Asia-Pacific Floating Offshore Wind Power Market Size (2024 - 2029)

The Asia-Pacific floating offshore wind power market is poised for growth, driven by governmental efforts to enhance renewable energy capacities and the increased operational flexibility of offshore wind projects. Despite facing challenges from competitive renewable energy sources, the market is set to expand, particularly in countries like Japan, Taiwan, and South Korea, which are focusing on developing this sector. China's market size is expected to grow rapidly due to strategic governmental initiatives aimed at broadening its floating offshore wind portfolio.

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Market Size of Asia-Pacific Floating Offshore Wind Power Industry

Asia-Pacific Floating Offshore Wind Power Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 6.00 %
Market Concentration Medium

Major Players

Asia-Pacific Floating Offshore Wind Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

APAC Floating Offshore Wind Power Market Analysis

The Asia-Pacific floating offshore wind power market is expected to witness a CAGR of around 6% during the forecast period. The COVID-19 pandemic slightly affected the market due to project delays in the year 2020, but the plans were again tabled in the post-COVID period.

  • Over the short term, the Asia-Pacific floating offshore wind power market is expected to grow as the governments of the Asian countries are keen on expanding the renewable energy capacities in their respective countries, and due to the increased flexibility in offshore wind operations.
  • On the other hand, the aggressive competition from other renewables is expected to put a threat to the growth of the floating offshore wind power market.
  • Nevertheless, the focus of many countries like Japan, Taiwan, and South Korea on the development of a floating offshore wind power market is expected to create many lucrative opportunities for the market.
  • China is expected to witness a faster growth due to the government's plans to expand the floating offshore wind portfolio.

APAC Floating Offshore Wind Power Industry Segmentation

The floating offshore wind power technology deploys the wind turbine on floating structures rather than on the fixed bottom. It allows the installation of wind turbines in high water depths where the wind speed is good. 

The Asia-Pacific floating offshore wind power market is segmented by Water Depth and Geography. By water depth, the market is segmented into Shallow Water (Less than 30m), Transitional Water (30m to 60m), Deepwater (More than 60m). The report also covers the market size and forecasts for the Asia-Pacific floating offshore wind power market across major countries. For each segment, the market sizing and forecasts have been done based on installed capacity (in MW) and revenue (in USD billion).

Water Depth
Shallow Water (Less than 30m)
Transitional Water (30m to 60m)
Deepwater (More than 60m)
Geography
China
India
Japan
Rest of Asia-Pacific
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Asia-Pacific Floating Offshore Wind Power Market Size Summary

The Asia-Pacific floating offshore wind power market is poised for significant growth, driven by governmental initiatives to expand renewable energy capacities across the region. Despite initial setbacks due to the COVID-19 pandemic, the market has rebounded, with countries like Japan, Taiwan, and South Korea actively pursuing the development of floating offshore wind projects. These efforts are fueled by the need to exploit wind power potential in deeper waters where fixed-bottom structures are not feasible. Japan, for instance, has identified substantial floating wind potential and is making strides towards ambitious offshore wind capacity targets. Similarly, South Korea's plans to construct the world's largest floating wind farm underscore the region's commitment to harnessing this technology.

China is expected to lead the charge in the Asia-Pacific floating offshore wind power sector, building on its strong foundation in offshore wind capacity. The Chinese government has laid out extensive plans to enhance its floating wind portfolio, with several projects in the pipeline, including the CNOOC Deep Sea Floating Offshore Wind project. The country's proactive approach is reflected in its recent commissioning of floating wind projects and its strategic targets for future capacity expansion. The market landscape is moderately fragmented, with key players such as Vestas Wind Systems, Tohoku Electric Power, and CNOOC Ltd. contributing to the competitive environment. These developments collectively position the Asia-Pacific region as a burgeoning hub for floating offshore wind energy, with promising growth prospects in the coming years.

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Asia-Pacific Floating Offshore Wind Power Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Water Depth

      1. 2.1.1 Shallow Water (Less than 30m)

      2. 2.1.2 Transitional Water (30m to 60m)

      3. 2.1.3 Deepwater (More than 60m)

    2. 2.2 Geography

      1. 2.2.1 China

      2. 2.2.2 India

      3. 2.2.3 Japan

      4. 2.2.4 Rest of Asia-Pacific

Asia-Pacific Floating Offshore Wind Power Market Size FAQs

The Asia-Pacific Floating Offshore Wind Power Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

Vestas Wind Systems A/S, Tohoku Electric Power Co Inc. , BW Ideol, MingYang Smart Energy and CNOOC Ltd. are the major companies operating in the Asia-Pacific Floating Offshore Wind Power Market.

Asia-Pacific Floating Offshore Wind Power Report Snapshots

Asia-Pacific Floating Offshore Wind Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)