Asia Pacific Renewable Energy Market Attained an Installed Capacity of Almost 5,393.64 Gigawatts in 2023

The Asia Pacific renewable energy market, which is one of the fastest-growing renewable energy markets, is being driven by the favourable regulations and incentives within the region. The average contribution by the Asia Pacific region to the global renewable energy between 2016 and 2018 was more than 25%. Within the region, China is the leading nation in terms of technologies for hydropower, wind, and solar energy. The majority of the installed capacity for renewable energy, which is almost 75% of the capacity, is in India and China. Japan is also an important region with high potential for sourcing of resources and has good renewable installed capacity. The Asia Pacific region is a rich source for hydropower. Offshore and solar energy resources are being exploited, and there has been a significant growth in the demand for both these energies.

China has been planning to shift from coal and other carbon-emitting sources to electricity generation from multiple alternative sources like natural gas, nuclear, and other renewable sources. China is among the most important regions in the global market as it plays a significant role in deciding the trends of the global industry. The country could also start a clean energy transition in the coming years. China is also one of the leading countries in terms of electric vehicles, contributing about 40% in the global investments.

In November 2020, Vestas Wind Systems A/S (OTCMKTS: VWDRY), an important key player in the renewable energy market, signed a contract with a New Zealand based company called Mercury. The contract will help in expanding Mercury’s Turitea Wind Farm exponentially, making it the first and the largest wind park in the country. Such developments and contracts undertaken by the major players in the industry are expected to influence the market positively.

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Market Analysis by Type and Country:

• The types of renewable energy in the Asia Pacific include hydropower, wind, solar, bio energy, and solid biofuels.

• The major countries in the regional market include China, Japan, India, and Australia, among others.

Key Findings of the Report:

• The Asia Pacific renewable energy market is being aided by the increasing concerns about environmental damage.

• The rising demand for biomass energy is providing a push to the market growth.

• The transition from fossil fuels to renewable resources is also supporting the market growth.

• The increasing exploration of potential sources of energy is also driving the market growth further.

• The rising demand for electricity is also pushing the market growth forward.

• The increasing demand for sustainable developments is also boosting the demand growth.

• The rising investments by the governments on sourcing renewable energy are also favouring the market growth.

Key Offerings of the Report:

• The EMR report provides an overview of the Asia Pacific renewable energy market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types and regions of renewable energy in the Asia Pacific

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major key players in the Asia Pacific renewable energy market are TBEA Sunoasis Co., Ltd., Mahindra EPC Irrigation Limited, Tata Power Limited, Suzhou Talesun Solar Technologies Co., Ltd., Windflow Technology Ltd., Zhejiang Chint New Energy Development Co Ltd, Abengoa, and Vestas Wind Systems A/S, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

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