Solar PV business and investment trends in Singapore

Singapore Solar PV market forecast

Solar PV capacity of Singapore increased to 0.4GW by 2020. The country has started moving towards its next ambition of reaching at least 2GW of solar energy by 2030, which would be enough to power about 350,000 households.

The installation of rooftop PV systems on public housing has become one of the prominent drivers for the growth of solar PV in Singapore, says GlobalData.

Singapore is expected to add 1.2GW of new power capacity during 2021–2030. Singapore is increasingly investing in floating solar energy R&D initiatives for future growth.

Almost all this capacity is set to come from solar PV installations allotted through its auction system called SolarNova Program. During 2015-2020, a total of five phases were executed through which almost 296MW of capacity had been awarded.

Under its latest Phase 5 auction held in 2020, 60MW of awarded capacity is expected to be installed. This also helps the government to move towards its plan of reducing emissions intensity by 36 percent from 2005 levels by 2030.

“With environmental constraints and lack of land creating hurdles for the development of wind power and hydropower, the country is betting big on solar PV installations,” Aditya Sharma, power analyst at GlobalData, said.