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Electricity Demand Growth and Decarbonization Efforts Will Drive Investment
16-May-2024
Asia Pacific
Market Outlook
PFFB-01-00-00-00
EG_2024_725
This analysis assesses the power and energy market in Asia-Pacific. The primary focus is power generation, but grids, energy storage, hydrogen, and the role of fossils are included in the trends section.
Asia-Pacific encompasses diverse countries, from highly developed economies, such as South Korea and Japan, to under-developed ones such as Laos, Cambodia, and Myanmar. Decarbonization is the stated priority for wealthier East Asian states, although most of them will remain heavily dependent on fossil fuels for a significant portion of their electricity because their energy transition plans are not aggressive enough to change the industry dynamics. In Southeast Asia’s case, power demand growth is strong, and the average age of fossil plants is below 13 years. The region’s countries will need substantially larger global financial support beyond what is promised to close those plants in the next 15 years. For Australia, New Zealand, and the Pacific, renewable energy dominates investment. All three regions will invest greatly in grid infrastructure to try and improve resiliency and access to renewable energy, but this alone will not be enough.
For more detailed forecasts, including country-specific deep dives, request access to Frost & Sullivan’s Power Generation Growth Generator. Our interactive data platform contains information about installed capacity, annual capacity additions, investment, and generated electricity data for more than 60 countries.
Author: Neha Tatikota
Top Predictions for 2024
Top 5 Country Markets
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the APAC Power and Energy Industry
Research Scope
What Does the Power Sector Outlook Report Include?
Key Market Trends
Key Market Trends (continued)
Trend 1: Ambitious Targets Lead RE Progress
Trend 1: Ambitious Targets Lead RE Progress (continued)
Trend 2: Offshore Is the Key to Regional Wind Power Growth
Trend 2: Offshore Is the Key to Regional Wind Power Growth (continued)
Trend 3: Japan and South Korea Reengage with Nuclear Power
Trend 3: Japan and South Korea Reengage with Nuclear Power (continued)
Trend 4: Coal Remains Strong in ASEAN
Trend 4: Coal Remains Strong in ASEAN (continued)
Trend 5: Growth in Sustainable Thermal Solutions
Trend 5: Growth in Sustainable Thermal Solutions (continued)
Trend 6: The Future of Gas
Trend 6: The Future of Gas (continued)
Trend 7: Microgrids Will Become Mainstream
Trend 7: Microgrids Will Become Mainstream (continued)
Trend 8: Strong Investments in Grid Modernization
Trend 8: Strong Investments in Grid Modernization (continued)
Trend 9: Smart Metering Accelerates
Trend 9: Smart Metering Accelerates (continued)
Trend 10: Slow Short-term Growth for Hydrogen
Trend 11: Distributed Intelligence Drives Data Center Investment
Trend 11: Distributed Intelligence Drives Data Center Investment (continued)
Trend 12: Storage Will Be Essential for Grid Flexibility and Renewable Integration
Trend 12: Storage Will Be Essential for Grid Flexibility and Renewable Integration (continued)
APAC Power Industry Investment Forecast
Power Generation Capacity Forecast
Power Generation Capacity Forecast (continued)
Power Generation Capacity Forecast (continued)
Power Generation Installed Capacity and Electricity Generated
Annual Power Generation Investment by Country
Annual Power Generation Investment by Country (continued)
Australia—Power Generation Investment Forecast
Australia—Power Generation Market Analysis
Australia—Power Generation Installed Capacity and Electricity Generated
