Singapore Power Market Size and Trends by Installed Capacity, Generation, Transmission, Distribution, and Technology, Regulations, Key Players and Forecast, 2022-2035
All the vital news, analysis, and commentary curated by our industry experts.
Singapore Power Market Overview
The Singapore power market cumulative installed capacity was 12.3 GW in 2021. The market is expected to grow at a CAGR of more than 1% from 2021 to 2035. During this period, renewable power is estimated to witness rapid growth while thermal power will remain the dominant technology in the capacity mix.
The Singapore power market research report discusses the power market structure of Singapore and provides historical and forecast numbers for capacity, generation, and consumption up to 2035. Detailed analysis of the country’s power market regulatory structure, competitive landscape, and a list of major power plants are provided. The report also gives a snapshot of the power sector in the country on broad parameters of macroeconomics, supply security, generation infrastructure, transmission and distribution infrastructure, electricity import and export scenario, degree of competition, regulatory scenario, and future potential.
Singapore Power Market Outlook
To gain more information on the Singapore power market forecast, download a free report sample
What are the market dynamics in the Singapore power market?
The Singaporean economy is one of the most developed and successful in the world. However, it is not an entirely free-market economy – it can be described as a mixed economic system. The government promotes free-market policies, but strong government intervention has been observed in the land, labor, and other capital resources.
The power sector is regulated by the Energy Market Authority (EMA), which falls under the energy division of the Ministry of Trade and Industry (MTI). The wholesale electricity market is regulated by the Energy Market Company (EMC). The government has policies that favor the growth of renewable power, but it is reluctant to provide either subsidies or Feed-in Tariffs (FiTs). This is due to its desire for the sector to grow into a robust system that is not dependent on the government for survival.
Singapore has been traditionally dependent on thermal power generation to meet its electricity needs. It imports all the gas and oil that it uses for power generation, as well as the coal it uses for coal-based power generation, which began in 2013. As Singapore has such a high reserve capacity, it is planning to gradually reduce its growth (primarily its thermal capacity) and replace it, to an extent, with renewable capacity. The aim is to maintain a certain baseload capacity from thermal power and make up for peak demand with renewable power, which is more intermittent. As the country has to import gas to generate power, which makes domestic power generation expensive, Singapore is planning to import power from neighboring countries.
What are the key sectors in the Singapore power market?
The key sectors in the Singapore power market are the residential sector, commercial sector, industrial sector, and transport sector. In 2021, the industrial sector had the dominant share in the power consumption market followed by the commercial sector and residential sector.
Singapore Power Market Analysis by Sectors
For more sector insights, download a free report sample
Who are the key market players in the Singapore power market?
Some of the key market players in the Singapore power market are Senoko Energy, YTL Power Seraya, Tuas Power Generation, SembCorp Cogen, and Keppel Melimau Cogen. In 2021, Singapore’s power generation market was dominated by Senoko Energy and it was closely followed by YTL Power Seraya.
Singapore Power Market Analysis by Market Players
To know more about key market players, download a free report sample
Market Report Overview
|Market size (Year – 2021)
|Growth rate (CAGR)
|Residential Sector, Commercial Sector, Industrial Sector, and Transport Sector
|Key market players
|Senoko Energy, YTL Power Seraya, Tuas Power Generation, SembCorp Cogen, and Keppel Melimau Cogen
- Snapshot of the country’s power sector across parameters – macroeconomics, supply security, generation infrastructure, transmission infrastructure, electricity import and export scenario, degree of competition, regulatory scenario, and future potential of the power sector.
- Statistics for installed capacity, generation, and consumption from 2010 to 2021, and forecast for the next 14 years to 2035
- Capacity, generation, and major power plants by technology
- Data on leading active and upcoming power plants
- Information on transmission and distribution infrastructure, and electricity imports and exports
- Policy and regulatory framework governing the market
- Detailed analysis of top market participants, including market share analysis and SWOT analysis
Reasons to Buy
- Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the country’s power sector
- Identify key factors driving investment opportunities in the country’s power sector
- Facilitate decision-making based on strong historic and forecast data
- Develop strategies based on the latest regulatory events
- Position yourself to gain the maximum advantage of the industry’s growth potential
- Identify key partners and business development avenues
- Identify key strengths and weaknesses of important market participants
- Respond to your competitors’ business structure, strategy, and prospects
Tuas Power Generation
Keppel Merlimau Cogen
Table of Contents
Table of Contents
1. Executive Summary
1.1 Renewables to account for
22.5% of the total power capacity mix in Singapore in 2035
