Pavan Vyakaranam, GlobalData, India, discusses Asia’s success in the global renewable power market, and how the region proposes to extend its lead as renewable energy takes off around the world.
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sia is at the forefront in the adoption of renewable sources for power generation and is one of the fastest growing regions in the world. It is the largest regional renewable power market, and the region accounted for 51.1% of the global cumulative renewable capacity in 2020. Of the total renewable capacity additions in 2020, the region had over a 60% share, and in terms of generation from renewables it had a share of 43.6%. In 2021, Asia is estimated to account for 52.1% of global renewable installed capacity, a 58% share in annual renewable capacity additions, and a 45.5% share in electricity from renewables. It is expected that the region will continue to lead the global renewable power market during the forecast period until 2030.
Market status Power consumption across the world declined in 2020 due to the COVID-19 pandemic. Countries imposed lockdown measures to control the spread of COVID-19. These lockdown measures resulted in the closure of industries and commercial establishments for long periods of time. This resulted in a steep decline in power consumption. Several Asian countries including India, Japan, Indonesia, Malaysia, Singapore, South Korea, and Thailand, reported steep declines in their power consumption in 2020. However, overall the Asian
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ENERGY GLOBAL SPRING 2022
