Southeast Asia Solar Energy Market to Reach 92.77 GW by 2030 Driven by Lower Module Costs, Corporate PPAs, and Expanding Rooftop Adoption

Southeast Asia Solar Energy Market Size & Trends | Mordorintelligence

Global Southeast Asia solar power market is projected to grow significantly through the 2025-2030 forecast period. Installed solar capacity is expected to rise from 38.29 gigawatts in 2025 to 92.77 gigawatts by 2030, reflecting a healthy 19.36% CAGR.

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Industry Dynamics in the Southeast Asia Solar Energy Market

National Renewable-Energy Targets Strengthen the Market Base

Across the region, updated power development plans have increased solar deployment targets through 2030. Vietnam’s recent energy blueprint includes a strong pipeline for utility-scale installations, while Indonesia has doubled its solar target to support long-term diversification away from coal and diesel. Thailand, the Philippines, and Singapore are also revising procurement programs to ensure a more stable flow of grid-connected projects.

Module Price Declines Support New Installations

The market continues to benefit from falling prices of mono-PERC and next-generation PV modules. Improvements in conversion efficiency and better temperature performance have increased annual yields across tropical climates. As module prices dip below previous averages, project developers in Vietnam, Indonesia, and Thailand are achieving lower levelized costs of electricity (LCOE), enabling solar to compete directly with fossil-fuel-based generation.

Rising C&I Rooftop Adoption as Grid-Parity Spreads

With C&I electricity tariffs ranging from USD 0.12 to USD 0.18 per kWh, rooftop PV has become economically viable for factories, offices, and industrial estates. Rooftop solar generation typically costs between USD 0.06 and USD 0.09 per kWh, encouraging businesses to secure long-term PPAs.

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Segmentation Analysis | Southeast Asia Solar Energy Market

By Technology

Solar Photovoltaic (PV)

PV systems dominate the regional market due to suitable climate conditions, rapid price declines, and their adaptability across ground-mounted, rooftop, and floating applications. PV will continue to account for nearly all installations through 2030.

Concentrated Solar Power (CSP)

By Grid Type

On-Grid Systems

These systems currently hold the largest share and form the backbone of national procurement programs.

Off-Grid Systems

Off-grid solar is growing the fastest, especially in remote islands and mining regions, where it replaces costly diesel generation.

By End-User

Utility-Scale

Major auctions in Vietnam, Thailand, Indonesia, and the Philippines continue to drive large-scale capacity additions.

Commercial & Industrial (C&I)

C&I rooftops are expanding due to rising retail tariffs and growing adoption of corporate PPAs.

Residential

Falling module prices and improved net-metering frameworks are supporting steady uptake across urban areas.

Browse Competitive Information:

Leading Companies in the Southeast Asia Solar Energy Market

Canadian Solar Inc.

JinkoSolar Holding Co. Ltd

Trina Solar Limited

Thai Solar Energy Public Company Limited

Scatec ASA

Conclusion

The Southeast Asia solar energy market is well-positioned for continued growth through 2030 as governments strengthen policy support, module prices fall, and corporate demand for clean power increases. While grid bottlenecks, land-use conflicts, and policy gaps remain areas of concern, the region is responding with floating PV, hybrid solar-plus-storage solutions, and more structured cross-border electricity trade frameworks.

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