Market Size of China Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 8.70 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Chinese Renewable Energy Market Analysis
The Chinese renewable energy market is expected to witness a CAGR of more than 8.7% during the forecast period.
- Over the long term, the primary drivers for the market include government initiatives to reduce dependency on fossil fuels to stabilize CO2 emissions and ensure a clean and efficient form of energy.
- On the other hand, delays in subsidy payments, interference in the market trading and pricing by local governments, and a plan to increase coal-fired power generation are likely to hinder the market growth during the forecast period.
- Nevertheless, China, the world's largest energy consumer, plans to reduce its CO2 emission to 5150 million tons by 2035 and 2,600 million tons by 2050. Moreover, the Chinese government plans to increase the share of renewable energy in its energy mix to nearly 37% by 2035 and 58% by 2050. Thus, the country's objective of reducing CO2 levels and increasing renewables' share in the energy mix is expected to create an opportunity for the market to grow.
