Japan’s renewable energy market is estimated to be 144.39 gigawatts in 2023. It is expected to grow at a CAGR of 3.55% during the forecast period.
It comes at a time when the government has launched various programs and advancements in renewable energy technologies to support energy transition.
“The solar energy segment is projected to hold the largest market share during the forecast period due to the declining costs of solar modules and the versatility of solar energy systems,” a local report mentioned.
To be noted, Japan has installed 78.83 GW of solar energy capacity in total. It has also implemented various policies to achieve 36-38% of its power supply from renewable sources by 2030.
Japan Renewable Energy Co. Ltd, Canadian Solar Inc., JinkoSolar Holding Co. Ltd, Trina Solar Co. Ltd, Solar Frontier KK, INFINI Japan Solar Co. Ltd, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems AS, and First Solar Inc are regarded as the key players in the market.
As per the local reports, Japan’s renewable energy market is segmented based on types such as solar, wind, hydro, bioenergy, and others.