China Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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.