Global Offshore Wind Energy Market Expected to Surpass a Valuation of US$60,201.5 mn by the end of 2025

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Offshore wind power or offshore wind energy, a technology which uses wind farms installed on offshore sites to harvest wind energy to produce electricity, is one of the most promising green energy technology segments in the Asia Pacific region presently. The presence of a large number of high-potential offshore sites in the region, encouraging governments and regulations, and rising foreign investment are all helping drive the market at a significant pace. While the market is a relatively un-untouched aspect of wind energy generation in Asia Pacific, the region, often referred to as the next power and economy hub, is expected to emerge as one of the key investment locations for offshore wind energy in the near future.

Market Research Reports Search Engine (MRRSE) estimates that the Asia Pacific offshore wind power market will exhibit an exponential 22.4% CAGR from 2017 to 2025, rising from a valuation of US$8,960.8 mn in 2017 to US$60,201.5 mn by 2025.

Market Witnesses Rising Adoption of High Risk Pile Cap and Ground Mounted Foundations

In terms of type of foundation, the Asia Pacific market for offshore wind energy is segmented in the report into monopole, floating, jacket, tripod, and others. Of these, the others segment, including foundation types such as high risk pile cap (HRPC) and ground mounted foundations, accounted for a massive 44.7% of the overall market in 2016. The segment is expected to continue its strong growth throughout the forecast period as well.

Standing second in terms of share in the Asia Pacific offshore wind energy market, the jacket segment also accounted for a significant share in the market in 2016, while the floating type and tripod segments had limited presence. Tripod and floating segments accounted for minor share of the market as these type of foundations have limited presence due to financial and environmental factors. Market share of the jacket segment is expected to witness a notable drop during the forecast period while the floating type and tripod segments will continue to have minor share in the overall market.

The monopile segment is also estimated to witness a decline in its market share during the forecast period. Monopile foundations are not suited for offshore wind installations in China and other countries like South Korea and Japan have few offshore wind projects lined up with monopile foundations. As a result, their share in the Asia Pacific offshore wind energy market is not projected to witness any rise over the report’s forecast period.

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China to Remain Leading Regional Market

Currently in Asia Pacific, China is the only country that has set aside separate targets in its green energy plans of the next few years for offshore wind energy projects. Japan, South Korea and India are expected to emerge as high-potential markets offshore wind energy generation. However, apart from China, other countries in Asia Pacific are yet to commission and/or start constructing utility-scale offshore wind energy projects. China is likely to drive the growth in capacity additions throughout the forecast period. Despite recently reducing its capacity addition targets, China has revised the target of approximately 10GW generation by 2020. China would thus require the addition of at least 1 GW of new offshore wind energy generation capacity annually, post 2016.

Value chain, which includes turbine costs, foundation costs, cabling costs, and installation expenditures, may witness reduction in overall CAPEX during the forecast period. Overall, the maximum cost reductions are expected to be observed in China and India the governments in these countries have devised nodal agencies to monitor and encourage more of offshore wind turbine installations along with grid constructions to the nearest shores. The extent to which cost reductions and supply chain concentration are achieved within the forecast period would be a critical determinant of the expected annual capacity additions in the offshore wind energy sector.

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