Japan, world’s largest solar market after China, Germany

6 years ago by in Business, Japan

After the nuclear disaster at Fukushima in 2011, Japan has seen an explosion in investment in alternative energy, especially in solar energy. Japan could thus become this year the world’s largest solar market in volume after China and Germany.

According to a report by energy analyst IHS on Japan’s energy mix, Japan’s solar installations jumped by “a stunning 270 percent (in gigawatts) in the first quarter of 2013.” That means by the end of this year Japan will have enough solar panels to produce a quantity of energy equal to the one of seven nuclear reactors and could surpass Germany, becoming the world’s largest photovoltaics (PV) market in terms of revenue in 2013, according to the international press.

That means by the end of 2013 there will be enough new solar panels equal to the capacity of seven nuclear reactors. Such massive growth will allow Japan to surpass Germany and become the world’s largest photovoltaics (PV) market in terms of revenue this year.

“Japan is forecast to install $20 billion worth of PV systems in 2013, up 82 percent from $11 billion in 2012,” IHS said.

Investors saw it coming says Hisashi Hoshi of the Institute of Energy Economics. “Despite a shortage of available land in Japan, many corporations who had unused land have rushed in. They can now exploit those plots, once earmarked for expansion that never came, to make money by building solar panels and selling on that energy to the utility companies at a good profit.”