Singapore Renewable Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Singapore Renewable Energy Market Analysis
The Singapore renewable energy market is expected to register a CAGR of more than 3% during the forecast period of 2022-2027. The COVID-19 outbreak in 2020 had posed risks for renewable energy projects in the procurement phase and construction works and delayed the deliveries of critical components. Factors such as supportive government policies, rising environmental concerns, and incentives and tax benefits for solar panel installations are expected to drive the market during the forecast period. However, low wind speed and lack of land for large-scale wind projects are likely to hinder the market growth.
The solar energy segment is expected to dominate the market during the forecast period, owing to increasing capacity installations in the country.
Singapore aims to deploy at least 2 GW of solar energy by 2030, attracting new investments from domestic and foreign companies, which is anticipated to create opportunities for the market to grow in the future.
Favorable government policies to increase the renewable energy installed capacity is expected to drive the market during the forecast period.
Singapore Renewable Energy Market Trends
This section covers the major market trends shaping the Singapore Renewable Energy Market according to our research experts:
The Solar Energy Segment is Expected to Dominate the Market
Solar energy is the most promising renewable energy source for electricity generation in Singapore. The country took a major turn after 2014 when rooftop solar panels started showing up on a number of offices, government buildings, and even parking lots.
In addition to rooftop solar projects, offshore solar projects are also being developed in the country, with the latest one being a 60 MW offshore solar farm being developed on the Tengeh Reservoir. This also marks the beginning of the development of offshore solar farms in the country.
Electricity generation from solar energy comprised of 2.7% of the total electricity generating capacity in 2020. This share is expected to grow significantly during the forecast period, increasing the installed capacity.
As per the Energy Market Authority of Singapore statistics, grid-connected solar PV installed capacity grew significantly from 59.3 MWp in 2015 to 427.6 MWp by the end of 2020.
The country achieved its target of installing 350 MW of solar in 2020 and started moving toward its next goal of generating at least 2GW of solar energy by 2030, enough to power around 350,000 households. The country also invests in floating solar energy research and development (R&D) for future growth.
Therefore, solar power in the country is expected to see exponential growth during the forecast period.
Favorable Government Policies are Driving the Market Demand
Singapore is a sunny, tropical island in the Southeast Asian region with very limited resources. It has limited natural resources and limited opportunities to use renewables, thus reducing its carbon footprint.
Singapore has relied majorly on solar photovoltaic (PV) deployment. The installation of rooftop solar PV systems in public housing has become one of the prominent drivers for the growth of solar PV in the country. Additionally, with the launch of floating solar energy and R&D initiatives along with project developments in the past few years, the country has gained prominence in the renewable energy sector.
As per the Paris Agreement 2015, Singapore has committed to reduce emissions intensity by 36% from 2005 to 2030 and stabilize greenhouse gas emissions to peak around 2030.
Despite the lack of decent solar irradiation, solar power in the country has been used more with passing time. Favorable government policies have been the biggest factor for the rise in solar power usage in the country.
The Singaporean government launched the SolarNova program in 2014, aimed at increasing the use of solar power by various corporates and government entities. This program aims to promote and aggregate the demand for solar PV across government agencies to achieve economies of scale and drive the growth of Singapore's solar industry.
Under the SolarNova program, in March 2021, the Housing & Development Board (HDB) and Singapore Economic Development Board (EDB) jointly called the sixth solar leasing tender. With a solar capacity of 70 megawatt-peak (MWp), the latest tender aggregates public sector demand for the installation of solar panels across 1,198 HDB blocks and 57 government sites.
In January 2020, projects with a total capacity of 60 MW were put up for tenders under SolarNova's fifth round of tenders. The projects were to be set up across 1.154 blocks of the Housing and Development Board (HDB) of Singapore and 46 government sites.
Therefore, favorable policies are likely to drive the Singapore renewable energy market during the forecast period.
Singapore Renewable Energy Industry Overview
The Singapore renewable energy market is moderately fragmented. The key players in the market include Sunseap Group, Solargy Pte Ltd, Sembcorp Industries, Phoenix Solar Pte Ltd, and REC Solar Holdings AS.
