China's renewable power generation has demonstrated impressive growth from 183.77 TWh in 2013 to 1220 TWh in 2023. Between 2013 and 2023, the market exhibited significant annual increases, peaking with a 35.85% year-on-year rise in 2017. However, growth has gradually decelerated, with a 10.81% year-on-year increase observed in 2023. The Compound Annual Growth Rate (CAGR) for the last five years stands at 13.95%, indicating a moderate expansion pace.
The forecasted data suggest that renewable power generation will continue its upward trajectory, reaching 1810 TWh by 2028. The projected five-year CAGR is 6.18%, signaling a steady but slower growth rate compared to the historical trend. The cumulative growth over this period is expected to be 34.95%.
Future trends to watch for:
- Technological advancements and efficiency improvements in renewable energy technologies.
- Government policies and incentives to further accelerate renewable energy adoption.
- Growth in energy storage solutions to complement renewable power generation.
- Market response to global economic conditions and energy demand shifts.