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

The report covers Renewable Energy in Southeast Asia and it is segmented by type (solar, wind, hydro, bioenergy, and other types) and geography (Vietnam, Malaysia, Thailand, the Philippines, Indonesia, and the rest of Southeast Asia). The market size and forecasts for the market in installed capacity (gigawatts) for all the above segments.

Southeast Asia Renewable Energy Market Size

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Southeast Asia Renewable Energy Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 7.40 %
Market Concentration Low

Major Players

Southeast Asia Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Southeast Asia Renewable Energy Market Analysis

The Southeast Asia renewable energy market is expected to witness a CAGR of 7.4% during the forecast period.

The market was negatively impacted by the outbreak of COVID-19 due to regional lockdowns and delays in ongoing projects. Currently, the market has rebounded to pre-pandemic levels.

  • Coal-fired power generation is the dominant form of power generation in Southeast Asia.However, renewable power generation and battery costs registered a significant decline in recent years, combined with the drying up of the finances for coal-fired power plants. This is expected to drive the renewable energy sector in the Southeast Asian region during the forecast period.
  • However, the lack of international companies' investments and the delay in the practical deployment of projects are expected to hinder the market's growth.
  • The Southeast Asian region has insufficient indigenous fossil fuel resources to meet its growing energy demand, thus creating significant opportunities for renewable energy installations, which can then solve the region's ever-increasing energy demand.
  • Vietnam has a high potential for renewable energy, thus creating its dominance in the region's renewable energy market during the forecast period.

Southeast Asia Renewable Energy Market Trends

Solar Energy Segment to Witness Significant Growth

  • Southeast Asia is becoming one of the fastest-growing solar energy markets and one of the most promising regions in the global expansion of the solar energy industry.
  • In 2022, Vietnam and Malaysia were at the forefront of this movement, with the region's highest amount of new PV capacity installed. In 2022, Vietnam's installed solar energy capacity stood at 18.47 GW, while Malaysia's installed solar capacity stood at 1.93 GW.
  • The increasing demand for electricity, the abundance of solar resources in the region, and favorable renewable-related policies are some of the factors that have been favoring the growth of the solar industry in the region.
  • In addition, policymakers across different countries in the region have been intensifying their efforts to ensure a secure, affordable, and sustainable pathway for the energy sector, which includes activities to facilitate investment in solar power generation and infrastructure.
  • In March 2022, SunGrow Power Supply Co., Ltd. signed a 300 MW strategic partnership agreement with Indonesian solar rooftop specialist Utomo SolaRUV to expand its sales in the Indonesian market. The contract was signed at the Solartech Indonesia 2022 exhibition, which took place in Jakarta.
  • Southeast Asia's cumulative solar photovoltaic (PV) capacity could increase to 35.8 gigawatts (GW) by 2024. The high solar power generation targets set by various nations lend support to this.The region is expected to witness the development of floating solar photovoltaic (PV) power plants over the next 5 to 15 years, as countries in the region are looking to substantially increase their share of renewable energy in the power mix. Moreover, development plans are in progress, particularly in Thailand and Vietnam, while smaller utility-scale floating PV developments are being proposed in Indonesia, Singapore, and Myanmar.
  • Therefore, owing to the points listed above, solar energy is expected to witness a significant growth in the Southeast Asia renewable energy market during the forecast period.
Southeast Asia Renewable Energy Market: Total Solar Energy Installed Capacity, in MW, by Major Countries, Southeast Asia, 2022

Vietnam to Dominate the Market

  • Vietnam has a high potential for renewable energy, including hydro, solar, wind, biomass, and waste. Biomass and hydropower are the two major sources of renewable energy that are currently being used in Vietnam. The government aims to install 11 GW of wind power and 20 GW of solar power capacity by 2025, which is expected to foster the growth of the market.
  • The environmental concerns and constraints in financing over the development of coal-fired and large-scale hydropower plants, the slow development of the natural gas industry, and the government's decision to suspend nuclear power projects are expected to provide an opportunity for the growth of solar and wind power in the country. Moreover, the renewable energy sector in the country has witnessed growth in the past, owing to investment from overseas, as there are no foreign ownership restrictions that apply to the development of renewable energy projects in Vietnam.
  • Vietnam is one of the fastest-growing economies in Asia, and thus, the power demand in the country is increasing. The nation's demand for electricity, pushed up by its booming industry, and a growing population, is expected to outstrip the construction of new power plants in the future, causing severe power shortages. By 2030, the country is expected to install 130 GW of electricity generation facilities, more than double the 54 GW currently installed.
  • With Vietnam's energy demand projected to increase by 10% annually in the next five years and the required power capacity to double, the country has been taking initiatives to diversify its energy mix, including plans to generate more power from renewable sources. The rooftop solar market is expected to play a crucial role in helping Vietnam meet its massive energy needs.
  • Thus, owing to the points listed above, Vietnam is expected to dominate the renewable energy market in the region during the forecast period.
Southeast Asia Renewable Energy Market : Installed Renewable Energy Capacity, in MW, by Major Countries, Southeast Asia, 2022

Southeast Asia Renewable Energy Industry Overview

The Southeast Asia renewable energy market is moderately fragmented. Some of the major companies involved in Southeast Asia renewable energy (in no particular order) market include Sindicatum Renewable Energy Company Pte Ltd., Trina Solar Co., Ltd., Jinko Solar Holding Co. Ltd., B.Grimm Group, and San Miguel Corporation.

