BayWa r.e. Solar Trade, the solar trading arm of the global renewable energy developer, service provider and solar distributor, has surpassed a cumulative sale of 1 GW (gigawatt) of string inverters in Thailand for the first half year of 2023.
The 1 GW of string inverter sales is equivalent to 200,000 units of 5 kW (kilowatt) inverters.
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.”
Solar in Southeast Asia is set to further grow in 2023. According to the Asian Photovoltaic Industry Association, the market is expected to expand by 13 percent in 2023, to 3.8 GW of new installations. Starting from 2024, a high pace of growth is expected across the region.
Annual installations are forecasted to grow 32 percent to reach 5.1 GW in 2024, 59 percent to 8.1 GW in 2025 and 28 percent 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.