Analysis from Rystad Energy shows Asia’s offshore wind operational capacity has grown to more than 6 GW, fuelled by China’s growth, with the continent set to rival Europe by 2025.
Asia’s installed base is expected to rise sixfold by 2025, to reach 52 GW, and be almost on par with Europe, according to Rystad.
China has contributed over 94% of Asia’s current operational offshore wind capacity, and is forecast to see high development activity levels continue between 2021 and 2024.
China has been focused on supporting local developers and building a local value chain, so Taiwan will be the key hub for non-Asian developers and service providers. Taiwan has welcomed foreign participation, and until now more than 75% of the developers for Taiwanese offshore wind projects are European or Western.
Vietnam is also expected to see high activity levels towards 2025, but nearly three-quarters of this will come from so-called intertidal projects located very close to shore and in shallow waters.
“Asia will provide substantial opportunities for international suppliers, but further down the road it could also signal stiffer global competition as local Asian players become seasoned in this new industry and start expanding beyond their home markets,“ says Alexander Fløtre, Rystad Energy’s Product Manager for Offshore Wind.