Transparency Market Research Report Add "Offshore Wind Energy Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025" to its database.
Albany, NY -- (SBWIRE) -- 05/15/2017 -- As per the Global Wind Energy Council (GWEC), weakening prices of offshore wind energy is luring countries outside developed regions, thus steering the offshore wind energy market toward development. The Global Wind Report, published recently by GWEC revealed that over 54GW of wind power was installed worldwide in 2016 and that the industry is likely to achieve installed capacity of more than 800GW by the end of 2021. Given the scenario, experts forecast positive outlook for the offshore wind energy market. Market fundamentals are strong as low price point of wind energy is attracting policymakers across Asia Pacific.
Offshore wind energy's counterpart, onshore wind energy is said to require high cost in project set-up and across the entire value chain. Furthermore, it has high land surface requirement and high noise generation, which have resulted in paradigm shift from onshore to offshore. Spurred by these factors, the APAC offshore wind energy market is forecast to exhibit a CAGR of 22.4% between 2017 and 2025. At this pace, the market's valuation is expected to reach US$60.2 bn by the end of 2025, from US$8.96 bn in 2016.
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The market study presents comprehensive insights into the Asia Pacific offshore wind energy market covering in detail the key segments, nations exhibiting most lucrative prospects, and competitive landscape. It compiles information obtained via extensive primary and secondary research. Besides this, the report also includes obtained from trusted industrial sources.
Asia Pacific Offshore Wind Energy Market: Trends and Opportunities
Offshore wind energy projects derive a major portion of finances from government bodies, besides manufacturers, distributors, service providers, and EPC players. The report finds that value chain, comprising foundation costs, turbine costs, and cabling and installation costs are likely to benefit from decelerating CAPEX over the forecast period. The market is expected to observe the maximum cost reduction in China and India, as their respective governments have setup nodal agencies to monitor and encourage offshore wind turbine installation, besides grid constructions in the nearest shore.
The supply chain concentrations and cost reductions achieved during the forecast period will be a chief factor determining the expected annual capacity addition in the Asia Pacific offshore wind energy sector. However, the competency fact of offshore wind energy is already high as its onshore counterpart is already a proven technology. Other sources such as biomass, tidal, and solar will find inclusion in commercial energy generation as well.
Also unlike onshore sites, offshore sites benefit from uninterrupted wind throughout the year. Deep- and shallow-water spots are thus being explored to harness best potential for power generation from wind.
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Asia Pacific Offshore Wind Energy Market: Country-wise Outlook
India, China, Japan, and South Korea are among the most lucrative markets for offshore wind energy in Asia Pacific. Among these nations, China is the sole country with separate targets for offshore wind energy projects. South Korea, Japan, and India are however expected to emerge as next power houses for offshore wind power generation. However, unlike China, these countries are yet to constrict and commission utility-scale offshore wind energy projects. As per the report, China is expected to drive capacity additions in the Asia Pacific offshore wind energy market through the forecast period. Currently China has the largest number of offshore wind energy projects under planning and in construction phase.
Besides this, India exhibits the highest potential for installed capacities. Furthermore, the government of India has decided to have policies enabling optimum exploitation of offshore wind farms. Spurred by the favourable government policies, the offshore wind energy market will record exponential growth across Asia Pacific.
Asia Pacific Offshore Wind Energy Market: Key Players
Besides presenting insights into key trends and opportunities, the report also profiles some of the leading players operating in the APAC offshore wind energy market. Some of these companies are Siemens Wind Power, GE Wind Energy, Sinowel Wind Group Co., Ltd., Gamesa Corporacion Technologica S.A., Vestas Wind Systems A/S, Nordex S.E, Suzlon Group, Dong Energy A/S, China Ming Yang Wind Power Group Ltd., and Goldwind Science Technology Co., Ltd.
For the purpose of the study, the Asia Pacific offshore wind energy market is segmented as:
Asia Pacific Offshore Wind Energy Market: by Foundation Type Segmentation
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