China Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The China Renewable Energy Market is Segmented by Type (Hydro, Wind, Solar, and Other Types).
ABOUT THIS REPORT
Scope of the Report
Key Market Trends
TABLE OF CONTENTS
2016 - 2026
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Chinese renewable energy market is expected to witness a CAGR of more than 8% during the forecast period. The primary driver for the market includes the government initiatives to reduce the dependency on fossil fuel to stabilize CO2 emission and have a clean and efficient form of energy. However, subsidy payment delays, interference in the market trading and pricing by local governments, and plan to increase coal-fired power generation are likely to hinder the market growth during the forecast period.
The hydropower segment accounted for a significant market share in 2019, and it is likely to dominate the market during the forecast period.
China, the world’s largest energy consumer, plans to reduce its CO2 emission to 5150 million metric tons by 2035 and 2,600 million metric tons by 2050. Moreover, the Chinese government plans to increase the share of renewable energy to nearly 37% by 2035 and 58% by 2050 in its energy mix. Thus, the country’s objective of reducing CO2 levels and increasing renewable share in the energy mix is expected to create an opportunity for the market to grow in the future.
Increasing investment in the renewable sector is likely to drive the market during the forecast period.
Scope of the Report
The report on the Chinese renewable energy market includes:
Report scope can be customized per your requirements. Click here.
Key Market Trends
Hydropower to Dominate the Market
Hydropower is a reliable, cost-effective, and sustainable natural energy source that requires the kinetic energy of the flowing water to generate electricity. It is one of the cleanest forms of energy source, which has dominated China’s renewable energy market in 2019. China’s hydropower had an approximate capacity of around 356 gigawatts in 2019.
In 2018, China added 8.5 gigawatts of hydropower to its renewable energy and was expected to grow further with the various online project expected to get commissioned during the forecast period.
The Baihetan hydropower project is one of the prominent upcoming hydro projects in China, which is expected to get commissioned in 2022, and it is expected to have a capacity of around 1,000 megawatts.
The Yebatan hydropower project is another prominent project, expected to have a capacity of around 2.24 gigawatts, and is planning to get commission by 2025. The completion of these hydro projects is expected to add up to the total hydro capacity of China during the forecast period.
To understand key trends, Download Sample Report
Upcoming Investment Plans to Drive the Market
Although the renewable sector in China has witnessed a decrease in investment, China still holds the largest single share of investment globally, with USD 91.2 billion in 2018.
The dip in investment in 2018 can be partly attributed to falling technology costs in solar photovoltaics and was largely due to a mid-year change in the government’s feed-in tariff policy, which halved investment in solar power (to USD 40.2 billion, down from USD 89 billion in 2017).
In 2018, the country had six active renewable projects, funded by the World Bank, which is likely to have an investment of around USD 321 million.
Moreover, the Distributed Renewable Energy Scale-Up Project, with an investment of USD 7.3 million, and Developing Market-Energy Efficiency Program, with an investment of around USD 17.8 million, are few investment plans in 2018 that are likely to expand the Chinese renewable energy market during the forecast period.
To understand geography trends, Download Sample Report.
The Chinese renewable energy market is fragmented. The key players in the market include Sinohydro Corporation, China Yangtze Power Co. Ltd, Xinjiang Goldwind Science Technology Co. Ltd, Dongfang Electric Corporation Limited, Sinovel Wind Group Co., JinkoSolar Holdings Co. Ltd, Tina Solar Ltd, JA Solar Co. Ltd, China Petroleum Bio-Energy Company Ltd, and Wuxi Suntech Power Co. Ltd.