Asia Energy Transition Market Trends and Analysis by Sectors and Companies Driving Development

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Asia Energy Transition Market Report Overview

Asian countries have started pushing for policies and incentives that allow them to become leaders in the main energy transition sectors. Although they are moving quickly in developing renewable energy, further policies and actions need to be implemented to increase its competitiveness across the other four sectors. Energy supply is also the main sector responsible for CO2 emissions in the region.

The Asia Energy Transition market research report provides analysis and trends on Asia’s energy transition from non-renewable to renewable sources.

Key Power Types ·        Coal

·        Oil

·        Gas

·        Nuclear

·        Hydro

·        Wind

·        Solar PV

·        Others

Key Sectors ·        Electric Vehicles

·        Renewable Fuel

·        CCS/CCU

·        Hydrogen

Key Players ·        SPIC

·        Adani

·        China Huaneng

·        BYD

·        Toyota

·        Tesla Motors

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Asia Energy Transition Market Segmentation by Types

The key power types in the Asian energy transition market are coal, oil, gas, nuclear, hydro, and wind, among others. The Asian power market is dominated by coal-fired power plants although certain countries, such as Singapore, heavily rely on gas to cover their energy demand. However, over the forecast period, Asia is planning to increase its renewable capacity. In this regard, solar PV has the largest share of any technology within the power capacity market up to 2035, followed by wind power.

The bulk of the generation of wind power will be provided by onshore wind farms.

Asia Energy Transition Market Analysis by Types, 2022 (%)

Asia Energy Transition Market Analysis by Types, 2022 (%)

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Asia Energy Transition Market Segmentation by Sectors

The key sectors in the Asian energy transition market are electric vehicles, renewable fuel, CCS/CCU, and hydrogen.

Electric Vehicles: In a few Asian countries such as Singapore, Japan, and Vietnam, favourable government policies and activities are boosting the market growth for electric buses. Pollutants, such as carbon and nitrogen dioxide, contributing to the worsening air quality in Malaysia also drive the demand for electric buses. The growing environmental concerns in densely populated cities such as Hanoi, Vietnam is another major motivation to switch to EVs.

Renewable Fuels: Numerous oil and gas companies have started developing renewable refineries to produce multiple renewable fuels. This will decarbonize their business and stop their reliance on fossil fuels. Other companies have looked to repurpose their refineries to produce or co-produce advanced renewable fuels in a move to transition their business into future fuels.

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Asia Energy Transition Market – Competitive Landscape

A few of the major players in the Asia energy transition market are SPIC, Adani, China Huaneng, BYD, Toyota, and Tesla Motors, among others.

Asia Energy Transition Market Analysis by Players

Asia Energy Transition Market Analysis by Players

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Segments Covered in the Report

Asia Energy Transition Market Power Types Outlook (2020-2035)

  • Coal
  • Oil
  • Gas
  • Nuclear
  • Hydro
  • Wind
  • Solar PV
  • Solar Thermal
  • Geothermal
  • Biopower

Asia Energy Transition Market Sectors Outlook (2020-2035)

  • Electric Vehicles
  • Renewable Fuels
  • CCS/ CCU
  • Hydrogen


The report provides:

  • Regional Energy Transition in Asia
  • Policies supporting energy transition
  • Power renewable capacity and generation by 2035 and thermal decommissioning capacity
  • Electric vehicles market and growth
  • Renewable refineries in the EU
  • CCS capacity and main industries adopting CCS
  • Main hydrogen developments and hydrogen capacity in Europe

Key Highlights

The Asian power market is dominated by coal-fired power plants, which currently make up 40% of the power mix, although certain countries, such as Singapore, heavily rely on gas to cover their energy demand. In both cases, the regional outlook for increasing renewable capacity by 2035 seems positive, with an expectation of almost 60% of renewables in the mix, with solar and wind the leading renewable technologies.

