Asia Pacific Fossil Fuel New Energy Generation Market Analysis

Asia Pacific Fossil Fuel New Energy Generation Market Analysis

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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.