BayWa r.e. Solar Trade, the solar trading division of the renowned worldwide renewable energy developer and service provider, has proudly revealed that it has achieved a remarkable feat by crossing the threshold of 1 GW (gigawatt) in collective sales of string inverters within Thailand during the initial half of 2023. This accomplishment stands as a momentous landmark for the leading global distributor in the region. Notably, the 1 GW in string inverter sales equates to a substantial quantity of 200,000 units of 5 kW (kilowatt) inverters.
Having initially entered the Southeast Asian market in 2017 through its presence in Thailand, BayWa r.e. Solar Trade proceeded to extend its reach to the Philippines in 2019. Subsequent years witnessed the company’s expansion into Vietnam and Malaysia. Since its inception in the region, BayWa r.e. Solar Trade has achieved resounding success, solidifying its position as a prominent participant in solar distribution. As a reputable global distributor of premier solar brands and offerings within the solar sector, this business division delivers unparalleled products and services to stakeholders across residential,commercial/industrial, and utility market sectors.
Commemorating the milestone, Junrhey Castro,Managing Director, BayWa r.e. Solar Systems Corporation said, “I join the entire Solar Trade team in celebrating this great achievement. The amazing success would have not been possible without our customers who share the same vision with us.
“It’s with great pride I say that this BayWa r.e. Milestone will aid towards Thailand’s net-zero targets,” he added.
Anticipated to gain even more momentum in 2023, the solar sector in Southeast Asia is poised for substantial growth. As outlined by the Asian Photovoltaic Industry Association, the market is primed to witness a 13% expansion in the upcoming year, resulting in an impressive 3.8 GW of new installations. This ascent is projected to accelerate significantly from 2024 onward, characterized by a rapid rate of expansion across the region. Projections indicate a remarkable 32% increase in annual installations for 2024, reaching a total of 5.1 GW. Subsequently, 2025 is expected to experience a substantial 59% surge, culminating in 8.1 GW of installations. The growth trajectory is predicted to maintain its vigor in 2026, with a 28% rise propelling installations to 10.4 GW in 2026, finally hitting 13.3 GW of new additions in 2027,according to the APVIA and the GSC.
The region’s top five markets are Thailand, Malaysia,Philippines, Vietnam and Indonesia.