Asia Pacific Renewable Energy Market Report and Forecast 2024-2032

Asia Pacific Renewable Energy Market Outlook

The Asia Pacific renewable energy market is the fastest growing market and has also emerged as the largest market. The region accounts for almost 30% of the global market. Globally, almost 5,393.64 gigawatts of renewable energy was installed in 2023.

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Within the Asia Pacific region, China and India account for the largest capacity, accounting for three-fourth of the region’s renewable energy capacity due to the high number of projects. These developing countries are investing in more geothermal energy production as it is better as well as cost affordable. Almost 80% of the wind energy potential is focussed in Asia. Japan also generates a considerable amount of renewable energy. China and India together have the largest capacity for photovoltaics (PV) technologies, which are expected to grow more in the coming years. The capacity for wind energy production is likely to grow more in the emerging Asian countries, especially in Thailand and Korea.

China is the leading country in terms of solar power generation as well as wind energy capacity. It accounts for around 696 gigawatts of renewable energy, whereas India holds nearly 118 gigawatts. China is the leading country in most of the production technologies, namely solar, wind, and hydropower. The country’s changing policies in order to reduce pollution caused by coal and other carbon emissions is aiding the rising demand for sustainable power sources in the region. China’s capacity increased by 10% in 2018. Programs like the Green Certificate Program, VAT Refund Policy, and tax discounts have helped the growth of industry in China.

India is another major country in the region where the market for renewable energy is growing due to increasing industrial tariffs and restrictions and the high number of power plants. Solar energy is the preferred technology in India due to its low system cost. Solar power grew by around 50% in 2018 as compared to the previous year. The country’s government has set targets for renewable energy, aiming to reach 175 gigawatts of sustainable power production by 2023. The industry is being supported by policies like feed-in-tariff as well as output-based incentives.

Properties and Applications

Renewable energy refers to the power obtained from renewable resources that are naturally replenished on a human scale, such as sunlight, wind, rain, tides, waves, and geothermal heat. It also provides energy in four key areas: electricity generation, air and water heating/cooling, transport, and rural (off-grid) energy services.

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Based on types, the market can be divided into:

• Hydropower
• Wind
• Solar
• Bio Energy
• Solid Biofuels

Based on the fuel source for electricity generation, the regional market can be segmented into the following:

• Natural Gas
• Coal
• Nuclear
• Renewables
• Others

The EMR report also covers the regional markets like China, Japan, India, and Australia, among others.

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Market Analysis

The Asia Pacific renewable energy market is being supported by the growing consciousness among consumers about environmental pollution and the damage caused by harmful emissions. The damage caused by oil, natural gas, and coal is leading to an increased need to shift to sustainable power sources. The increasing environmental damage is leading to more governments adopting sustainable development plans and regulations. All these factors are leading to the growth of the sustainable energy market.

In the Asia Pacific region, the demand is majorly being driven due to increased sourcing locations. The region has high growth potential, especially in India and China. The growing economies of Asian countries are also supporting the growth of the industry. The growing economies are aiding the nations to invest more in renewable resources expansion to save resources like electricity and to minimise environmental damage.

Favourable government policies in the region, especially in India and China, are major drivers for the growth of the Asia Pacific market. In China, certain policies have been introduced by the Chinese government to encourage the production and adoption of sustainable power sources. In India, the expansion of production plants from the industries, as well as increased industrial tariffs, has led to the growth of the industry in the country.

Competitive Landscape

The report gives a detailed analysis of the following key players in the Asia Pacific renewable energy market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• TBEA Sunoasis Co., Ltd.
• Mahindra EPC Irrigation Limited
• Tata Power Limited
• Suzhou Talesun Solar Technologies Co., Ltd.
• Windflow Technology Ltd.
• Zhejiang Chint New Energy Development Co Ltd
• Abengoa
• Vestas Wind Systems A/S
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on Porter’s five forces model, along with giving a SWOT analysis.

Key Highlights of the Report