asia pacific offshore wind market

Increasing demand for renewable energy and heightening government initiatives supporting clean energy are driving the market growth

In 2021, the onshore wind energy installations in Asia amounted to 357.574 GW. It is anticipated that new installations in the region will surpass 10 GW in 2026 and approach nearly 15 GW by 2030. Looking further ahead, by the year 2050, Asia is expected to witness a significant surge in new wind power installations, with projections indicating a ninefold increase. This growth trajectory is projected to culminate in a total of 613 GW of offshore wind power and 2,646 GW of onshore wind power in the region by 2050.

In the Asia-Pacific region, the solar energy market CAGR is predominantly led by China, with India, China, Australia, and Japan implementing various regulatory frameworks and policies to advance their renewable energy initiatives, including solar and wind power.

By 2021, the installed solar capacity in Asia-Pacific had surged to 485.84 GW, marking a notable 19% increase from 2020. Both India and Australia have set ambitious goals for solar energy production, recognizing their significant potential in this sector. For instance, in February 2022, the Indian government allocated an additional INR 19,500 crore to bolster solar PV module manufacturing under the Production Linked Incentive (PLI) scheme. China, as the world's largest energy consumer, aims to significantly reduce its CO2 emissions to 5150 million tons by 2035 and further to 2,600 million tons by 2050.

Additionally, the Chinese government plans to elevate the proportion of renewable energy in its energy mix to nearly 37% by 2035 and 58% by 2050.

In India, the Green Growth initiative is one of the focal points in the SAPTARISHI (7 priorities). The country has also launched the $2.4 billion National Hydrogen Mission to produce 5 million metric tons by 2030, with an additional $36 million allocated in the budget. Viability Gap Funding is supporting the development of 4 GWh Battery Energy Storage Systems, while Pumped Storage Projects have received momentum by formulating a detailed framework.

Furthermore, the government has allocated $1.02/2.5 billion for Central Sector Support for the Interstate Transmission System (ISTS) infrastructure to facilitate the integration of 13 GW of renewable energy from Ladakh. Thus, driving the Offshore Wind market revenue.

Leading market players are investing heavily in research and development to expand their product lines, which will help the Offshore Wind market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Offshore Wind industry must offer cost-effective items.

Major players in the Offshore Wind market are attempting to increase market demand by investing in research and development operations, including Xinjiang Goldwind Science & Technology Co. Ltd, Ming Yang Smart Energy Group Ltd, Suzlon Energy Ltd, Envision Group, Mitsubishi Heavy Industries Ltd, Hann-Ocean Energy, Siemens Gamesa Renewable Energy SA, Vestas Wind Systems AS, Nordex SE, GE Renewable Energy.