In our previous posts, we touched upon the solar power rental market in the GCC countries. In this article, we will discuss the solar power rental market in Asia Pacific. In the Asia Pacific region, Japan, Singapore, India and Australia are some of the countries spearheading the dawn of this market, which will likely ensure easy availability and affordability of clean energy on a commercial scale. Singapore’s solar leases are different from the GCC countries, as explained in our previous post. In Singapore, instead of paying a fixed monthly rent, companies pay the leasing company for the electricity they consume.
Solar power rental has the potential to supply power to masses through a distributed, or off-grid/captive power generation mode. However, the cost of solar panels is fairly high with low power generation efficiencies. Due to low power generation efficiencies, these panels require a huge space, as compared to a conventional power plant with equivalent power. High initial costs and large space requirements are the key reasons that this market is very small globally. However, there is ongoing research on the solar power generation technology in order to make the solar panels more efficient. Scientists have been able to develop solar panels with twice the efficiency than those that are currently being used, however these panels are not yet commercially viable. Additional technological research will likely lower prices and increase efficiency. This will in turn likely increase solar power installations with lower cost and space requirements than the current installations.
It is likely that with advancements in solar power generation technology and lower costs, the market share of solar power in the power rental market will likely increase and may completely revolutionize the market. However, there is no fixed timeline for technology advancements and implementation. Verify Markets will research this market in detail in order to help companies planning to enter this unstable and niche market. Insights into this market and the power rental market can be found in our reports titled the ‘Middle East Power Rental Market 2015’ and the ‘Indian Subcontinent Power Rental Market 2015’. Verify Markets is also covering the ‘African Power Rental Market 2015’ and ‘North American Power Rental Market 2015’. For more reports on the energy market, please visit http://www.verifymarkets.com/collections. Or, email us at info@verifymarkets.com.
Photo: PUB (Singapore's National Water Agency)