China Renewable Energy Market Size (2024 - 2029)

The Chinese renewable energy market is poised for significant expansion, driven by government initiatives aimed at reducing fossil fuel dependency and stabilizing CO2 emissions. Despite potential challenges such as delays in subsidy payments and local government interference, the market's growth is supported by China's commitment to lowering CO2 emissions and increasing the proportion of renewable energy in its energy mix. These strategic objectives are expected to create substantial opportunities for market growth over the forecast period.

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Market Size of China Renewable Energy Industry

China Renewable Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 8.70 %
Market Concentration Low

Major Players

China Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Chinese Renewable Energy Market Analysis

The Chinese renewable energy market is expected to witness a CAGR of more than 8.7% during the forecast period.

  • Over the long term, the primary drivers for the market include government initiatives to reduce dependency on fossil fuels to stabilize CO2 emissions and ensure a clean and efficient form of energy.
  • On the other hand, delays in subsidy payments, interference in the market trading and pricing by local governments, and a plan to increase coal-fired power generation are likely to hinder the market growth during the forecast period.
  • Nevertheless, China, the world's largest energy consumer, plans to reduce its CO2 emission to 5150 million tons by 2035 and 2,600 million tons by 2050. Moreover, the Chinese government plans to increase the share of renewable energy in its energy mix to nearly 37% by 2035 and 58% by 2050. Thus, the country's objective of reducing CO2 levels and increasing renewables' share in the energy mix is expected to create an opportunity for the market to grow.

Chinese Renewable Energy Industry Segmentation

Renewable energy, including biomass, geothermal, hydropower, solar, wind, tidal, and wave, offers tremendous benefits for meeting global energy needs. Since the last decade, renewable energy has become the fastest-growing energy technology, particularly wind and solar, and is cost-competitive in various grid, off-grid, and remote applications worldwide.

China's renewable energy is segmented by type. The market is segmented by hydro, wind, solar, and other types. For each segment, the market sizing and forecasts have been done based on installed capacity (GW).

Type
Hydro
Wind
Solar
Other Types
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China Renewable Energy Market Size Summary

The Chinese renewable energy market is poised for substantial growth, driven by government initiatives aimed at reducing reliance on fossil fuels and enhancing energy efficiency. The country's commitment to decreasing CO2 emissions and increasing the share of renewables in its energy mix is expected to create significant opportunities for market expansion. Despite challenges such as delays in subsidy payments and local government interference, China's position as the world's largest energy consumer underscores its potential for renewable energy growth. Solar energy, in particular, is anticipated to be a major contributor, supported by favorable policies and declining costs of solar modules. However, the planned elimination of subsidies for solar PV could pose challenges, reminiscent of non-subsidy models in Europe.

China's renewable energy sector is a global leader, with substantial capacity in hydropower, wind, and solar energy. The country's strategic energy revolution aims to develop a clean and efficient energy system by 2050, with renewable sources accounting for a significant portion of the energy mix. Hydropower remains the dominant source, followed by wind and solar energy, with China leading in global hydropower and wind power capacity. The completion of major projects like the Baihetan hydropower plant and plans for the world's largest wind farm highlight China's commitment to expanding its renewable energy infrastructure. The market is characterized by key players such as Sinohydro Corporation and JinkoSolar Holdings, with government initiatives further driving growth, particularly in solar energy installations.

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China Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Mix, 2022

    3. 1.3 Renewable Energy Installed Capacity and Forecast in GW, till 2028

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Hydro

      2. 2.1.2 Wind

      3. 2.1.3 Solar

      4. 2.1.4 Other Types

China Renewable Energy Market Size FAQs

The China Renewable Energy Market is projected to register a CAGR of greater than 8.70% during the forecast period (2024-2029)

Sinohydro Corporation, China Yangtze Power Co. Ltd, Xinjiang Goldwind Science Technology Co. Ltd, JinkoSolar Holdings Co. Ltd and Tina Solar Ltd are the major companies operating in the China Renewable Energy Market.

Chinese Renewable Energy Market Report Snapshots

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