January 2, 2019 Read More →

Major growth expected in Asian wind market, both on and offshore

S&P Global Market Intelligence ($):

Both Asian onshore and offshore wind sectors are projected for major market development.

China’s onshore wind market alone is estimated to contribute a third of the roughly 200,700 MW of wind energy capacity to be installed worldwide from 2018 through 2020, Xinjiang Goldwind Science & Technology’s vice president and secretary of the board Jinru Ma said during the Chinese turbine maker’s last earnings call, citing Bloomberg New Energy Finance figures. The Asia-Pacific region is poised to see wind project development and supply chain grow significantly over the next decade, though traditional market leaders China and Taiwan will not be solely responsible for the region’s maturation.

China is transitioning to a more market-based price setting and away from subsidies for wind power development, which Ma sees as boosting the prospects for wind power. “We firmly believe this will exploit the potential of China’s wind power and China will contribute more capacity in the future as it switches to auction,” Ma said.

In an Oct. 24 research report, Wood Mackenzie Power & Renewables indicated that Asia-Pacific’s offshore wind capacity will rise twentyfold to 43,000 MW in 2027, with China and Taiwan taking the lead in the sector’s growth. “Taiwan presents the biggest offshore market in [Asia-Pacific region, excluding China] due to a relatively stable regulatory regime, a supportive government and openness to foreign investment,” Wood Mackenzie senior analyst Robert Liew said.

While China and Taiwan will remain the two biggest drivers in Asia’s wind regime, other countries are starting to carve out their own niche. Japan and South Korea both have wind energy providing just 1% of their respective countries’ energy mix, said Amit Kumar Sharma, a data analyst from GlobalData. However, wind power is expected to take off in both countries in the 2020s and 2030s thanks to government intervention.

More ($): Slowly, Asian wind market starts to ramp up beyond China, Taiwan

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