policies, financial incentives, subsidies and tax benefits. The strong commitment from APAC's countries towards the development of solar energy has led to many research and development initiatives and increased solar power plant installations, which will drive future market growth."

APAC is also the world leader for solar energy systems manufacturing, with Japan, China and Taiwan being three of the largest solar PV cell producers.

Tanikella continues: "With favorable conditions contributing to a thriving manufacturing industry, China continued to be the world's largest manufacturer of solar modules for the sixth consecutive year in 2013.

"Domestically available polysilicon, a favorable regulatory environment and an easily available and inexpensive labor force have allowed companies, such as Yingli Green Energy, Canadian Solar Inc., Trina Solar, LDK Solar and Suntech Power Holdings Co., to lead solar module production with annual capacities of over 1,000 megawatts each," the analyst concludes.

*Asia-Pacific Solar Photovoltaic Market Outlook to 2030 – Installed Capacity, Market Size, Risk Analysis, Market Saturation and Company Profiles