ASEAN: Market for Solar Cells and Light-Emitting Diodes 2024

Market Size for Solar Cells and Light-Emitting Diodes in ASEAN

The ASEAN market for solar cells and light-emitting diodes surged to $X in 2022, growing by 384% against the previous year. Overall, consumption enjoyed a significant increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Solar Cells and Light-Emitting Diodes in ASEAN

In value terms, solar cells and light-emitting diodes production expanded to $X in 2022 estimated in export price. The total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.4% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 19%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Solar Cells and Light-Emitting Diodes

Exports in ASEAN

In 2022, shipments abroad of solar cells and light-emitting diodes decreased by -85.6% to X units for the first time since 2016, thus ending a five-year rising trend. Overall, exports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 645% against the previous year. As a result, the exports reached the peak of X units, and then dropped markedly in the following year.

In value terms, solar cells and light-emitting diodes exports shrank significantly to $X in 2022. Over the period under review, exports, however, continue to indicate a buoyant increase. The growth pace was the most rapid in 2014 with an increase of 51% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Singapore (X units) and Malaysia (X units) represented roughly 80% of total exports in 2022. It was distantly followed by Thailand (X units), constituting a 15% share of total exports. Vietnam (X units) and the Philippines (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Singapore (with a CAGR of +43.1%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) remains the largest solar cells and light-emitting diodes supplier in ASEAN, comprising 56% of total exports. The second position in the ranking was taken by Thailand ($X), with a 23% share of total exports. It was followed by Singapore, with an 11% share.

In Malaysia, solar cells and light-emitting diodes exports expanded at an average annual rate of +6.4% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+30.1% per year) and Singapore (+4.6% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, growing by 421% against the previous year. Over the period under review, the export price, however, recorded a deep contraction. Over the period under review, the export prices hit record highs at $X per unit in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Philippines ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+5.1%), while the other leaders experienced a decline in the export price figures.

Imports of Solar Cells and Light-Emitting Diodes

Imports in ASEAN

In 2022, supplies from abroad of solar cells and light-emitting diodes decreased by -15.9% to X units for the first time since 2016, thus ending a five-year rising trend. Over the period under review, imports, however, recorded a significant increase. The growth pace was the most rapid in 2018 with an increase of 136%. Over the period under review, imports hit record highs at X units in 2021, and then reduced markedly in the following year.

In value terms, solar cells and light-emitting diodes imports fell rapidly to $X in 2022. In general, imports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 87%. As a result, imports attained the peak of $X, and then shrank significantly in the following year.

Imports by Country

Singapore (X units) and Vietnam (X units) represented roughly 75% of total imports in 2022. It was distantly followed by Thailand (X units), comprising a 19% share of total imports. The following importers - Malaysia (X units) and the Philippines (X units) - each finished at a 4% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +69.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest solar cells and light-emitting diodes importing markets in ASEAN were Thailand ($X), Vietnam ($X) and Singapore ($X), with a combined 82% share of total imports.

In terms of the main importing countries, Vietnam, with a CAGR of +29.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2022, dropping by -7.6% against the previous year. Overall, the import price showed a abrupt setback. The most prominent rate of growth was recorded in 2021 an increase of 28%. Over the period under review, import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Malaysia ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-3.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform