Green energy and related markets in India and Southeast Asia are transitioning rapidly. Consistent economic growth driven by rising population and growing industrialisation has resulted in soaring demand for energy. This necessitates a strategic transition approach, introduction of advance solutions and significant investments in energy and related sectors across the region. The increased energy demand in the region requires a vast array of solutions to produce, store, and deliver energy sustainably and this will be key to dealing with the fossil-fuel dependent region’s energy mix. Clean energy investments have grown fast in the past three years in response to ambitious clean energy targets.
This rapid transition to sustainable energy solutions presents numerous opportunities for Swedish companies, to support the major pillars of energy transition in these markets that include access to technology for Energy Generation, Energy Efficiency, Sustainability and Energy Security.
India
Registering over 8% economic growth for three consecutive quarters, India is the third largest energy-consuming country in the world. The country’s renewable energy sector is set to attract over USD 250 billion in investments, with close to 1000 projects in the pipeline covering renewable energy generation, energy storage, green hydrogen derivatives, ACC battery manufacturing, solar module manufacturing and biofuels.
India's installed renewable energy capacity with sources, including biomass, waste to power and waste to energy, is expected to increase to about 170 GW by March 2025 from 136 GW as of December 2023. The country is targeting about 450 Gigawatts (GW) of installed renewable energy capacity by 2030 of which 280 GW (over 60%) is expected from solar.
To support the rapid transition to green energy, the Indian government has announced supportive regulator policies including production linked incentives (PLI) to boost local manufacturing and have long standing energy efficiency programmes in place to promote off take. India also has the potential to play a key role in enhancing global supply-chain resilience for renewable energy technologies and related components. There are also opportunities across evolving smart grids, battery manufacturing, green hydrogen and other segments that can be interesting for Swedish companies.
Southeast Asia
Southeast Asia’s energy sector is also in a rapid transition mode with regional economic growth around 4-5%. By 2030, the region will need significant investment up to USD 150 billion in green energy and related sectors as eight out of 10 countries in the Southeast Asia have announced target dates of carbon neutrality. The physical energy infrastructure projects in these countries are already planned to interconnect through the Southeast Asia power grid system to accelerate the energy transition and enable countries to meet their net-zero targets.
The region is fourth largest consumer of energy globally with a strong presence of fossil-based power generation capacities. The need of deployment of green energy solutions and related technologies is growing rapidly with significant demand for renewable energy, energy efficiency, smart grid, and other related solutions in the region.
The Seminar
Business Sweden welcomes Swedish companies to its upcoming seminar in Stockholm with the aim to equip them with insights into scope for growth, and to bring together Swedish companies that have innovative solutions within the energy sector. Advanced expertise from Sweden’s Smart Energy ecosystem in digitalization, multidirectional energy flows, and management of variable energy flow will help bring renewable sources into energy systems. The networking session will help with connections needed to navigate the complexities of expanding successfully in India and Southeast Asia. Join us for the business seminar to hear more about the recent developments in the region and evaluate opportunities connected to energy related solutions.