Alternative Energy Opportunities in Asian Economies
Ali Imran (Updated: 10.02.2017)
With the rapid increase in the prices of gasoline and petroleum, the emerging economies and developing countries are looking towards finding the alternative ways of producing energy (Asian Development Bank, 2009). The aim of this research is to analyse the opportunity of alternative energy in Asian markets because of increasing demand of alternative energy source to fulfil the needs of energy crises. The focus of research investigated that, Are there enough marketing opportunities available for alternative energy products in Asian markets or not?
Global economy is facing major upheavals and no sector has been spar, even demand of energy resource has also gone down but te economic growth and demand of energy resource is directly interlinked (Swiger, 2010), as the economy of word will go towards rise, the demand for energy resource will be rise and vice versa. Here our both points are seeming to be clear that, first, Asian markets are containing lot of potential for alternative energy resources and secondly, with the rise of world economy, the demand of energy resource will rise accordingly and create opportunities for developed countries to invest into energy resources into emerging countries. Energy is considered as catalyst of economic development (Mohamed and Lee, 2005). Asia is known as the fastest growing energy market in the word and every developed country is looking towards Asia for capturing that market due to its potential and attractiveness for investors (Mitchelmore, 2011). There are many opportunities of clean energy opportunities in Asia, as USAID is going to invest more than $6 trillion in clean energy infrastructure (USAID-Asia, 2010), which will cover the next 25 years to fulfill the needs of energy demand.
The continent of Asia is including the emerging economies, which involves the most important countries like China, India, Pakistan, Bangladesh, Iran and Afghanistan. And according to the current economic situation of Asian, due to economic slump, the growth of emerging economies has been slower due to environmental effects. But on the other hand, due to economic slump, the demand of energy consumption has been increased due to increase in population, industrialization, and other economic and social factors. So the Asia continent is shows the high need of getting energy resource, and Asian Markets are seizing new opportunities in energy resource, which are needed to fulfill through partnerships (Swiger, 2010). Reserah shows that its easy to implement the alternative energies in developing countries rather than developed countries, due to cost, time and effort involves (Buran et al., 2003).
The role of economic slump in Asian markets is another reason for opportunities of alternative energy. Because with the occurrence of economic slump, the Asia markets has moved to decline and most of Asian Countries like Pakistan, India, Bangladesh start to focusing on alternative sources of energy and this thing has increased the attractiveness for foreign investors and marketers to bring their alternative energy resources for benefiting during the economic slump. According to the report by Bank Information Center (BIC, 2010) there is wast opportunity for world bank to take the opportunity of energy solutions in central Asia for capturing the market share of alternative energy buyers. It is said that there is need to best practical models to implement for exploiting the alternative energy opportunities in Asia, so that the world wide financial institutions can be attracted for development and investment into alternative energy sector (BIC, 2010).
Though, the rise in demand of energy in Asian countries contains a lot of factors behind it, but most important is sourcing oil prices, which have reduced the demand of fossil oil and opened the new and long term opportunities for companies to invest into alternative energy sector. Because Asian countries are feeling difficulty to pay high premium for price for oil imports, mostly bought from middel east (70%). And the currently the demand of oil import is expected to grow by 1.1 mmbpd to go at 23 mmbpd (Singapore Press, 2004). Secondly, after the price reason, the increase of demand for alternative energy resource has been increased due to their affordability, efficiency, environmental friendliness and reuse of dead resources, which cause the economies to improve their sustainable growth.
The above debate about alternative energy and its sources and situation of Asian markets confirm that the Asian markets contain lots of opportunities for alternative energy. For this purpose, there is need of additional research. First, there is need to verify the level of attractiveness and the possible threat, which might influence the decision of potential investors and companies, who are willing to enter into markets of Asian alternative energy and serve then with their marketing plan. This analysis is also important for marketing research. Because before launching any marketing plan, there is need to assess these market related factors and also when we want to enter into any market, these analyses must be conduct as it helps to assess and exploit the market opportunities and take the full advantage and also protect from any uncertain risk and any factor, which may affect us directly or indirectly.
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