1.2 Industrial sector continues to dominate annual power consumption
2.1 Singapore Power Market
2.2 GlobalData Report Guidance
3. Singapore Power Market, Snapshot
3.1 Country Summary
3.2 Macroeconomic Factors
3.3 Supply Security
3.6 Impact of COVID-19
4. Singapore Power Market, Market Analysis
4.1 Market Structure
4.2 Key Market Players
4.3 Financial Deals
Deal Value and Volume, 2010–2021
Deals by Type, 2021
4.4 Singapore Power Market, Demand Structure
Power Consumption by Sector, 2021
5. Singapore Power Market, Regulatory Scenario
5.1 Thermal Power Policy
5.2 Renewable Energy Market, Overview
5.3 Renewable Energy Targets
5.4 Electricity Act, 2002 (Amendment) Act, 2018
5.5 National Energy Policy
5.6 Solar PV Subsidies
Simplified Credit Treatment Scheme (SCT)
Enhanced Central Intermediary Scheme (ECIS)
Renewable Energy Certificates (REC)
5.7 SolarNova Program
5.8 Nationally Determined Contribution to the Paris Agreement
5.9 Tax Incentive for Energy Saving Equipment
5.10 Singapore’s Carbon Tax
5.11 Hydrogen Energy in Singapore
6. Singapore Power Market, Capacity and Generation
6.1 Cumulative Capacity Share by Technology, 2021
6.2 Total Power Capacity and Generation, 2010–2035
6.3 Thermal Power Capacity and Generation, 2010–2035
6.4 Renewable Power Capacity and Generation, 2010–2035
7. Singapore Power Market, Transmission and Distribution Overview
7.1 Transmission Network
7.2 Distribution Network
7.3 Grid Interconnection
8. Singapore Power Market, Major Generating Companies
8.1 Senoko Energy Pte Ltd
8.2 YTL PowerSeraya Pte Ltd
8.3 Keppel Merlimau Cogen Pte Ltd
8.4 Sembcorp Industries Ltd
9.2 Market Definitions
Modelling and Forecasting
| Contact Us
Table 1: Power Market, Singapore, Macroeconomic Factors, 2010–2030
Table 2: Renewable Energy Market, Capacity Awarded under SolarNova Program, Singapore
Table 3: Power Market, Singapore, Cumulative Capacity and Annual Generation, 2010–2035
Table 4: Power Market, Singapore, Cumulative Capacity and Annual Generation Share by Technology, 2010–2035
Table 5: Thermal Power Market, Singapore, Cumulative Capacity and Annual Generation, 2010–2035
Table 6: Thermal Power Market, Singapore, Major Plants, 2021
Table 7: Renewable Power Market, Singapore, Cumulative Capacity (GW), 2010–2035
Table 8: Renewable Power Market, Singapore, Annual Generation (TWh), 2010–2035
Table 9: Renewable Power Market, Singapore, Major Plants, 2021
Table 10: Power Market, Singapore, Transmission Line Length (Ckm) by Voltage Level, 2010–2025
Table 11: Power Market, Singapore, Distribution Line Length (Ckm) by Voltage Level, 2010–2025
Table 12: Power Market, Singapore, Upcoming Interconnection Projects
Table 13: Abbreviations
Figure 1: Power Market, Singapore, Capacity Share by Technology, 2010–2035
Figure 2: Power Market, Singapore, Power Consumption by Sector (%), 2021
Figure 3: Power Market, Singapore, Country Summary
Figure 4: Power Market, Singapore, Macroeconomic Factors, 2010–2030
Figure 5: Power Market, Singapore, Market Structure
Figure 6: Power Market, Singapore, Market Share of Generation Companies (%), 2021
Figure 7: Power Market, Singapore, Deal Value and Number of Deals, 2010–2021
Figure 8: Power Market, Singapore, Deals by Type (%), 2021
Figure 9: Power Market, Singapore, Annual Power Consumption, 2010–2035
Figure 10: Power Market, Singapore, Power Consumption by Sector (%), 2021
Figure 11: Power Market, Singapore, Cumulative Capacity Share by Technology (%), 2021
Figure 12: Power Market, Singapore, Cumulative Capacity and Annual Generation, 2010–2035
Figure 13: Power Market, Singapore, Capacity Share by Technology, 2010–2035
Figure 14: Power Market, Singapore, Annual Generation Share by Technology, 2010–2035
Figure 15: Thermal Power Market, Singapore, Cumulative Capacity and Annual Generation, 2010–2035
Figure 16: Renewable Power Market, Singapore, Cumulative Capacity, 2010–2035
Figure 17: Renewable Power Market, Singapore, Annual Generation, 2010–2035
Frequently asked questions
What was the Singapore power market size in 2021?
The power market size in Singapore was 12.3 GW in 2021.
What is the Singapore power market growth rate?
The power market in Singapore is expected to grow at a CAGR of more than 1% from 2021 to 2035.
What are the key sectors in the Singapore power market?
The key sectors in the Singapore power market are the residential sector, commercial sector, industrial sector, and transport sector.
Who are the key market players in the Singapore power market?
Some of the key market players in the Singapore power market are Senoko Energy, YTL Power Seraya, Tuas Power Generation, SembCorp Cogen, and Keppel Melimau Cogen.
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.
Business Intelligence & Marketing Manager, SAL Heavy Lift
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
Market Analyst & Management, Liebherr-Werk
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Head of Key Accounts, Saab AB
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Marketing Intelligence Manager, Portugal Foods
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.
Head of Customer Insight and Research, Standard Chartered
Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.
I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.
I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.
Head of Consumer Sensory Insights, Givaudan
“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.
Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”
Senior Account Manager, TSYS
GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise. The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.
I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.
One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.