Asia Pacific Renewable Energy Market Research Report Information By Type (Solar, Wind, Hydro, Bioenergy, and Other Types) –and Asia Pacific Market Forecast Till 2032

Asia Pacific Renewable Energy Market Overview

Asia Pacific Renewable Energy Market Size was valued at USD 491.2 Billion in 2022. The Renewable Energy market industry is projected to grow from USD 539.83 Billion in 2023 to USD 1148.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.90% during the forecast period (2024 - 2032). The increasing Rooftop Solar Installation Quickens is one of the major market drivers driving the Renewable Energy market in Asia Pacific. The rise of distributed intelligence drives grid flexibility and renewable integration will require storage; the market is expanding due to investments made in data centers.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asia Pacific Renewable Energy Market Trends

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  Cutting expenses and raising capacity is driving the market growth

  
  

The Asia Pacific Renewable Energy market CAGR is expanding. Expanded and more economical renewable energy projects are being made possible by technological breakthroughs and economies of scale. Maximizing the increasing demand for renewable energy and attaining higher cost efficiencies fosters a favorable climate for infrastructure development. Because solar power plants are easier and less expensive to install than wind and geothermal power plants, there is still a large market for solar energy. However, there are some issues with this boom, namely the potential influence on food security and the growing rivalry with agricultural land. Cutting-edge strategies like agricultural-photovoltaics (Agri-PV), which combines photovoltaic systems with agricultural infrastructure, should be investigated to address this problem. The growing bankability and investment ability of renewable energy projects indicate a good chance for infrastructure projects to get funding and move forward with their initiatives.

Furthermore, strong funding interest has been shown in storage solutions, especially in developing Southeast Asian markets like Vietnam, Indonesia, and the Philippines. By improving grid operations and making it easier to incorporate renewable energy sources, BESS can be used as standalone assets or combined with solar or wind projects, providing regulators and developers in Asia with significant advantages. Using our knowledge of the region and connections to professionals in Singapore's infrastructure sector, we can expedite cooperation between infrastructure developers and pertinent parties on energy storage innovations to improve grid stability. To compensate for the erratic nature of renewable energy sources, energy storage solutions are essential. According to projections, grid-connected energy storage is expected to receive around US$400 billion in investment over the next ten years, with 75% going toward pumped hydro and 25% toward batteries. Thus, result in driving the Renewable Energy market revenue.

Asia Pacific Renewable Energy Market Segment Insights

Renewable Energy Type Insights

The Asia Pacific Renewable Energy market segmentation, based on type, includes Solar, Wind, Hydro, Bioenergy, and Other Types. The solar segment dominated the market. The market for solar energy is expanding as a result of rising electricity consumption. In addition, the nation's solar power market is being driven by the government's measures to boost the proportion of renewable energy sources in the overall energy mix and the declining costs of solar power modules. Furthermore, the solar energy market has been supported by advanced technologies, growing investor interest in the sector, and favorable environmental legislation towards renewable energy.

Figure 1: Asia Pacific Renewable Energy Market, by Type, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Renewable Energy Country Insights

China is among the world leaders in the use of renewable energy. The overall capacity of renewable energy in the nation was 1,020 GW in 2021, an increase of about 13.4% from the previous year's figure. The three main renewable energy sources in the nation are wind, solar, and hydropower. With the goal of creating a clean, low-carbon, safe, and efficient energy system by 2050, China initiated the concept of an energy revolution. Subsequently, the nation's renewable energy industry has experienced substantial expansion. With a total installed capacity of 310.6 GW at the end of 2021—the onshore region accounting for nearly 92% of the overall share—China is one of the world's major markets for wind power, aside from hydropower and solar energy.

Figure 2: Asia Pacific Renewable Energy Market Share By Region 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asia Pacific Renewable Energy Key Market Players & Competitive Insights

Leading market players are putting a lot of money into R&D to expand their product lines, which will help the renewable energy sector grow even more. In addition, market players are engaging in a range of calculated initiatives to increase their presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, the Renewable Energy industry must offer cost-effective items.

Major players in the Renewable Energy market are engaging in research and development activities to boost market demand, including Vestas Wind Systems A/S, General Electric Co., Suzlon Energy, Xinjiang Gold wind Science Technology Co. Ltd, Iberdrola SA, Tata Power Company Limited, Adani Green Energy Limited, Siemens Gamesa Renewable Energy SA, Acciona SA, and Jinko Solar Holdings Co. Ltd.

Key Companies in the Asia Pacific Renewable Energy market include.

• Vestas Wind Systems A/S


• General Electric Co.


• Suzlon Energy


• Xinjiang Gold wind Science Technology Co. Ltd


• Iberdrola SA


• Tata Power Company Limited


• Adani Green Energy Limited


• Siemens Gamesa Renewable Energy SA


• Acciona SA


• Jinko Solar Holdings Co. Ltd

Asia Pacific Renewable Energy Industry Developments

December 2021: The offshore wind farm known as Yang Jiang Shape Phase 2 was operating at full capacity. The 400 MW project, which consists of 62 6.45 MW offshore wind turbines, is situated in the waters off the coast of Yuanjiang, Guangdong Province, west of Shape.

November 2021: Australia's GRS and X-Elio have a contract in place for the construction of the Blue Grass Solar Farm project. With the 200MW power plant coming online, GRS will handle the EPC services. After going into operation, the project is anticipated to generate about 420,000MWh annually.

October 2021: JSW Energy Ltd., a division of the regional powerhouse JSW Group, awarded GE Renewable Energy a contract. For its next projects in Tamil Nadu, JSW has ordered 810 MW of onshore wind turbines as part of the deal.

Asia Pacific Renewable Energy Market Segmentation

Renewable Energy Type Outlook

• Solar


•  Wind


•  Hydro


•  Bioenergy


• Other Types

Renewable Energy Regional Outlook

• Asia Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Indonesia
  
  
  • Thailand
  
  
  • Vietnam
  
  
  • Malaysia
  
  
  • Singapore
  
  
  • Rest of Asia-Pacific