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

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

The Asian market for solar cells and light-emitting diodes surged to $X in 2022, picking up by 87% against the previous year. Overall, consumption enjoyed resilient growth. 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

In value terms, solar cells and light-emitting diodes production totaled $X in 2022 estimated in export price. The total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.8% 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 -1.1% against 2020 indices. The growth pace was the most rapid in 2019 when the production volume increased by 22% against the previous year. Over the period under review, production hit record highs 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

In 2022, shipments abroad of solar cells and light-emitting diodes decreased by -57.2% to X units for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 181%. As a result, the exports reached the peak of X units, and then declined markedly in the following year.

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

Exports by Country

China represented the major exporting country with an export of about X units, which finished at 64% of total exports. It was distantly followed by Hong Kong SAR (X units), Singapore (X units) and Malaysia (X units), together constituting a 28% share of total exports. The following exporters - Thailand (X units) and South Korea (X units) - together made up 5.4% 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, with a CAGR of +43.1% from 2012-2022. While the share of China (+13 p.p.), Singapore (+8.6 p.p.), Malaysia (+3.1 p.p.) and Thailand (+2.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Hong Kong SAR (-21.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest solar cells and light-emitting diodes supplier in Asia, comprising 58% of total exports. The second position in the ranking was taken by Malaysia ($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 totaled +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

The export price in Asia stood at $X per unit in 2022, with an increase of 100% against the previous year. Over the period under review, the export price, however, showed a drastic downturn. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

In 2022, after ten years of growth, there was significant decline in overseas purchases of solar cells and light-emitting diodes, when their volume decreased by -18.8% to X units. Overall, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 77% against the previous year. The volume of import peaked at X units in 2021, and then contracted dramatically in the following year.

In value terms, solar cells and light-emitting diodes imports expanded sharply to $X in 2022. Total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.3% 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 +64.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 47%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

The purchases of the seven major importers of solar cells and light-emitting diodes, namely China, Hong Kong SAR, Singapore, Japan, Vietnam, India and Thailand, represented more than two-thirds of total import.

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, India ($X), China ($X) and Hong Kong SAR ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 59% of total imports.

In terms of the main importing countries, India, with a CAGR of +32.0%, recorded the highest rates of growth with regard to 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

In 2022, the import price in Asia amounted to $X per unit, jumping by 38% against the previous year. In general, the import price, however, continues to indicate a abrupt contraction. Over the period under review, import prices attained 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 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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