, APAC
129 views
Source: Pexels

Asia’s offshore wind to reach over 100GW in 2031: report

This is up from only 27.3GW in end-2021. 

Strong growth is seen in Asia’s offshore wind market as it is projected to reach 108.8 gigawatts (GW) in 2031, Fitch Solutions reported. 

This will reflect an annual average growth rate of 15.3% between 2021 and 2031. 

“This view is strongly supported by Asia’s strong offshore wind power project pipeline, currently standing at about 127.9GW in our Key Projects Database,” Fitch noted in a report.

“We expect strong upside risks to this forecast as more offshore wind power projects come online over the decade.”

Read more: China drives wind market to break turbine order record in Q2

The report added that markets, such as Australia and the Philippines, have started looking into the possibility of developing offshore wind power through roadmaps and feasibility studies. 

There are opportunities to develop offshore wind considering the number of coastal cities in the region as well as high and consistent wind loads off the coasts. 

“We expect Asian markets with long coastlines and supportive renewable energy policies to capitalise on offshore wind strengthening their project pipeline,” the report also read. 

Mainland China is the leading market in Asia in terms of offshore wind, which will account for 87% of the total offshore wind power capacity growth expected between 2021 and 2030. 

China particularly see its offshore wind power capacity grow from 26.4GW in end-2021 to 96.8GW in 2031, at an annual average growth of 14.3%.

 

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Laos poised to be Southeast Asia’s key electricity supplier
This comes amidst the development the Laos-Thailand-Malaysia-Singapore Power Integration Project.
Power Utility
US sanctions hit Iran’s clean energy sector: report
These have made it challenging for Iran to secure debt and equity finance amongst others. 
APAC to generate lion’s share of world’s energy by 2030
The region is expected to account for 56% of the world’s energy in the  next decade.
Power Utility
Wind energy industry needs 570,000 technicians by 2026
This comes as the global onshore and offshore wind increase in size by 67%.
People

Exclusives

Why Philippines’ EDC will not fire up coal
The devastating effects of climate change led the company to develop REs only.
Environment
Indonesia’s Pertamina signs up for hydrogen development
Pertamina is set to produce green and blue hydrogen as part of its clean energy target in 2030.