Asia-Pacific (APAC) Power and Energy Market Outlook 2023

Asia-Pacific (APAC) Power and Energy Market Outlook 2023

Frost & Sullivan observed that 2022 was a mixed year for the APAC power and energy sector. While the region benefitted from ending COVID-19 restrictions and increased economic activity, Russia's invasion of Ukraine meant it faced new energy security challenges as commodity prices rose, particularly for liquified natural gas. This has increased the importance of renewable energy investment to mitigate higher energy costs while achieving decarbonization goals.

However, it has also made coal a more critical element of the region’s energy mix, as utilities worry about an increased dependency on gas. Decarbonization will remain a focus for the area despite the use of coal, with carbon capture, usage, and storage (CCUS) and hydrogen likely to offer robust growth in the longer term as the region explores all options to decarbonize its energy mix. Grid investment will continue accelerating to facilitate renewables' development and improve the energy network's resiliency.

The base year for the study is 2022, with 2020–2030 as the study period and 2023–2030 as the forecast period. Frost & Sullivan included the following countries in this region: Australia, Brunei, Cambodia, Indonesia, Japan, Laos, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The research includes segmentation, including conventional and renewable power generation sources. It highlights key trends and overall impact levels that will influence the future growth of the power and energy market in the countries.