Asia-Pacific Power and Energy Outlook, 2022

Asia-Pacific Power and Energy Outlook, 2022

After a challenging 2020, 2021 was a defining year for the energy industry in many ways. The world witnessed rising concerns about climate change and the need for sustainable solutions and processes. Following the latest COP summit, more than 100 countries pledged their commitment to net-zero emissions by 2050. In Asia-Pacific, Japan, Australia, and South Korea have aggressive targets, while Southeast Asian countries such as Malaysia and Indonesia have pledged to limit the global temperature rise to a 1.5 degrees Celsius threshold.

Despite the COVID-19 pandemic, stakeholders across the energy value chain exhibited resilience by developing innovative business models and sustainable practices to boost sales. This resulted in record growth for the renewables industry in 2021. In 2022, despite supply chain constraints, the installation of renewable energy sources will gain momentum as the demand for clean energy solutions accelerates in Asia-Pacific.

Renewables was the big story of 2021 and, in 2022, the momentum will continue as a growing number of stakeholders pursue sustainability targets. Frost & Sullivan predicts that more than $48 billion will be invested in the renewable energy sector in 2022.

This Frost & Sullivan outlook offers a comprehensive overview of the top trends in the Asia-Pacific power and energy market in 2022, including the growing role of hydrogen in the shift to clean energy; the diversification of oil and gas companies to the power sector; energy storage growth in South Korea; offshore wind growth in East Asia; rising solar and biomass installations; and power demand growth.

The study period is from 2020 to 2030, and 2021 is the base year. The deliverable offers power investment predictions for select countries, and it also highlights future growth opportunities and strategic imperatives that market participants can consider to capitalize on growth opportunities.