SOLAR ENERGY IN PAKISTAN MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Pakistan Solar Energy Market Analysis:

The Pakistan Solar Energy Market is anticipated to experience significant growth, expanding from 1.30 gigawatt in 2023 to 9.77 gigawatt by 2028, at a Compound Annual Growth Rate (CAGR) of 49.68% during the forecast period (2023–2028).

The solar energy market in Pakistan has been adversely affected by COVID-19, resulting in supply chain disruptions, project delays, and manufacturing bottlenecks.

In the short term, the market’s growth is being driven by favorable government policies, the increasing adoption of solar PV systems, the declining cost of solar panels and installation expenses, and growing environmental concerns regarding the use of fossil fuels. However, the market is expected to face challenges such as transmission and distribution losses, a lack of a well-established renewable energy policy, and uncertainty in the continuity of power supply.

Pakistan has abundant solar irradiance, and solar energy is available throughout the year. This presents a remarkable opportunity to harness solar energy from the most irradiated sites in the country, combined with foreign investments. Furthermore, the off-grid supply through micro- and mini-grids to electrify rural communities of the country and the integration of renewable energy sources in generation, transmission, and distribution systems are some factors expected to create opportunities for the market in the future.

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