APAC Renewable Energy Market

Q: Which kind dominated the market for renewable energy?

In 2023, the market was dominated by the Solar category Read More

ID: MRFR/E&P/20030-HCR

128 Pages

Priya Nagrale

September 2025

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 Research Report—Forecast till 2032 Infographic

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Table of Contents

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

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APAC Renewable Energy Market Summary

As per Market Research Future Analysis, the Asia Pacific Renewable Energy Market was valued at USD 491.2 Billion in 2022 and is projected to grow from USD 539.83 Billion in 2023 to USD 1148.8 Billion by 2032, with a CAGR of 9.90% from 2024 to 2032. The market is driven by increasing rooftop solar installations and investments in data centers, enhancing grid flexibility and renewable integration. Solar energy remains the dominant segment due to rising electricity consumption and government initiatives. However, challenges such as food security and competition for agricultural land persist, necessitating innovative solutions like agricultural-photovoltaics (Agri-PV).

Key Market Trends & Highlights

The Asia Pacific Renewable Energy market is experiencing significant growth driven by technological advancements and investment opportunities.

Market Size in 2022: USD 491.2 Billion
Projected Market Size by 2032: USD 1148.8 Billion
CAGR from 2024 to 2032: 9.90%
Investment in grid-connected energy storage expected to reach around USD 400 Billion over the next decade

APAC Renewable Energy Market

CAGR

9.90%

Market Size & Forecast

2022 Market Size	USD 491.2 Billion
2023 Market Size	USD 539.83 Billion
2032 Projected Market Size	USD 1148.8 Billion

Major Players

Vestas Wind Systems A/S, General Electric Co., Suzlon Energy, Xinjiang Goldwind 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

APAC Renewable Energy Market Trends

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.

APAC Renewable Energy Market Drivers

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, Market Research Future 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, Market Research Future Database and Analyst Review

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Regional Insights

Key Players and 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 APAC Renewable Energy Market market include

Industry Developments

Market Segmentation

Renewable Energy Type Outlook

Solar
Wind
Hydro
Bioenergy
Other Types

Renewable Energy Regional Outlook

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

Report Scope

Report Attribute/Metric	Details
Market Size 2022	USD 491.2 Billion
Market Size 2023	USD 539.83 Billion
Market Size 2032	USD 1148.8 Billion
Compound Annual Growth Rate (CAGR)	9.90% (2024-2032)
Base Year	2023
Market Forecast Period	2024-2032
Historical Data	2019- 2022
Market Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type and Region
Region Covered	Asia Pacific
Countries Covered	China, Japan, India, Australia, South Korea, Indonesia, Thailand, Vietnam, Malaysia, Singapore, and Rest of Asia-Pacific
Key Companies Profiled	Vestas Wind Systems A/S, General Electric Co., Suzlon Energy, Xinjiang Goldwind Science Technology Co. Ltd, Iberdrola SA, Tata Power Company Limited
Key Market Opportunities	· The use of renewable energy is rapidly growing as environmental concerns, and the negative effects of fossil fuel consumption become increasingly apparent.
Key Market Dynamics	· The region's rapidly expanding population and growing economy have made sustainable energy solutions even more necessary. · Asia Pacific renewable energy market demand is being driven by technology breakthroughs in renewable energy.

Market Highlights

Author

Priya Nagrale

Senior Research Analyst

With an experience of over five years in market research industry (Chemicals & Materials domain), I gather and analyze market data from diverse sources to produce results, which are then presented back to a client. Also, provide recommendations based on the findings. As a Senior Research Analyst, I perform quality checks (QC) for market estimations, QC for reports, and handle queries and work extensively on client customizations. Also, handle the responsibilities of client proposals, report planning, report finalization, and execution

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FAQs

What is the market size for renewable energy?

In 2023, the market for renewable energy in Asia Pacific was estimated to be worth USD 539.83 billion.

How quickly is the market for renewable energy expanding?

From 2024 to 2032, the market is expected to expand at a compound annual growth rate (CAGR) of 9.90%.

Who are the major companies in the renewable energy market?

Vestas Wind Systems A/S, General Electric Co., Suzlon Energy, Xinjiang Goldwind Science Technology Co. Ltd, Iberdrola SA, and Tata Power Company Limited are the major companies in the market.

Which kind dominated the market for renewable energy?

