Asia-Pacific: Market for Solar Cells and Light-Emitting Diodes 2025

Market Size for Solar Cells and Light-Emitting Diodes in Asia-Pacific

The Asia-Pacific market for solar cells and light-emitting diodes surged to $X in 2022, picking up by 131% against the previous year. Over the period under review, consumption enjoyed a resilient 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 Asia-Pacific

In value terms, solar cells and light-emitting diodes production stood at $X in 2022 estimated in export price. The total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.0% 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 -1.2% against 2020 indices. The most prominent rate of growth was recorded in 2019 with an increase of 22% against the previous year. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Exports of Solar Cells and Light-Emitting Diodes

Exports in Asia-Pacific

In 2022, after three years of growth, there was significant decline in overseas shipments of solar cells and light-emitting diodes, when their volume decreased by -57.3% to X units. In general, exports, however, enjoyed a strong increase. The pace of growth appeared the most rapid in 2021 with an increase of 183%. As a result, the exports attained the peak of X units, and then reduced sharply in the following year.

In value terms, solar cells and light-emitting diodes exports dropped to $X in 2022. The total export value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 27% against the previous year. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

In 2022, China (X units) represented the main exporter of solar cells and light-emitting diodes, making up 64% of total exports. It was distantly followed by Hong Kong SAR (X units), Singapore (X units) and Malaysia (X units), together making up a 28% share of total exports. Thailand (X units) and South Korea (X units) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to solar cells and light-emitting diodes exports from China stood at +14.7%. At the same time, Singapore (+43.1%), Thailand (+30.7%), Malaysia (+19.8%), South Korea (+13.3%) and Hong Kong SAR (+1.4%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +43.1% from 2012-2022. From 2012 to 2022, the share of China, Singapore, Malaysia and Thailand increased by +14, +8.6, +3.2 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest solar cells and light-emitting diodes supplier in Asia-Pacific, comprising 58% of total exports. The second position in the ranking was held by Malaysia ($X), with a 9.5% share of total exports. It was followed by Hong Kong SAR, with a 7.3% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +5.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+6.4% per year) and Hong Kong SAR (+3.6% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per unit, with an increase of 100% against the previous year. Over the period under review, the export price, however, continues to indicate a deep downturn. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+2.2%), while the other leaders experienced a decline in the export price figures.

Imports of Solar Cells and Light-Emitting Diodes

Imports in Asia-Pacific

After ten years of growth, overseas purchases of solar cells and light-emitting diodes decreased by -12.5% to X units in 2022. Over the period under review, imports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 75%. The volume of import peaked at X units in 2021, and then fell in the following year.

In value terms, solar cells and light-emitting diodes imports rose sharply to $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +63.6% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 44%. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in the near future.

Imports by Country

The countries with the highest levels of solar cells and light-emitting diodes imports in 2022 were China (X units), Hong Kong SAR (X units), Singapore (X units), Japan (X units), Vietnam (X units), India (X units), Australia (X units) and Thailand (X units), together recording 91% of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Vietnam (with a CAGR of +69.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Hong Kong SAR ($X) were the countries with the highest levels of imports in 2022, with a combined 59% share of total imports.

India, with a CAGR of +32.0%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per unit, picking up by 29% against the previous year. Over the period under review, the import price, however, showed a deep reduction. Over the period under review, import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+7.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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