Singapore Renewable Energy Market Size (2024 - 2029)

Singapore Renewable Energy Market Size Summary

The Singapore renewable energy market is poised for growth, driven by supportive government policies and increasing environmental awareness. The market is expected to experience a steady expansion, with solar energy emerging as the dominant segment. The country's strategic focus on solar power is evident in its ambitious targets, such as deploying significant solar energy capacity by 2030. This initiative is bolstered by incentives and tax benefits for solar panel installations, which are attracting investments from both domestic and international companies. Despite challenges like limited land for large-scale wind projects and low wind speeds, Singapore's commitment to renewable energy is reflected in its ongoing developments in rooftop and offshore solar projects, including the notable offshore solar farm on the Tengeh Reservoir.

Singapore's renewable energy landscape is further shaped by initiatives like the SolarNova program, which aims to enhance solar power adoption across various sectors. This program has facilitated significant solar PV installations, particularly in public housing and government sites, contributing to the country's goal of reducing carbon emissions and stabilizing greenhouse gas emissions by 2030. The market is moderately fragmented, with key players such as Sunseap Group and Sembcorp Industries leading the charge. Recent projects, including one of the world's largest floating solar panel farms, underscore Singapore's innovative approach to harnessing renewable energy. As the country continues to invest in solar energy research and development, it is well-positioned to achieve substantial growth in its renewable energy sector during the forecast period.