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New research from global energy resources consultancy Wood Mackenzie shows that offshore wind capacity in the Asia-Pacific region will grow 20-fold to 43GW by 2027, especially Chinese mainland, which is expected to grow from 2GW last year to 31GW
.
This is followed by Taiwan, which will account for 20% of the region's installed offshore wind capacity, or 8.
7GW, by 2027, making it the largest regional offshore wind market
in the Asia-Pacific region outside Chinese mainland since 2020.
Currently, Taiwan relies heavily on coal, natural gas and nuclear power for power generation
.
However, Taiwan's local government has pledged to shut down nuclear power plants by 2025, leaving a 5GW capacity gap
.
Offshore wind is expected to fill this gap, as more than 5.
7GW of projects have been approved and are scheduled to come on stream
by 2025.
Wood Mackenzie said some regional markets in the Asia-Pacific region had set ambitious offshore wind targets
, driven by falling prices.
However, not every market will be successful, as stable domestic offshore supply chains and strong government support need to be maintained
over the long term.
East Asia, including South Korea and Japan, needs about $37 billion in investment to meet the growth
in offshore wind capacity over the next five years.
It is expected that by 2025, future offshore wind prices will be comparable to traditional thermal power prices
.
Despite the huge potential of offshore wind in the Asia-Pacific region, key challenges remain in terms of technological maturity and limited regional offshore wind supply
chains.
Regional leader China's use of offshore technology still lags behind Europe
.
For example, Shanghai Electric, China's leading offshore wind turbine supplier, continues to rely on technology licenses from European turbine OEMs Siemens-Gamesa Renewable Energy, while regional wind turbine suppliers still do not offer offshore wind turbines
above the 8MW class.
Outside of China, local turbine suppliers in South Korea and Japan are investing in new and large offshore turbines comparable to Western turbines
.
It takes time because it requires more research and development, testing new devices and stockpiling developer support
.
In addition, to support the rapid growth of offshore wind capacity, a robust supply chain needs to be established, including offshore infrastructure, local fleets to install and service offshore wind farms, and upgrading transmission systems
.
New research from global energy resources consultancy Wood Mackenzie shows that offshore wind capacity in the Asia-Pacific region will grow 20-fold to 43GW by 2027, especially Chinese mainland, which is expected to grow from 2GW last year to 31GW
.
This is followed by Taiwan, which will account for 20% of the region's installed offshore wind capacity, or 8.
7GW, by 2027, making it the largest regional offshore wind market
in the Asia-Pacific region outside Chinese mainland since 2020.
Currently, Taiwan relies heavily on coal, natural gas and nuclear power for power generation
.
However, Taiwan's local government has pledged to shut down nuclear power plants by 2025, leaving a 5GW capacity gap
.
Offshore wind is expected to fill this gap, as more than 5.
7GW of projects have been approved and are scheduled to come on stream
by 2025.
Wood Mackenzie said some regional markets in the Asia-Pacific region had set ambitious offshore wind targets
, driven by falling prices.
However, not every market will be successful, as stable domestic offshore supply chains and strong government support need to be maintained
over the long term.
East Asia, including South Korea and Japan, needs about $37 billion in investment to meet the growth
in offshore wind capacity over the next five years.
It is expected that by 2025, future offshore wind prices will be comparable to traditional thermal power prices
.
Despite the huge potential of offshore wind in the Asia-Pacific region, key challenges remain in terms of technological maturity and limited regional offshore wind supply
chains.
Regional leader China's use of offshore technology still lags behind Europe
.
For example, Shanghai Electric, China's leading offshore wind turbine supplier, continues to rely on technology licenses from European turbine OEMs Siemens-Gamesa Renewable Energy, while regional wind turbine suppliers still do not offer offshore wind turbines
above the 8MW class.
Outside of China, local turbine suppliers in South Korea and Japan are investing in new and large offshore turbines comparable to Western turbines
.
It takes time because it requires more research and development, testing new devices and stockpiling developer support
.
In addition, to support the rapid growth of offshore wind capacity, a robust supply chain needs to be established, including offshore infrastructure, local fleets to install and service offshore wind farms, and upgrading transmission systems
.
