Asia Pacific Fossil Fuel New Energy Generation Market – By Source (Oil, Gas, Coal) & Forecast, 2024 - 2032

Asia Pacific Fossil Fuel New Energy Generation Market Size

Asia Pacific fossil fuel new energy generation market size was estimated at USD 292.3 billion in 2023 and is projected to observe a growth rate of 10.9% through 2032. The region is experiencing a significant surge in energy consumption, driven by industrialization, urbanization, and improving living standards, leading to prioritizing the energy security requirements.
 

In addition, the entrenched position of fossil fuels including coal, oil, and natural gas, in the primary energy generation systems attributing them to be significant energy source. For instance, in June 2024, the Statistical Review of World Energy by the Energy Institute (EI) confirmed that the total coal production in Indonesia equaled 775.2 million tonnes in 2023, observing about 12.8% annual increment from 687.4 million tonnes in 2022.
 

Asia Pacific Fossil Fuel New Energy Generation Market Trends

Asia Pacific fossil fuel new energy generation industry is projected to observe significant uptake driven by evolving energy demands and economic factors. Fossil fuel power plants continue to play a critical role in meeting growing electricity demand due to rapid industrialization and urbanization as they provide reliable and affordable energy. Moreover, the significant surge in energy demand largely driven by robust infrastructure investment and rapid economic development both domestically and across neighboring countries will favor the industry growth. For instance, the Japan External Trade Organization (JETRO) reported that the total foreign direct investment (FDI) inflow in Japan totaled over USD 32.5 billion in 2022 rising from USD 24.6 billion in 2021 with an annual increment of about 31.9%.
 

Asia Pacific Fossil Fuel New Energy Generation Market Analysis

Coal fossil fuel new energy generation in the Asia Pacific is projected to cross USD 460 billion by 2032 on account of its affordability, abundance, and reliability. Major economies including China, India, and Indonesia continue to invest in coal power to meet their growing energy demands driven by rapid industrialization and urbanization. For instance, in February 2024, the Indian Press Information Bureau stated that the Ministry for Power and New & Renewable Energy reported that the power plants in the country utilize domestic coal along with the imported coal for blending role and serve their fuel requirement. In addition, the government body further stipulated that coal accounted for over 71.2% of the total electricity generation in 2023, growing over 1.4 percentage points from 69.8% in 2021.
 

China fossil fuel new energy generation market is anticipated to cross USD 410 billion by 2032 owing to the rapidly increasing energy demand to serve the expanding manufacturing operations coupled with setup of new large capacity power plants. For instance, in 2023, the National Bureau of Statistics of China confirmed that the total primary energy production in the country totaled over 4.6 billion tons of coal equivalent (tce) in 2022, rising over 9.1% from 4.2 billion tce in 2021. In addition, the agency further reported that the coal, crude oil, and natural gas collectively accounted for about 79.6% of the total generation in 2022. Moreover, the stringent emission regulations prompting a shift towards more efficient & lower-emission technologies including the natural gas power plants generating less carbon footprint.
 

Asia Pacific Fossil Fuel New Energy Generation Market Share

The Asia Pacific fossil fuel new energy generation industry is marked by intense competition among both domestic and international energy companies, each vying to secure contracts and expand their presence in the region's rapidly growing markets. The industry competition is fueled by the vast energy demands across the emerging economies relying heavily on coal, natural gas, and oil for electricity generation despite the push towards renewable energy across other geographies. Moreover, key industry players including China Huadian Corporation LTD, Adani Power, Tata Power, and NTPC Limited, among others, are aiming to gain enhanced market share through their established infrastructure, significant financial backing, and massive project bases across the region.
 

Asia Pacific Fossil Fuel New Energy Generation Market Companies

Key companies actively working across the industry consist of:

• Adani Group
• ArcelorMittal
• China Datang Corporation
• China Huadian Corporation
• Engie
• Larsen & Toubro
• Medco Power Indonesia
• Mitsubishi Power Asia Pacific
• NTPC Limited
• PT PLN (Persero)
• Tata Power
• The AES Corporation
• Vietnam Oil and Gas Group
   

Asia Pacific Fossil Fuel New Energy Generation Industry News

• In July 2024, the Ca Na LNG Power Plant I, a significant energy infrastructure project, is set to enhance Vietnam's power generation capacity. This 1,500MW gas-fired power plant, planned for construction in Ninh Thuan province, represents a major investment in the country's energy sector. The project is currently in the permitting stage and Trungnam Group is developing and currently owns the project, holding a 100% stake. The development is scheduled to occur in a single phase and the construction is expected to begin in 2025, with commercial operations projected to commence in 2026.
   
• In April 2024, Sojitz Corporation, PT. Pertamina, Marubeni Corporation, Mitsui O.S.K. Lines, and other consortium members have finalized the construction of project of Jawa-1 gas-fired LNG power plant. This project with capacity of 1,760 MW and began commercial operations in March 2024, is expected to reduce the CO2 emissions by 3.3 million tons annually. Moreover, Sojitz plans to continue developing energy-infrastructure businesses across the nation to ensure a stable electricity supply to regional communities and contribute to the country's decarbonization efforts.
   

The Asia Pacific fossil fuel new energy generation market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW and USD Million” from 2021 to 2032 for the following segments:

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Market, By Source

• Coal
• Gas
• Oil

The above information has been provided for the following countries:

• China
• India
• Indonesia
• Vietnam