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Malaysia, Thailand and Indonesia are actively moving towards bioenergy while Philippines and Singapore are actively pursuing solar power
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The ASEAN Renewable Energy Market, Forecast to 2023 focuses on the past, current and the future growth potential of renewable energy (RE) in this region. The focus of this study is on three major technologies: Solar PV, Wind Power and Bioenergy (Biomass and Biogas). Malaysia, Thailand, Philippines, Indonesia, Vietnam and Singapore have been investigated in this research for each technology. This study examines the installed capacity of the above mentioned technologies in each country for duration from 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 has been examined and explained together with the key industry rules and regulations that drive investment decisions. This study lists down the 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 towards 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 the current global trade disputes and uncertainties in the world and existing correlation between economic growth and electricity demand has made this region an attractive destination for RE investments. This report is a comprehensive guideline for investors and key decision makers to select the right technology and market to invest in ASEAN region. The key questions that this study will answer are: How is the current renewable market condition in the countries of the region and who are the key participants in renewable energy market in each country? What are the key rules and regulations affecting investments in renewable energy in ASEAN countries? What are the market risk factors in each of these countries for renewable energy development? What is the forecast of installed capacity for solar power, wind power and bioenergy in each country? What are the current and ongoing renewable projects in each country? 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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