Market Size of Asia-Pacific Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 9.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Renewable Energy Market Analysis
The Asia-Pacific renewable energy market is expected to record a CAGR greater than 9% during the forecast period. The impact of the COVID-19 pandemic was limited on the region's renewable energy industry as many large- and small-scale renewable projects were completed at the same pace in 2021, which added around 75 GW of new capacity to the renewable power generation portfolio. The Asia-Pacific renewable energy market is expected to grow in the coming years. The prominent factors driving the growth are the issues related to elevated grid electricity prices and increasing regional renewable energy investments. However, the market's growth is expected to be hampered by factors like integrating renewables into the primary electricity grid, which involves more challenges than installing them in the distributed form.
- Solar technology is expected to dominate during the forecast period due to the declining cost of solar power generation.
- Coal-fired power stations, which form a significant part of the region's electricity generation, are ageing and will retire after a certain period. They will not serve the Asia-Pacific in the long run, which creates ample opportunity for the renewable energy market to carve out a significant place in the power generation mix.
- China is expected to dominate the Asia-Pacific renewable energy market during the forecast period due to increasing investment in the sector.
