Asia-Pacific Power and Energy Outlook 2024

Asia-Pacific Power and Energy Outlook 2024

Electricity Demand Growth and Decarbonization Efforts Will Drive Investment

RELEASE DATE
16-May-2024
REGION
Asia Pacific
Deliverable Type
Market Outlook
Research Code: PFFB-01-00-00-00
SKU: EG_2024_725
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Description

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

Table of Contents

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

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
More Information
Deliverable Type Market Outlook
Author Neha Tatikota
Industries Energy
No Index No
Is Prebook No
Podcast No
WIP Number PFFB-01-00-00-00