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.”
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%.
