Asia-Pacific Renewable Energy Market Size (2024 - 2029)

The Asia-Pacific renewable energy market is poised for significant expansion, driven by factors such as high grid electricity prices and rising investments in renewable energy. Despite challenges in integrating renewables into the primary electricity grid, the market's capacity is expected to grow, with solar technology leading due to its decreasing costs. The retirement of ageing coal-fired power stations further enhances the potential for renewables to increase their share in the energy mix. China is anticipated to be a key player in this growth, owing to its substantial investments in the sector.

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Market Size of Asia-Pacific Renewable Energy Industry

Asia-Pacific Renewable Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 9.00 %
Market Concentration Low

Major Players

Asia-Pacific Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

APAC Renewable Energy Market Analysis

The Asia-Pacific renewable energy market is expected to record a CAGR greater than 9% during the forecast period. The impact of the COVID-19 pandemic was limited on the region's renewable energy industry as many large- and small-scale renewable projects were completed at the same pace in 2021, which added around 75 GW of new capacity to the renewable power generation portfolio. The Asia-Pacific renewable energy market is expected to grow in the coming years. The prominent factors driving the growth are the issues related to elevated grid electricity prices and increasing regional renewable energy investments. However, the market's growth is expected to be hampered by factors like integrating renewables into the primary electricity grid, which involves more challenges than installing them in the distributed form.

  • Solar technology is expected to dominate during the forecast period due to the declining cost of solar power generation.
  • Coal-fired power stations, which form a significant part of the region's electricity generation, are ageing and will retire after a certain period. They will not serve the Asia-Pacific in the long run, which creates ample opportunity for the renewable energy market to carve out a significant place in the power generation mix.
  • China is expected to dominate the Asia-Pacific renewable energy market during the forecast period due to increasing investment in the sector.

APAC Renewable Energy Industry Segmentation

The Asia-Pacific Renewable Energy Market include:

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Asia-Pacific Renewable Energy Market Size Summary

The Asia-Pacific renewable energy market is poised for significant growth, driven by factors such as rising electricity costs and increased investments in renewable sources. The region's renewable energy sector demonstrated resilience during the COVID-19 pandemic, with numerous projects maintaining their timelines and contributing substantial new capacity. Solar energy is expected to lead the market, supported by decreasing costs and favorable government policies. The retirement of aging coal-fired power stations further opens up opportunities for renewables to expand their share in the energy mix. China is anticipated to be a dominant force in the market, bolstered by substantial investments and a strong focus on solar and wind energy development.

The market landscape in Asia-Pacific is characterized by a diverse array of renewable energy projects, including solar, wind, and hydroelectric initiatives. China, in particular, is making significant strides in wind energy, both onshore and offshore, and is also investing in large-scale hydro projects. The region's countries, such as India, Australia, and Japan, are implementing regulatory frameworks and incentives to boost renewable energy adoption. Despite challenges in integrating renewables into the primary grid, the market is expected to continue its upward trajectory, with key players like Iberdrola, Vestas, and Tata Power actively participating in the sector's growth.

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Asia-Pacific Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Mix, As of 2021

    3. 1.3 Renewable Energy Installed Capacity and Forecast in GW, till 2027

    4. 1.4 Government Policies and Regulations

    5. 1.5 Recent Trends and Developments

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 Industry Attractiveness - Porter's Five Force Analysis

      1. 1.8.1 Bargaining Power of Suppliers

      2. 1.8.2 Bargaining Power of Consumers

      3. 1.8.3 Threat of New Entrants

      4. 1.8.4 Threat of Substitute Products and Services

      5. 1.8.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Solar

      2. 2.1.2 Wind

      3. 2.1.3 Hydro

      4. 2.1.4 Bioenergy

      5. 2.1.5 Other Types

    2. 2.2 Geography

      1. 2.2.1 China

      2. 2.2.2 India

      3. 2.2.3 Australia

      4. 2.2.4 Japan

      5. 2.2.5 Rest of Asia-Pacific

Asia-Pacific Renewable Energy Market Size FAQs

The Asia-Pacific Renewable Energy Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)

Iberdrola SA, Trina Solar Ltd., Tata Power Company Limited, Vestas Wind Systems AS and Xinjiang Goldwind Science & Technology Co., Ltd. are the major companies operating in the Asia-Pacific Renewable Energy Market.

Asia-Pacific Renewable Energy Report Snapshots

Asia-Pacific Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)