Even with the efforts to increase the share of renewables, in order to cover the increasing energy demand, there is still substantial upcoming capacity from thermal power plants through to the middle of this decade. As consequence, this will create an increase of almost 100 MTCO2 in emissions from thermal power.

Reasons to Buy

  • Identify the latest trends, policies, and leaders in energy transition technologies.
  • Develop market insight of current, in development, and announced capacity and latest trends of each of the sectors.
  • Understand the potential market growth and policy support for renewable power, hydrogen, renewable refineries, CCS, and EVs.
  • Facilitate the understanding of where the market is growing as it is positioned as one of the main topics of the international agenda.

China Huaneng
Beijing Haixin Energy Technology Co Ltd
Fortescue Future Industries

Table of Contents

  • 1. Executive Summary
  • 2. Sector Readiness and Leaders
  • 3. Power Outlook & Generation

    • 3.1. Renewable Energy Policies & Economics
    • 3.2. Power Capacity Share Outlook
    • 3.3. Power Generation Outlook
    • 3.4. Thermal Power Decommissioning & Emissions
    • 3.5. Major players: Solar and Wind Owners, Manufacturers, and EPCs

  • 4. Electric Vehicles

    • 4.1. Passenger EV Outlook
    • 4.2. Policies

  • 5. Renewable Fuels

    • 5.1. Renewable Fuels
    • 5.2. Renewable Refineries
    • 5.3. Polices and Players

  • 6. CCS/CCU

    • 6.1. CCS/CCU Projects

  • 7. Hydrogen

    • 7.1. National Hydrogen Strategies
    • 7.2. Regional Policy
    • 7.3. Upcoming projects
    • 7.4. Capacity scenarios
    • 7.5. End-use sectors


Table 1: Sector Grid and Leaders 4

Table 2: Policies and Strategies 6

Table 3: Power Policies, Incentives and Targets 7

Table 4: Solar Power Capacity EPCs and Manufacturer Leaders 12

Table 5: Wind Power Capacity EPCs and Manufacturer Leaders 12

Table 6: Regional policy on electric vehicles 14

Table 7: Progress in transport electrification in Asia 16

Table 8: Regional Policies on Renewable Fuels 19-20

Table 9: Largest Renewable Refineries 22

Table 10: IEA opportunity factors for CCUS in Asian emerging economies 25

Table 11: Largest Upcoming CCUS 28

Table 12: Regional Policies on Hydrogen 30-31

Table 13: Funding and Financial Support 34

Table 14: Largest upcoming hydrogen plants in Europe 32

Table 15: Asian companies highlighting hydrogen 35


Figure 1: European LCOE 6

Figure 2: Cumulative Renewable Capacity by Country 8

Figure 3: Power Capacity Share, 2020 – 2035, % 9

Figure 4: Power Generation Share, 2020-2035 10

Figure 5: Decommissioning and Upcoming Thermal Capacity 11

Figure 6: Asia’s Emissions from Thermal Power 11

Figure 7: Solar Power Capacity 12

Figure 8: Wind Power Capacity 12

Figure 9: EV adoption in selected Asian Countries, % 15

Figure 10: Light Vehicle Outlook Sales 17

Figure 11: Top 10 Electric Vehicles Producers in Asia, 2023 17

Figure 12: Asian Renewable Fuels Capacity 21

Figure 13: Asian Countries Leading Renewable Fuels 21

Figure 14: Asia CCUS Capacity, 2020 – 2030 26

Figure 15: CCUS Projects by Development Stage 26

Figure 16: Asian Countries Leading CCUS Capacity by 2030 (mtpa) 27

Figure 17: Leading Industries Adopting CCUS by 2030 27

Figure 18: Asian and Global Low-Carbon Hydrogen Capacity by Development Stage 33

Figure 19: Asia low carbon hydrogen scenarios, 2020 – 2030 33

Figure 20: Companies with Most Mentions of Hydrogen in Filings in Asia 2020 – 2023 35

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