Indonesia—Power Generation Investment Forecast
Indonesia—Power Generation Market Analysis
Indonesia—Power Generation Installed Capacity & Electricity Generated
Japan—Power Generation Investment Forecast
Japan—Power Generation Market Analysis
Japan—Power Generation Installed Capacity and Electricity Generated
South Korea—Power Generation Investment Forecast
South Korea—Power Generation Market Analysis
South Korea—Power Generation Installed Capacity and Electricity Generated
Vietnam—Power Generation Investment Forecast
Vietnam—Power Generation Market Analysis
Vietnam—Power Generation Installed Capacity and Electricity Generated
Growth Opportunity 1: Digitalization Will Strengthen Power Resiliency and Reliability
Growth Opportunity 1: Digitalization Will Strengthen Power Resiliency and Reliability (continued)
Growth Opportunity 2: Rooftop Solar Deployment Accelerates
Growth Opportunity 2: Rooftop Solar Deployment Accelerates (continued)
Growth Opportunity 3: Net-zero Energy Transition Commitments Drive Market Opportunities
Growth Opportunity 3: Net-zero Energy Transition Commitments Drive Market Opportunities (continued)
Growth Opportunity 4: Microgrids for Peer-to-Peer Energy Trading
Growth Opportunity 4: Microgrids for Peer-to-Peer Energy Trading (continued)
Key Conclusions and Future Outlook
Abbreviations And Acronyms Used
Best Practices Recognition
Frost Radar
Benefits and Impacts of Growth Opportunities
Next Steps
Take the Next Step
List of Exhibits
List of Exhibits (continued)
Legal Disclaimer
List of Figures
- Top 5 Country Markets, APAC, 2023–2035
- Offshore Wind: Cumulative Installed Capacity Forecast, APAC, 2023, 2030, and 2035
- Power Generation Installed Capacity by Fuel Type, ASEAN, 2023, 2030, 2035
- Electricity Generated by Fuel Type, ASEAN, 2023, 2030, 2035
- LNG Receiving Terminal Capacity in Million Tonnes per Annum (Mtpa), Southeast Asia, 2023–2050
- Microgrid Market: Revenue Forecast by Sub-region, APAC, 2023, 2025, and 2030?
- Total Smart Electricity Meter: Unit Shipment Forecast by Region, APAC, 2023, 2025, 2027, and 2030?
- Smart Meter Penetration by Country, APAC, 2024
- Power and Energy: Electrolyzer Capacity Additions, APAC, 2023–2030
- Power and Energy: Data Center Investment Forecast, APAC, 2023 and 2030
- Power and Energy: Capacity Additions Forecast, APAC, 2023–2030
- Utility Scale Capacity Addition Share in Key Countries, APAC, 2024–2035
- Power and Energy: Power Generation Investment Forecast, ASEAN, East Asia, and ANZ and the Pacific, 2023–2035 ($ Billion)
- Power and Energy: Annual Installations by Key Country and Fuel Type, ASEAN, 2023–2035
- Power and Energy: Annual Installations by Key Country and Fuel Type, East Asia, 2023–2035
- Power and Energy: Annual Installations by Key Country and Fuel Type, ANZ and the Pacific, 2023–2035
- Power Generation Installed Capacity by Fuel Type, ASEAN, East Asia, and ANZ and the Pacific, 2023, 2030, 2035
- Electricity Generated by Fuel Type, ASEAN, East Asia, and ANZ and the Pacific, 2023, 2030, 2035
- Power and Energy Outlook: Investment by Key Country, ASEAN, 2023–2035
- Power and Energy Outlook: Investment by Key Country, East Asia, ANZ and the Pacific, 2023–2035
- Power Generation Investment Forecast, Australia, 2023–2035 ($ billion)
- Power Generation Installed Capacity by Fuel Type, Australia, 2023, 2030, 2035
- Electricity Generated by Fuel Type, Australia, 2023, 2030, 2035
- Power Generation Investment Forecast, Indonesia, 2023–2035 ($ billion)
- Power Generation Installed Capacity by Fuel Type, Indonesia, 2023, 2030, 2035
- Electricity Generated by Fuel Type, Indonesia, 2023, 2030, 2035
- Power Generation Investment Forecast, Japan, 2023–2035 ($ billion)
