Market Size of East Asia Renewable Energy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 8.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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East Asia Renewable Energy Market Analysis
The East Asian renewable energy market is expected to register a CAGR of more than 8% during the forecast period.
The market was slightly affected by the COVID-19 pandemic but has since recovered and is expected to grow steadily during the forecast period.
- Over the long term, factors such as increasing power demand and investment in renewable energy in different countries in the region are expected to drive the market studied.
- On the other hand, rising investments in coal-fired capacity in China and gas-fired capacity in Japan, South Korea, and Taiwan are expected to slow down the growth of the market during the forecast period.
- Nevertheless, the commercialization of energy generation from new and novel renewable energy sources such as marine and tidal energy is expected to provide several opportunities for the market during the forecast period.
- With more than 1160 GW of installed renewable energy capacity as of 2022, China is expected to continue its dominance in the renewable energy market during the forecast period.