Southeast Asia Renewable Energy Market Leaders

  1. Sindicatum Renewable Energy Company Pte Ltd

  2. San Miguel Corporation

  3. JinkoSolar Holding Co Ltd

  4. Trina Solar Co., Ltd.

  5. B.Grimm Group

*Disclaimer: Major Players sorted in no particular order

Southeast Asia Renewable Energy Market Concentration
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Southeast Asia Renewable Energy Market News

  • January 2022: Masdar and its partners signed a Memorandum of Understanding (MoU) to develop solar photovoltaic (PV) facilities with a capacity of nearly 1.2 GW in Indonesia. The partners include Singapore's Tuas Power, France's EDF Renewables, and PT Indonesia Power. Under the MoU, the companies intend to assess the development of renewable energy within Indonesia for export to Singapore.
  • April 2022: Shizen Energy announced that the company joined the Nusa Baiduri Consortium, which was planning to build a 150 MW floating solar power plant at the Durian Tunggal Dam in Melaka, a state in Malaysia located in the southern region of the Malay Peninsula.

Southeast Asia Renewable Energy Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of Study

    2. 1.2 Market Definiton

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Southeast Asia Renewable Energy Mix, 2022

    3. 4.3 Renewable Energy Installed Capacity and Forecast in GW, till 2028

    4. 4.4 Recent Trends and Developments

    5. 4.5 Government Policies, Targets, and Regulations

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

      2. 4.6.2 Restraints

    7. 4.7 Supply Chain Analysis

    8. 4.8 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.8.1 Bargaining Power of Suppliers

      2. 4.8.2 Bargaining Power of Consumers

      3. 4.8.3 Threat of New Entrants

      4. 4.8.4 Threat of Substitute Products and Services

      5. 4.8.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Solar

      2. 5.1.2 Wind

      3. 5.1.3 Hydro

      4. 5.1.4 Bioenergy

      5. 5.1.5 Other Types

    2. 5.2 Geography

      1. 5.2.1 Vietnam

      2. 5.2.2 Indonesia

      3. 5.2.3 Philippines

      4. 5.2.4 Thailand

      5. 5.2.5 Malaysia

      6. 5.2.6 Rest of Southeast Asia

  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 Canadian Solar Inc.

      2. 6.3.2 JinkoSolar Holding Co. Ltd.

      3. 6.3.3 Sindicatum Renewable Energy Company Pte Ltd.

      4. 6.3.4 Trina Solar Co., Ltd.

      5. 6.3.5 San Miguel Corporation

      6. 6.3.6 B.Grimm Group

      7. 6.3.7 Thanh Thanh Cong (TTC) Group

      8. 6.3.8 BCPG Public Company Limited (BCPG)

      9. 6.3.9 Gulf Energy Development PCL

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

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Southeast Asia Renewable Energy Industry Segmentation

Renewable energy is the energy produced from sources such as the sun and wind that are abundant and do not run out. Renewable energy is commonly used for electricity generation, space and water heating and cooling, and transportation. Biomass, geothermal resources, sunlight, water, and wind are some of the energy sources that can be converted into clean and usable energy.

The Southeast Asian renewable energy market is segmented by type. By type, the market is segmented into solar, wind, hydro, bioenergy, and other types. The report also covers the market size and forecasts for the renewable energy market across the major countries in the region. For each segment, market sizing and forecasts have been done based on installed capacity (gigawatts).

Type
Solar
Wind
Hydro
Bioenergy
Other Types
Geography
Vietnam
Indonesia
Philippines
Thailand
Malaysia
Rest of Southeast Asia
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Southeast Asia Renewable Energy Market Research FAQs

The Southeast Asia Renewable Energy Market is projected to register a CAGR of 7.40% during the forecast period (2024-2029)

Sindicatum Renewable Energy Company Pte Ltd, San Miguel Corporation, JinkoSolar Holding Co Ltd, Trina Solar Co., Ltd. and B.Grimm Group are the major companies operating in the Southeast Asia Renewable Energy Market.

The report covers the Southeast Asia Renewable Energy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Southeast Asia Renewable Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Southeast Asia Renewable Energy Industry Report

Statistics for the 2024 Southeast Asia Renewable Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Southeast Asia 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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Southeast Asia Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)