- Power Generation Installed Capacity by Fuel Type, Japan, 2023, 2030, 2035
- Electricity Generated by Fuel Type, Japan, 2023, 2030, 2035
- Power Generation Investment Forecast, South Korea, 2023–2035 ($ billion)
- Power Generation Installed Capacity by Fuel Type, South Korea, 2023, 2030, 2035
- Electricity Generated by Fuel Type, South Korea, 2023, 2030, 2035
- Power Generation Investment Forecast, Vietnam, 2023–2035 ($ billion)
- Power Generation Installed Capacity by Fuel Type, Vietnam, 2023, 2030, 2035
- Electricity Generated by Fuel Type, Vietnam, 2023, 2030, 2035
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| Deliverable Type | Market Outlook |
|---|---|
| Author | Neha Tatikota |
| Industries | Energy |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Asia-Pacific Energy Market |
| Keyword 2 | Power Market Outlook 2024 |
| Keyword 3 | Energy Trends Apac |
| List of Charts and Figures | Top 5 Country Markets, APAC, 2023–2035~ Offshore Wind: Cumulative Installed Capacity Forecast, APAC, 2023, 2030, and 2035~ Power Generation Installed Capacity by Fuel Type, ASEAN, 2023, 2030, 2035~ Electricity Generated by Fuel Type, ASEAN, 2023, 2030, 2035~ LNG Receiving Terminal Capacity in Million Tonnes per Annum (Mtpa), Southeast Asia, 2023–2050~ Microgrid Market: Revenue Forecast by Sub-region, APAC, 2023, 2025, and 2030?~ Total Smart Electricity Meter: Unit Shipment Forecast by Region, APAC, 2023, 2025, 2027, and 2030?~ Smart Meter Penetration by Country, APAC, 2024~ Power and Energy: Electrolyzer Capacity Additions, APAC, 2023–2030~ Power and Energy: Data Center Investment Forecast, APAC, 2023 and 2030~ Power and Energy: Capacity Additions Forecast, APAC, 2023–2030~ Utility Scale Capacity Addition Share in Key Countries, APAC, 2024–2035~ Power and Energy: Power Generation Investment Forecast, ASEAN, East Asia, and ANZ and the Pacific, 2023–2035 ($ Billion)~ Power and Energy: Annual Installations by Key Country and Fuel Type, ASEAN, 2023–2035~ Power and Energy: Annual Installations by Key Country and Fuel Type, East Asia, 2023–2035~ Power and Energy: Annual Installations by Key Country and Fuel Type, ANZ and the Pacific, 2023–2035~ Power Generation Installed Capacity by Fuel Type, ASEAN, East Asia, and ANZ and the Pacific, 2023, 2030, 2035~ Electricity Generated by Fuel Type, ASEAN, East Asia, and ANZ and the Pacific, 2023, 2030, 2035~ Power and Energy Outlook: Investment by Key Country, ASEAN, 2023–2035~ Power and Energy Outlook: Investment by Key Country, East Asia, ANZ and the Pacific, 2023–2035~ Power Generation Investment Forecast, Australia, 2023–2035 ($ billion)~ Power Generation Installed Capacity by Fuel Type, Australia, 2023, 2030, 2035~ Electricity Generated by Fuel Type, Australia, 2023, 2030, 2035~ Power Generation Investment Forecast, Indonesia, 2023–2035 ($ billion)~ Power Generation Installed Capacity by Fuel Type, Indonesia, 2023, 2030, 2035~ Electricity Generated by Fuel Type, Indonesia, 2023, 2030, 2035~ Power Generation Investment Forecast, Japan, 2023–2035 ($ billion)~ Power Generation Installed Capacity by Fuel Type, Japan, 2023, 2030, 2035~ Electricity Generated by Fuel Type, Japan, 2023, 2030, 2035~ Power Generation Investment Forecast, South Korea, 2023–2035 ($ billion)~ Power Generation Installed Capacity by Fuel Type, South Korea, 2023, 2030, 2035~ Electricity Generated by Fuel Type, South Korea, 2023, 2030, 2035~ Power Generation Investment Forecast, Vietnam, 2023–2035 ($ billion)~ Power Generation Installed Capacity by Fuel Type, Vietnam, 2023, 2030, 2035~ Electricity Generated by Fuel Type, Vietnam, 2023, 2030, 2035~ |
| Podcast | No |
| WIP Number | PFFB-01-00-00-00 |
Asia-Pacific Power and Energy Outlook 2024
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