Asia Pacific Renewable Energy Market Valued at $488.85 Billion in 2023: Projected 9.73% CAGR Growth Ahead

[Aarti Ghodke]

Asia Pacific Renewable Energy Market Overview

The Asia Pacific Renewable Energy Market was valued at USD 488.85 billion in 2023 and is projected to reach USD 936.38 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.73% from 2024 to 2030.

Regional Context

Asia Pacific, home to 60% of the global population, has become a dominant force in renewable energy, surpassing North America and Europe in output. Countries such as China, India, Australia, and Japan are leading this transformation, investing heavily in solar and wind energy. Collectively, these nations add approximately 140 gigawatts of capacity annually.

Despite the progress, modern renewables accounted for only 6.8% of the region’s energy consumption in 2020. Fossil fuels still dominate, but growing environmental awareness and rapid urbanization are driving a shift toward cleaner energy sources.

Asia Pacific Renewable Energy Market Report Scope and Research Methodology

The Asia Pacific Renewable Energy Market with a comprehensive analysis of the industry's current and past state, as well as a projected market size and trends in a clear and concise language. The research methodology for the Asia Pacific Renewable Energy Market involves a combination of quantitative and qualitative elements. The market is extensively researched using primary and secondary data sources.

The report covers all essential aspects of the market, including an in-depth examination of key players, such as market leaders, followers, and new entrants. This analysis takes into account factors such as regulatory frameworks, government initiatives, and market maturity in different geographical regions. It provides insights into regional variations and helps in identifying growth opportunities and potential challenges specific to each market.

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Key Dynamics and Trends

Growing Environmental Awareness Increased public awareness of environmental pollution and the detrimental effects of fossil fuels is spurring investments in renewable energy. Countries are implementing sustainable development strategies to mitigate environmental damage, with major economies like India and China leading the charge.

Regional Energy Demand Southeast Asia's energy consumption is expected to double by 2040, driven by rapid economic growth and population increases. ASEAN has set a target for renewables to comprise 23% of the primary energy supply by 2025.

Investment and Capacity Expansion The Asia Pacific region is anticipated to add up to 2 terawatts of renewable energy capacity by 2031. The cost of renewable energy is expected to become more competitive than fossil fuels, with renewables potentially being 27.8% cheaper than coal by 2030.

Cost Insights Currently, renewable energy costs in Asia Pacific are 16% higher than fossil fuels over the project lifetime. However, costs for solar and wind energy are decreasing, with solar projects expected to be more cost-effective compared to coal in the near future.

Government Commitments and Targets Major markets like China, Japan, and South Korea have committed to net-zero carbon targets, with significant roles for renewable energy. India aims for 450 GW of renewable capacity by 2030, while other South Asian countries are also increasing their renewable energy targets.

Regional Insights

• China and India dominate the region with the largest renewable energy capacities, focusing on solar and wind energy.
• Southeast Asia is expected to see significant growth, with a major push towards renewable energy to support its expanding population and economies.
• Australia is enhancing its investments in renewable energy projects to address environmental concerns and meet future energy demands.

Important Factors for Consideration

• Land Acquisition and Grid Connectivity: Challenges in land acquisition and the need for stable grid networks are critical for the development of renewable energy projects.
• Regulatory Frameworks: Favorable regulatory environments and high renewable energy targets in many Asia Pacific countries support market growth.
• Financial Considerations: Local financing options and low interest rates are favorable for renewable energy projects, though securing off-take agreements is crucial to mitigate financial

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Asia Pacific Renewable Energy Market Segmentation

By Type

Hydroelectric Power
Wind Power
Bioenergy
Solar Energy
Geothermal Energy

The Wind Power segment is projected to grow at a CAGR of 9.3%, with substantial investments and capacity expansion expected in offshore wind projects, particularly in China, Japan, South Korea, and Taiwan.

By Application

Residential
Commercial
Industrial
Others

Asia Pacific Renewable Energy Market Key Players

TBEA Sunoasis Co., Ltd.
BCG
Mahindra EPC Irrigation Limited
Tata Power Limited
Suzhou Talesun Solar Technologies Co., Ltd.
Windflow Technology Ltd.
Zhejiang Chint New Energy Development Co Ltd
Abengoa
Vestas Wind Systems A/S

The Asia Pacific Renewable Energy Market is poised for significant growth, driven by technological advancements, supportive policies, and increasing investments in clean energy. The region is set to play a leading role in the global transition to renewable energy in the coming decade.

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Key questions answered in the Asia Pacific Renewable Energy Market are:

• What is Asia Pacific Renewable Energy?
• What was the Asia Pacific Renewable Energy market size in 2023?
• What is the growth rate of the Asia Pacific Renewable Energy Market?
• Which are the factors expected to drive the Asia Pacific Renewable Energy market growth?
• What are the different segments of the Asia Pacific Renewable Energy Market?
• What growth strategies are the players considering to increase their presence in Asia Pacific Renewable Energy?
• What are the upcoming industry applications and trends for the Asia Pacific Renewable Energy Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Asia Pacific Renewable Energy Market?
• What segments are covered in the Asia Pacific Renewable Energy Market?
• Who are the leading companies and what are their portfolios in Asia Pacific Renewable Energy Market?
• What segments are covered in the Asia Pacific Renewable Energy Market?
• Who are the key players in the Asia Pacific Renewable Energy market?

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Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2023)
• Past Pricing and price curve by region (2018 to 2023)
• Market Size, Share, Size & Forecast by Different Segment | 2024-2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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