Singapore Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Singapore Renewable Energy Companies and it is segmented by Source (Solar, Bioenergy, and Other Sources [Solid Biofuels and Renewable Municipal Waste]).

Singapore Renewable Energy Market Size

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Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 3.00 %
Market Concentration Medium

Major Players

singapore renewable energy market major players

*Disclaimer: Major Players sorted in no particular order

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Singapore Renewable Energy Market Analysis

The Singapore renewable energy market is expected to register a CAGR of more than 3% during the forecast period of 2022-2027. The COVID-19 outbreak in 2020 had posed risks for renewable energy projects in the procurement phase and construction works and delayed the deliveries of critical components. Factors such as supportive government policies, rising environmental concerns, and incentives and tax benefits for solar panel installations are expected to drive the market during the forecast period. However, low wind speed and lack of land for large-scale wind projects are likely to hinder the market growth.

The solar energy segment is expected to dominate the market during the forecast period, owing to increasing capacity installations in the country.

Singapore aims to deploy at least 2 GW of solar energy by 2030, attracting new investments from domestic and foreign companies, which is anticipated to create opportunities for the market to grow in the future.

Favorable government policies to increase the renewable energy installed capacity is expected to drive the market during the forecast period.

Singapore Renewable Energy Market Trends

This section covers the major market trends shaping the Singapore Renewable Energy Market according to our research experts:

The Solar Energy Segment is Expected to Dominate the Market

Solar energy is the most promising renewable energy source for electricity generation in Singapore. The country took a major turn after 2014 when rooftop solar panels started showing up on a number of offices, government buildings, and even parking lots.

In addition to rooftop solar projects, offshore solar projects are also being developed in the country, with the latest one being a 60 MW offshore solar farm being developed on the Tengeh Reservoir. This also marks the beginning of the development of offshore solar farms in the country.

Electricity generation from solar energy comprised of 2.7% of the total electricity generating capacity in 2020. This share is expected to grow significantly during the forecast period, increasing the installed capacity.

As per the Energy Market Authority of Singapore statistics, grid-connected solar PV installed capacity grew significantly from 59.3 MWp in 2015 to 427.6 MWp by the end of 2020.

The country achieved its target of installing 350 MW of solar in 2020 and started moving toward its next goal of generating at least 2GW of solar energy by 2030, enough to power around 350,000 households. The country also invests in floating solar energy research and development (R&D) for future growth.

Therefore, solar power in the country is expected to see exponential growth during the forecast period.

singapore renewable energy market growth

Favorable Government Policies​ are Driving the Market Demand

Singapore is a sunny, tropical island in the Southeast Asian region with very limited resources. It has limited natural resources and limited opportunities to use renewables, thus reducing its carbon footprint.

Singapore has relied majorly on solar photovoltaic (PV) deployment. The installation of rooftop solar PV systems in public housing has become one of the prominent drivers for the growth of solar PV in the country. Additionally, with the launch of floating solar energy and R&D initiatives along with project developments in the past few years, the country has gained prominence in the renewable energy sector.

As per the Paris Agreement 2015, Singapore has committed to reduce emissions intensity by 36% from 2005 to 2030 and stabilize greenhouse gas emissions to peak around 2030.

Despite the lack of decent solar irradiation, solar power in the country has been used more with passing time. Favorable government policies have been the biggest factor for the rise in solar power usage in the country.

The Singaporean government launched the SolarNova program in 2014, aimed at increasing the use of solar power by various corporates and government entities. This program aims to promote and aggregate the demand for solar PV across government agencies to achieve economies of scale and drive the growth of Singapore's solar industry.

Under the SolarNova program, in March 2021, the Housing & Development Board (HDB) and Singapore Economic Development Board (EDB) jointly called the sixth solar leasing tender. With a solar capacity of 70 megawatt-peak (MWp), the latest tender aggregates public sector demand for the installation of solar panels across 1,198 HDB blocks and 57 government sites.

In January 2020, projects with a total capacity of 60 MW were put up for tenders under SolarNova's fifth round of tenders. The projects were to be set up across 1.154 blocks of the Housing and Development Board (HDB) of Singapore and 46 government sites.

Therefore, favorable policies are likely to drive the Singapore renewable energy market during the forecast period.

singapore renewable energy market analysis

Singapore Renewable Energy Industry Overview

The Singapore renewable energy market is moderately fragmented. The key players in the market include Sunseap Group, Solargy Pte Ltd, Sembcorp Industries, Phoenix Solar Pte Ltd, and REC Solar Holdings AS.

Singapore Renewable Energy Market Leaders

  1. Sunseap Group​

  2. Sembcorp Industries

  3. Phoenix Solar Pte Ltd​

  4. Solargy Pte Ltd​

  5. REC Solar Holdings AS

*Disclaimer: Major Players sorted in no particular order

Sunseap Group​, Solargy Pte Ltd​, Sembcorp Industries, Phoenix Solar Pte Ltd​, and REC Solar Holdings AS.
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Singapore Renewable Energy Market News

  • In July 2021, Sembcorp Industries unveiled one of the world's largest floating solar panel farms. The project is located on a reservoir in western Singapore, with a 60 MW peak solar photovoltaic (PV) farm installed capacity.
  • In March 2021, Amazon announced its first renewable energy project in Singapore, a 62 megawatt (MW) solar project made up of a series of solar panels mounted on a ground system. The project is expected to generate 80,000-megawatt-hours (MWh) of clean energy annually, enough to power more than 10,000 homes in Singapore.

Singapore Renewable Energy Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Renewable Energy Installed Capacity and Forecast in MW, till 2027

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Source

      1. 5.1.1 Solar

      2. 5.1.2 Bioenergy

      3. 5.1.3 Other Sources (Solid Biofuels and Renewable Municipal Waste)

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Sunseap Group

      2. 6.3.2 Solargy Pte Ltd

      3. 6.3.3 Sembcorp Industries

      4. 6.3.4 Phoenix Solar Pte Ltd

      5. 6.3.5 REC Solar Holdings AS

      6. 6.3.6 Keppel Seghers

      7. 6.3.7 LYS Energy Group

      8. 6.3.8 SunPro Energies Pte Ltd

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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Singapore Renewable Energy Industry Segmentation

The Singapore renewable energy market report includes:

Source
Solar
Bioenergy
Other Sources (Solid Biofuels and Renewable Municipal Waste)
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Singapore Renewable Energy Market Research FAQs

The Singapore Renewable Energy Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Sunseap Group​, Sembcorp Industries, Phoenix Solar Pte Ltd​, Solargy Pte Ltd​ and REC Solar Holdings AS are the major companies operating in the Singapore Renewable Energy Market.

The report covers the Singapore Renewable Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Renewable Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Singapore Renewable Energy Industry Report

Statistics for the 2024 Singapore Renewable Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Renewable Energy analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Singapore Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)