The Chinese renewable energy market is expected to expand at an 8% CAGR during the forecast period, 2021-2028. The growth of the market is attributed to increasing government initiatives to reduce the dependency on fossil fuels and to reduce carbon emissions. Moreover, increasing demand for clean energy is expected to propel the market growth.
China is a prominent energy consumer in the world. The nation plans to reduce its carbon emission to 5150 million metric tons by 2035 and 2600 million metric tons by 2050. Moreover, the Government of China plans to increase the share of renewable energy to nearly 37% by 2035 and 58% by 2050 in its energy mix. The country is facing multiple challenges when it comes to energy generation owing to rising population and rapid urbanization.
The rapid increase in the energy generation coupled with the heavy reliance on coal and growing environmental problems such as air pollution are driving the market growth. In order to cope with the deteriorating environment while sustaining the economic growth, renewable energy has been gaining much more attention in the last decade than ever in China.
Renewable energy is clean and sustainable source of energy which does not reduces the natural resources owing to its abundant availability. Some of the examples of renewable energies are solar, wind, geothermal, and hydropower. Various companies are heavily investing in the development of renewable energy systems. Meanwhile, government state bodies incentives and policies are further spurring the market growth.
Market Drivers, Restraints, Trends, and Opportunities
- Rising population and increasing demand for electricity in the country is expected to drive the growth of the market.
- Increasing investment of state government bodies in the renewable energy market is anticipated to fuel the growth of the market during the forecast period.
- Trade barriers and stringent regulations for foreign investors can impede the market growth.
- Subsidy payment delays, increasing interference of state government bodies in the trading and pricing, and plans to increase coal-fired power generation can restrain the market growth.
- The country’s objective of reducing CO2 levels and increasing renewable share in the energy mix is expected to create lucrative opportunities for the market in the projected timeline.
Scope of the Report
The report on the China renewable energy market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
China Renewable Energy Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2020
|
|
Historic Data
|
2018–2019
|
|
Forecast Period
|
2021–2026
|
|
Segmentation
|
Types (Hydro, Wind, Solar, and Others)
|
|
Geographic Zone
|
China
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Sinohydro Corporation, China Yangtze Power Co. Ltd, Xinjiang Goldwind Science Technology Co. Ltd, JinkoSolar Holdings Co. Ltd, and Tina Solar Ltd.
|
China Renewable Energy Market Segment Insights
Solar segment to exhibit a high CAGR
Based on types, the market is segregated as hydro, wind, solar, and others. The solar segment accounted for a major market share and is anticipate to exhibit a high CAGR during the forecast period. The country has been following a largely subsidy-based model to encourage the adoption of the latest technology. The solar energy installed capacity in the country increased by 0.06%, to 81,053 megawatts (MW) in 2019 from 81,004 megawatts in 2018. Conversely, the hydropower segment is expected to grow at a steady rate during the forecast period.
Segments
Segments Covered in the Report
Types
- Hydro
- Wind
- Solar
- Other Types
Country
Key players
Competitive Landscape
The China renewable energy market is highly fragmented. The key players in the market include Sinohydro Corporation, China Yangtze Power Co. Ltd, Xinjiang Goldwind Science Technology Co. Ltd, JinkoSolar Holdings Co. Ltd, and Tina Solar Ltd.
In October 2020, major wind power developers and turbine manufacturers signed a declaration at the China Wind Power 2020 conference in Beijing. In the declaration, it asked China to reach 3,000GW of installed capacity as part of its drive to reach carbon neutrality by 2060.
In June 2020, Shanghai Electric installed China’s first 8MW offshore wind turbine The turbine features “black start” technology, which demonstrates that the company can now undertake bulk orders in the market for 8MW offshore wind turbines. The company also disclosed its plan to explore further solutions in the renewable energy market. It is focusing on increasing its product portfolio by introducing renewable energy-based integrated energy systems, combining wind, solar power, and energy storage systems, coupled with industrial Internet of things (IoT).
Request For Customization
Enquiry Before Buying
Speak With Analyst
