Market Size of Singapore Renewable Energy Industry
| 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
*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.
