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Particularly, after the earthquake and the nuclear disaster in Fukushima in 2011, the shutdown of the country's nuclear fleet resulted in higher electricity prices. This led to an acceleration in embracing new power generation technologies and ultimately a substantial annual increase of almost double-digit GW figures until 2017. From then onward, the market has adopted a more steady and sustainable growth trajectory.
However, 2019 marked a tipping point for Japan’s solar market as it was announced that the original feed-in tariffs (FITs) initiated in 2009 will be coming to an end. In addition, the Japanese government has plans to reduce the country’s greenhouse emissions by 26% in comparison with 2013 levels and double its renewable energy production by 2030. This mandate has placed a bigger emphasis on reduction of energy imports and doubling down on further deployment of renewables.
The mentioned factors combined have turned Japan into one of the most robust markets for solar and clean energy innovation, creating new opportunities for local as well as international players. This white paper is intended to offer insights into the more pivotal changes in the Japanese solar market, with relevance to investors and new entrants. It provides an analysis of market growth, regulatory milestones and new business model for the post-FIT landscape.