Singapore Renewable Energy Market Leaders
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Sunseap Group
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Sembcorp Industries
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Phoenix Solar Pte Ltd
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Solargy Pte Ltd
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REC Solar Holdings AS
*Disclaimer: Major Players sorted in no particular order
Singapore Renewable Energy Market News
- In July 2021, Sembcorp Industries unveiled one of the world's largest floating solar panel farms. The project is located on a reservoir in western Singapore, with a 60 MW peak solar photovoltaic (PV) farm installed capacity.
- In March 2021, Amazon announced its first renewable energy project in Singapore, a 62 megawatt (MW) solar project made up of a series of solar panels mounted on a ground system. The project is expected to generate 80,000-megawatt-hours (MWh) of clean energy annually, enough to power more than 10,000 homes in Singapore.
Singapore Renewable Energy Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Renewable Energy Installed Capacity and Forecast in MW, till 2027
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 PESTLE Analysis
5. MARKET SEGMENTATION
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5.1 Source
- 5.1.1 Solar
- 5.1.2 Bioenergy
- 5.1.3 Other Sources (Solid Biofuels and Renewable Municipal Waste)
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 Sunseap Group
- 6.3.2 Solargy Pte Ltd
- 6.3.3 Sembcorp Industries
- 6.3.4 Phoenix Solar Pte Ltd
- 6.3.5 REC Solar Holdings AS
- 6.3.6 Keppel Seghers
- 6.3.7 LYS Energy Group
- 6.3.8 SunPro Energies Pte Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablitySingapore Renewable Energy Industry Segmentation
The Singapore renewable energy market report includes:
| Source | Solar |
| Bioenergy | |
| Other Sources (Solid Biofuels and Renewable Municipal Waste) |
Singapore Renewable Energy Market Research FAQs
What is the current Singapore Renewable Energy Market size?
The Singapore Renewable Energy Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Singapore Renewable Energy Market?
Sunseap Group, Sembcorp Industries, Phoenix Solar Pte Ltd, Solargy Pte Ltd and REC Solar Holdings AS are the major companies operating in the Singapore Renewable Energy Market.
What years does this Singapore Renewable Energy Market cover?
The report covers the Singapore Renewable Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Renewable Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the main challenges faced by the Singapore Renewable Energy Market?
The main challenges faced by the Singapore Renewable Energy Market are a) Limited land availability for large-scale projects b) High initial investment costs, and the intermittent nature of certain renewable energy sources like solar and wind power
Singapore Renewable Energy Industry Report
The Singapore renewable energy market is experiencing robust growth, driven by government support, technological advancements, and increasing public awareness. With limited natural resources and a heavy reliance on imported fossil fuels, Singapore is diversifying its energy mix towards renewable sources such as solar, wind, hydro, biomass, and geothermal energy. This shift aims to achieve greater energy self-sufficiency and reduce carbon emissions. The government's implementation of policies like feed-in tariffs and tax incentives has spurred investments from energy companies and encouraged the integration of renewable energy into the national grid.
Despite challenges such as limited land and high initial costs, opportunities in offshore wind energy and energy storage technologies are emerging, crucial for managing the intermittent nature of renewable sources and ensuring a stable energy supply. The market, segmented by energy source, end-use sector, and project scale, sees solar power leading growth due to favorable climatic conditions and proactive government initiatives.
The largest companies are playing a significant role in this transition, contributing to the industry's growth forecast and annual report statistics. Market research indicates that the growth rate of the industry is promising, supported by comprehensive industry analysis and industry growth data. The industry outlook remains positive, with industry reports highlighting the increasing market value and market growth.
For detailed statistics, market share, size, revenue growth rate, and a forecast outlook, refer to industry reports by Mordor Intelligence™, which provide a comprehensive analysis and free report PDF downloads. The market leaders are expected to drive further advancements, with market forecasts predicting continued expansion. The market overview and market update sections provide insights into price trends and sector analysis, essential for understanding the industry's trajectory.
Research companies are actively engaged in providing market data and market review reports, which are crucial for understanding market segmentation and market predictions. The industry trends and industry statistics offer a clear picture of the industry's current state and future potential. For those interested in detailed insights, the report example and report PDF provide valuable information on the industry's progress and future prospects.
