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Solar Power is Becoming a Mainstream Source of Energy Across the Region
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The ‘ASEAN Renewable Energy Market, Forecast to 2023’ focuses on the past, current, and future growth potential of Renewable Energy (RE) in the ASEAN region. The focus of this study is on three major technologies: solar PV, wind power, and bioenergy (biomass and biogas). The markets in Malaysia, Thailand, the Philippines, Indonesia, Vietnam, and Singapore have been researched in detail for each technology. This study examines the installed capacity of the above-mentioned technologies in each country for the period 2015 to 2018 and forecasts the future installed capacity of each technology up to 2023. In addition, market drivers and restraints for development of RE in each country of the region have been examined and explained together with the key industry rules and regulations that drive investment decisions. This study lists down major upcoming RE projects, with details regarding installed capacity, involved companies, project location, and the current status of the project.The ASEAN RE market is becoming more competitive and attractive for investments, aided by strong economic growth in some countries, active pursuance of 'sustainability development goals', and private sector initiatives toward a low-carbon future. The findings revealed that the national power generation plans of all the countries in the region thrust greater emphasis on increasing RE capacity in the overall power generation mix, based on local resource availability. The optimistic growth outlook of ASEAN region in the near future, despite current global trade disputes and uncertainties in the world, and the existing correlation between economic growth and electricity demand, have made this region an attractive destination for RE investments.This research service is a comprehensive guideline for investors and key decision makers to select the right technology and market to invest in the ASEAN region. Finally, the study explains the growth opportunities available in the region for potential investors and discusses the critical success factors in the RE market.
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