Asia-Pacific Power Market Size (2024 - 2029)

The Asia-Pacific Power Market is projected to experience significant growth over the forecast period, driven by increasing electricity demand across various sectors and a governmental emphasis on renewable energy adoption. Despite challenges such as the substantial investment needed for upgrading power infrastructure and limited private sector funding, the market's expansion is supported by advancements in solar cell technology, particularly those utilizing thin film technology for enhanced efficiency and cost-effectiveness.

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Market Size of Asia-Pacific Power Industry

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Asia-Pacific Power Market Summary
Study Period 2020-2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR (2024 - 2029) 6.04 %
Market Concentration Low

Major Players

Asia-Pacific Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

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APAC Power Market Analysis

The Asia-Pacific Power Market size is estimated at 4.36 terawatt in 2024, and is expected to reach 5.84 terawatt by 2029, growing at a CAGR of 6.04% during the forecast period (2024-2029).

  • Over the medium term, factors such as increasing demand for electricity in residential, commercial, and industrial segments and the governmental push towards the adoption of renewable energy sources coupled with rising investment in the power sector are expected to drive the market.
  • On the other hand, a huge investment that is required for setting up and modernizing of power generation, transmission and distribution network, and weak private sector investment along with the plans to shut down coal-fired power plants are expected to impede the growth of the market.
  • Nevertheless, new models of solar cells made of a thin film technology that uses thin coatings of cadmium telluride in solar cells, which has higher efficiency and lower cost, may prove to be an opportunity in the sector.

APAC Power Industry Segmentation

Power generation is electricity generated through various primary sources such as coal, hydro, solar, thermal, etc. In utilities, it's a step before its delivery to its end users. Then the process is followed by transmission and distribution. Under this, the power generated is distributed via high-voltage lines (transmission lines) and low-voltage lines (distribution lines) as per the requirement of the end user.

The Asia Pacific power market is segmented into power generation source, power transmission and distribution (T&D) and geography. By power generation source, the market is segmented into thermal, hydro, renewables, and others. The report also covers the market size and forecasts for the power market across major countries in the region. For each segment, the market sizing and forecasts have been done based on installed capacity (TW).

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Asia-Pacific Power Market Size Summary

The Asia-Pacific power market is poised for significant growth over the forecast period, driven by increasing electricity demand across residential, commercial, and industrial sectors. The region's transition towards renewable energy sources, supported by government initiatives and investments, is a key factor propelling this expansion. However, challenges such as the substantial capital required for modernizing power infrastructure and the decline in coal-fired power plants pose potential obstacles to market growth. Innovations in solar technology, particularly thin film solar cells, present new opportunities for cost-effective and efficient energy solutions, further influencing the market dynamics.

Thermal power remains a dominant force in the Asia-Pacific power sector, with countries like China and Thailand heavily investing in coal and natural gas power plants. Despite the growing share of renewable energy, fossil fuels continue to play a crucial role in electricity generation, particularly in India, where coal and natural gas are significant contributors. The Indian power market, characterized by its liberalization and substantial investment in power projects, is expected to maintain a significant market share. Key players in the region, including major corporations and government entities, are actively involved in expanding and modernizing the power infrastructure, ensuring the Asia-Pacific region's pivotal role in the global power market landscape.

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Asia-Pacific Power Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Demand Forecast in TW, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Exponentially Increasing Electricity Demand

        2. 1.5.1.2 Adoption of Renewable Energy

      2. 1.5.2 Restraints

        1. 1.5.2.1 Huge Investments for Setting Up Renewable Energy Infrastructure

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

Asia-Pacific Power Market Size FAQs

The Asia-Pacific Power Market size is expected to reach 4.36 terawatt in 2024 and grow at a CAGR of 6.04% to reach 5.84 terawatt by 2029.

In 2024, the Asia-Pacific Power Market size is expected to reach 4.36 terawatt.

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