In 2023, the market was dominated by the Solar category

EXECUTIVE SUMMARY
MARKET INTRODUCTION
1. Definition
2. Scope of the Study
  1. Research Objective
  2. Assumptions
  3. Limitations
RESEARCH METHODOLOGY
1. Overview
2. Data Mining
3. Secondary Research
4. Primary Research
  1. Primary Interviews and Information Gathering Process
  2. Breakdown of Primary Respondents
5. Forecasting Model
6. Market Size Estimation
  1. Bottom-Up Approach
  2. Top-Down Approach
7. Data Triangulation
8. Validation
MARKET DYNAMICS
1. Overview
2. Drivers
3. Restraints
4. Opportunities
MARKET FACTOR ANALYSIS
1. Value Chain Analysis
2. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of New Entrants
  4. Threat of Substitutes
  5. Intensity of Rivalry
3. COVID-19 Impact Analysis
  1. Market Impact Analysis
  2. Regional Impact
  3. Opportunity and Threat Analysis
ASIA PACIFIC RENEWABLE ENERGY MARKET, BY TYPE
1. Overview
2. Solar
3. Wind
4. Hydro
5. Bioenergy
6. Other Types
ASIA PACIFIC RENEWABLE ENERGY MARKET, BY REGION
1. Overview
2. Asia Pacific
  1. China
  2. Japan
  3. India
  4. Australia
  5. South Korea
  6. Indonesia
  7. Thailand
  8. Vietnam
  9. Malaysia
  10. Singapore
  11. Rest of Asia-Pacific
COMPETITIVE LANDSCAPE
1. Overview
2. Competitive Analysis
3. Market Share Analysis
4. Major Growth Strategy in the Asia Pacific Renewable Energy Market,
5. Competitive Benchmarking
6. Leading Players in Terms of Number of Developments in the Asia Pacific Renewable Energy Market,
7. Key developments and Growth Strategies
  1. New Product Launch/Service Deployment
  2. Merger & Acquisitions
  3. Joint Ventures
8. Major Players Financial Matrix
  1. Sales & Operating Income, 2023
  2. Major Players R&D Expenditure. 2023
COMPANY PROFILES
1. Vestas Wind Systems A/S
  1. Company Overview
  2. Financial Overview
  3. Products Offered
  4. Key Developments
  5. SWOT Analysis
  6. Key Strategies
2. General Electric Co.
  1. Company Overview
  2. Financial Overview
  3. Products Offered
  4. Key Developments
  5. SWOT Analysis
  6. Key Strategies
3. Suzlon Energy
  1. Company Overview
  2. Financial Overview
  3. Products Offered
  4. Key Developments
  5. SWOT Analysis
  6. Key Strategies
4. Xinjiang Goldwind Science Technology Co. Ltd
  1. Company Overview
  2. Financial Overview
  3. Products Offered
  4. Key Developments
  5. SWOT Analysis
  6. Key Strategies
5. Iberdrola SA
  1. Company Overview
  2. Financial Overview
  3. Products Offered
  4. Key Developments
  5. SWOT Analysis
  6. Key Strategies
6. Tata Power Company Limited
  1. Company Overview
  2. Financial Overview
  3. Products Offered
  4. Key Developments
  5. SWOT Analysis
  6. Key Strategies
7. Adani Green Energy Limited
  1. Company Overview
  2. Financial Overview
  3. Products Offered
  4. Key Developments
  5. SWOT Analysis
  6. Key Strategies
8. Siemens Gamesa Renewable Energy SA
  1. Company Overview
  2. Financial Overview
  3. Products Offered
  4. Key Developments
  5. SWOT Analysis
  6. Key Strategies
9. Acciona SA
  1. Company Overview
  2. Financial Overview
  3. Products Offered
  4. Key Developments
  5. SWOT Analysis
  6. Key Strategies
10. JinkoSolar Holdings Co. Ltd
  1. Company Overview
  2. Financial Overview
  3. Products Offered
  4. Key Developments
  5. SWOT Analysis
  6. Key Strategies
APPENDIX
1. References
2. Related Reports

Asia Pacific Renewable Energy Market Segmentation

Market Segmentation Overview

Detailed segmentation data will be available in the full report
Comprehensive analysis by multiple parameters
Regional and country-level breakdowns
Market size forecasts by segment

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APAC Renewable Energy Market

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