Dublin, Dec. 20, 2024 (GLOBE NEWSWIRE) -- The "Asia Energy Transition - Sectors and Companies Driving Development" report has been added to ResearchAndMarkets.com's offering.
Asia's renewable energy capacity has been strongly boosted by China's clean tech manufacturing capacity, with renewables accounting for half of Asia's total power capacity in 2024. By 2035, renewables are forecasted to have a 71% share of total power capacity. Asia is set to see a net increase of nearly 340GW of upcoming thermal capacity, highlighting the region's slow progress towards phasing out fossil fuels, primarily due to its reliance on them for its growing energy demand as a result of its rapid industrialisation and population growth.
Asia's energy storage capacity amounted to over 150GW in 2024, 49% of the global energy storage capacity. A large proportion of that is from hydro-pumped storage, with the technology accounting for 66% of Asia's energy storage capacity. BESS is set to grow strongly within the region, at a CAGR of 45%, with China home to a large share of upcoming battery lithium-ion manufacturing plants. Asia is positioned as an EV manufacturing leader, with companies such as BYD representing a dominant player in both regional and global EV sales.
Growth in the production of renewable fuels, such as SAFs, RDs and ethanol has been increasing as the region looks to commercialise adoption as a decarbonisation pathway for hard-to-abate sectors such as aviation. CCUS has been outlined as a key component to help reduce emissions in Asia, however policy details of actioning the development of the industry remain vague. Countries within Asia are pushing to become global hubs of low-carbon hydrogen production through extensive policy implementation and supportive frameworks and incentives.
Asia plays a pivotal role in the global energy system. Rapid industrialization and population growth have driven a surge in energy demand, making the region's energy decisions critical to the global energy transition. While Asian countries are advancing green initiatives such as Japan's CCS Long-term roadmap (2023), India's National Green Hydrogen Mission (2023), greater efforts are needed to distribute clean energy technologies across the region, especially in countries that remain overly reliant on fossil fuels due to energy demands. Technologies such as solar, wind, energy storage, EVs, SAFs, CCUS, and hydrogen will play a crucial role in allowing Asia to reach its climate targets.
Many Asian nations have yet to submit a net zero goal, resulting in a lack of clarity about long-term mitigation strategies. This is of note due to the region's status as the top CO2 emitter in the world. The regions power consumption and demand are only set to continue to increase as a result of rapid industrialisation and urbanisation. The region is over reliant on fossil fuels, with a further 340GW of upcoming fossil fuel plants highlighting that. However, renewable energy capacity is set to grow, reaching a 71% share of total power capacity by 2035.
Governments in the region are pushing for policy implementation to commercialise the adoption of renewable energies and other clean energy technologies such as CCUS, EVs, energy storage, hydrogen and renewable fuels in order to reduce the usage of fossil fuels and increase energy independence.
Reasons to Buy
- Identify the market trends within the region and key players in renewable energy technologies.
- Develop market insight of current, in development and announced capacity and latest trends of renewable energies, EVs, renewable refineries, CCUS and hydrogen.
- Understand the region's different scenarios for 2030-2035 based on the likeliness of the projects.
- Look at the power consumption and demand for Asia and identify industries with high consumption.
- Understand the policies in place to support the development of clean energy technologies in Asia and schemes or incentives that are applicable to companies involved in the development of such technologies. Facilitate the understanding on how and where the markets are growing for the respective clean energy technologies.
Key Topics Covered:
- Executive Summary
- Power Outlook and Generation
- Energy Storage
- Electric Vehicles
- Renewable Fuels
- CCUS
- Hydrogen
Company Coverage:
- China Three Gorges Corporation
- China Huaeng Group
- Adani
- Korea Electric Power Corp
- State Grid Corporation of China
- China Energy Engineering Group
- Neste Corp
- Beijing Haixin Energy Technology Co
- Henan Junheng Industry Group
- Santos Ltd
- CHUBU Electric Power
- China National Offshore Oil Corporation
- Jinneng Science and Technology Co Ltd
- Beijing Jingneng Power Co
- Power Construction Corp of China
- Tata Sons Pvt Ltd
- Shapoorji Pallonji & Co Pvt Ltd
- China National Machinery Industry Group
- LONGi Green Energy Technology Co Ltd
- Trina Solar Co Ltd
- JinkoSolar Holding Co Ltd
- JA Solar Technology Co Ltd
- Canadian Solar Inc
- Siemens Energy AG
- Suzlon Energy Ltd
- Inox Wind Ltd
- Goldwind Science & Technology
- Vestas Wind Systems AS
- Ming Yang Smart Energy Group Ltd
- BYD
- Tesla
- Volkswagen
- Wuling
- BMW
- Suzuki
- Changan
- Nissan
- Hyundai
- NIO
- PT Pertamina
- Oriental Energy Co Ltd
- Eni SpA
- Euglena Co Ltd
- Petroliam Nasional Bhd
- BP Plc
- Zhejiang Jiaao Enprotech Stock Co Ltd
- Shanxi Construction Investment Group Co Ltd
- Essar Group
- EcoCeres Inc
- China Coal Energy Co Ltd
- Shaanxi Yanchang Petroleum Co Ltd
- Inpex Corp
- Kanto Natural Gas Development Co Ltd
- Nippon Steel Corp
- China Petrochemical Corp
- Indian Oil Corp Ltd
- Shell Plc
- SK Innovation Co Ltd
- Exxon Mobil Corp
- Japan Petroleum Exploration Co Ltd
- JGC Holdings Corp
- Kawasaki Kisen Kalsha Ltd
- ENEOS Corp
- TotalEnergies SE
- Fortescue Future Industries Pty Ltd
- NTPC Ltd
- Elixir Energy Ltd
- SoftBank Group Corp
- Toyota Tsusho Corp
- GCL New Energy Holdings Ltd
- Enterprize Energy Pte Ltd
- HLC Green Energy LLC
- ACWA Power Co
For more information about this report visit https://www.researchandmarkets.com/r/rfop0f
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
