July 2, 2020 Read More →

Asia’s offshore wind capacity growth seen hitting 9GW annually by 2030

Asian Power:

Annual offshore growth in Asia is expected to rise to 9 gigawatts a year in 2030 from 4GW, while around 5% of potential capacity is expected to be in place, Wood Mackenzie Asia Pacific Vice Chairman Gavin Thompson said in his APAC Energy Buzz blog.

Almost 1,500GW of technical offshore wind potential, which offer enormous potential for Asia, have been identified mostly in China, Japan, Taiwan, South Korea, and Vietnam.

Thompson notes that as power markets slowly liberalize across Northeast Asia, there will be growing commercial demand for renewables as costs continue to decline and governments seek to attract investment. However, he adds that much still needs to be done. Costs still need to come down by half if offshore wind is to be competitive with fossil fuels and increasing competition from other renewables, such as onshore wind and solar PV. In addition, ambitious offshore wind targets will be tough to meet without sustained government support.

China remains as Asia’s largest offshore wind market, with the strongest pipeline of future projects. Some 38GW of new added offshore wind capacity is expected to come online in China by 2029.

Thompson estimates the offshore turbine supply chain presents over $200 billion of opportunity in the next decade globally.

More: Asia’s annual offshore growth to rise to 9GW in 2030

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