Market Size of Asia-Pacific Offshore Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 9.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
APAC Offshore Energy Market Analysis
The Asia Pacific offshore energy market is projected to register a CAGR of over 9% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has reached pre-pandemic levels.
- Over the medium term, factors such as increasing demand for renewable energy sources, the rise in demand for sustainable energy sources, and the high efficiency of wind energy are driving the market growth.
- On the other hand, the high cost of the offshore wind power system is a significant factor that may restrain the market growth during the forecast period. The high cost is due to heavy and oversized equipment moving to the offshore location.
- Nevertheless, in an effort to fine-tune wind turbines for maximum efficiency, sophisticated software can integrate wind and weather patterns, sea levels, tides, and load patterns on the electrical grid with the use of big data and the Internet of Things (IoT) may create excellent opportunities for the offshore energy development in the coming years.
- China is expected to dominate the market with various upcoming wind installation projects and encourage government policies to develop renewable energy sources.
APAC Offshore Energy Industry Segmentation
The term offshore renewable energy refers to the generation of electricity from ocean-based resources, including wind turbines located offshore in the oceans and great lakes, as well as marine-based energy sources such as waves, tides, salinity, and thermal properties. It is considered offshore if a project utilizes ocean resources, for instance, a tidal generator that uses the flow of ocean tides.
The Asia-Pacific offshore energy market is segmented by technology and geography. By technology, the market is segmented into wind energy, wave energy, tidal stream, ocean thermal energy conversion (OTEC), and other technologies. The report also covers the installed capacity and forecasts for the offshore energy market across the countries in the region. For each segment, the installed capacity and forecasts have been done based on capacity (GW).
| Technology | |
| Wind Energy | |
| Wave Energy | |
| Tidal Stream | |
| Ocean Thermal Energy Conversion (OTEC) | |
| Other Technologies |
| Geography | |
| China | |
| Taiwan | |
| South Korea | |
| Japan | |
| Vietnam | |
| Rest of Asia-Pacific |
Asia-Pacific Offshore Energy Market Size Summary
The Asia-Pacific offshore energy market is experiencing a robust recovery and is poised for significant growth, driven by the increasing demand for renewable and sustainable energy sources. The region's abundant wind energy resources make it a focal point for offshore wind energy development, with countries like China, India, and Japan leading the charge. The market's expansion is supported by advancements in turbine technology, government incentives, and a shift towards mainstream energy sources. Despite the high costs associated with offshore wind power systems, the integration of big data and IoT technologies presents opportunities for enhancing efficiency and reducing expenses. China's dominance in the market is underscored by its substantial investments in wind energy projects and supportive government policies, positioning it as a global leader in offshore wind energy.
The market landscape is characterized by a fragmented structure with key players such as Xinjiang Goldwind Science & Technology Co. Ltd, Ming Yang Smart Energy Group Ltd, and Mitsubishi Heavy Industries Ltd. Countries like South Korea and Australia are also making strides in offshore energy development, with South Korea aiming to increase its renewable energy share and Australia progressing with its offshore wind projects. The Philippines, with its vast technical resource potential, is developing an offshore wind roadmap in collaboration with the World Bank Group. These initiatives, along with declining installation costs, are expected to drive the market's growth during the forecast period, as the region continues to focus on decarbonization and energy security goals.
Asia-Pacific Offshore Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Offshore Energy Installed Capacity and Forecast in GW, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Technology
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2.1.1 Wind Energy
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2.1.2 Wave Energy
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2.1.3 Tidal Stream
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2.1.4 Ocean Thermal Energy Conversion (OTEC)
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2.1.5 Other Technologies
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2.2 Geography
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2.2.1 China
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2.2.2 Taiwan
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2.2.3 South Korea
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2.2.4 Japan
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2.2.5 Vietnam
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2.2.6 Rest of Asia-Pacific
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Asia-Pacific Offshore Energy Market Size FAQs
What is the current Asia-Pacific Offshore Energy Market size?
The Asia-Pacific Offshore Energy Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Offshore Energy Market?
Xinjiang Goldwind Science & Technology Co., Ltd., Ming Yang Smart Energy Group Ltd, Suzlon Energy Ltd, Envision Group and Mitsubishi Heavy Industries Ltd are the major companies operating in the Asia-Pacific Offshore Energy Market.
