Offshore Wind Energy Market - Asia Pacific Industry Analysis, Size, Share 2025
Asia Pacific Offshore Wind Energy Market: Snapshot
Offshore
wind power or offshore wind energy, a technology which uses wind farms
installed on offshore sites to harvest wind energy to produce
electricity, is one of the most promising green energy technology
segments in the Asia Pacific region presently. The presence of a large
number of high-potential offshore sites in the region, encouraging
governments and regulations, and rising foreign investment are all
helping drive the market at a significant pace. While the market is a
relatively un-untouched aspect of wind energy generation in Asia
Pacific, the region, often referred to as the next power and economy
hub, is expected to emerge as one of the key investment locations for
offshore wind energy in the near future.
This
83 page report gives readers a comprehensive overview of the Offshore
Wind Energy Market. Browse through 06 data tables and 06 figures to
unlock the hidden opportunities in this market.
Transparency
Market Research estimates that the Asia Pacific offshore wind power
market will exhibit an exponential 22.4% CAGR from 2017 to 2025, rising
from a valuation of US$8,960.8 mn in 2017 to US$60,201.5 mn by 2025.
Asia Pacific Offshore Wind Energy Market
Market Witnesses Rising Adoption of High Risk Pile Cap and Ground Mounted Foundations
In
terms of type of foundation, the Asia Pacific market for offshore wind
energy is segmented in the report into monopole, floating, jacket,
tripod, and others. Of these, the others segment, including foundation
types such as high risk pile cap (HRPC) and ground mounted foundations,
accounted for a massive 44.7% of the overall market in 2016. The segment
is expected to continue its strong growth throughout the forecast
period as well.
Standing
second in terms of share in the Asia Pacific offshore wind energy
market, the jacket segment also accounted for a significant share in the
market in 2016, while the floating type and tripod segments had limited
presence. Tripod and floating segments accounted for minor share of the
market as these type of foundations have limited presence due to
financial and environmental factors. Market share of the jacket segment
is expected to witness a notable drop during the forecast period while
the floating type and tripod segments will continue to have minor share
in the overall market.
The
monopile segment is also estimated to witness a decline in its market
share during the forecast period. Monopile foundations are not suited
for offshore wind installations in China and other countries like South
Korea and Japan have few offshore wind projects lined up with monopile
foundations. As a result, their share in the Asia Pacific offshore wind
energy market is not projected to witness any rise over the report’s
forecast period.
China to Remain Leading Regional Market
Currently
in Asia Pacific, China is the only country that has set aside separate
targets in its green energy plans of the next few years for offshore
wind energy projects. Japan, South Korea and India are expected to
emerge as high-potential markets offshore wind energy generation.
However, apart from China, other countries in Asia Pacific are yet to
commission and/or start constructing utility-scale offshore wind energy
projects. China is likely to drive the growth in capacity additions
throughout the forecast period. Despite recently reducing its capacity
addition targets, China has revised the target of approximately 10GW
generation by 2020. China would thus require the addition of at least 1 GW of new offshore wind energy generation capacity annually, post 2016.
Value
chain, which includes turbine costs, foundation costs, cabling costs,
and installation expenditures, may witness reduction in overall CAPEX
during the forecast period. Overall, the maximum cost reductions are
expected to be observed in China and India the governments in these
countries have devised nodal agencies to monitor and encourage more of
offshore wind turbine installations along with grid constructions to the
nearest shores. The extent to which cost reductions and supply chain
concentration are achieved within the forecast period would be a
critical determinant of the expected annual capacity additions in the
offshore wind energy sector.
Get
accurate market forecast and analysis on the Offshore Wind Energy
Market. Request a sample to stay abreast on the key trends impacting
this market @
Some
of the leading players operating in the Asia Pacific offshore wind
energy market are Sinowel Wind Group Co., Ltd., China Ming Yang Wind
Power Group Ltd., Siemens Wind Power, Gamesa Corporacion Technologica
S.A., Nordex S.E, Vestas Wind Systems A/S, Dong Energy A/S, Suzlon
Group, GE Wind Energy, and Goldwind Science Technology Co., Ltd.
Comments
Post a Comment