Market Size of Taiwan Wind Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 10.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Taiwan Wind Energy Market Analysis
The market for wind energy in Taiwan is expected to grow at a CAGR of more than 10% in the forecast period of 2020-2025. Factors such as encouraging government policies and pressure to meet power demand using renewables to decrease dependency on fossil fuels are expected to be significant contributors to the growth of the market. With the aim of the government to install more than 5 GW of offshore wind energy by 2025, rapid growth in the wind market is expected during the forecast period. The declining costs of renewable technologies are becoming competitive with fossil fuel sources, and additional subsidies on renewables are driving the wind energy market further. On the other hand, due to land constraints, slow growth in onshore wind energy is expected. Additionally, limited power capacity by variable renewable energy sources and huge initial investment, are still a few challenges for the growth of wind energy.
- Although wind energy growth in Taiwan has been prolonged until 2018, with around 700 MW of installed capacity, due to land constraints onshore wind energy was not able to show rapid growth. With an alternative, Taiwan is exploring its offshore potential with the aim of 5000 MW wind energy by 2025 from offshore.
- Taiwan offshore wind power remains tapped due to supply chain issues in the country. However, increasing investments and efforts to deploy offshore wind turbines by the government and international companies is expected to provide a significant opportunity for the market.
- Taiwan, with its ambitious upcoming renewable projects, is all set to achieve its renewable energy target of 20% by 2025. Several amendments in renewable concerned laws and policies have been made that will be assisting in the growth of the wind energy market
Taiwan Wind Energy Industry Segmentation
The Taiwan wind energy market report include:
| Location of Deployment | |
| Offshore | |
| Onshore |
Taiwan Wind Energy Market Size Summary
The wind energy market in Taiwan is poised for significant expansion, driven by supportive government policies and a strategic shift towards renewable energy to reduce reliance on fossil fuels. The government's ambitious goal to install substantial offshore wind capacity by 2025 is a key factor propelling market growth. The declining costs of renewable technologies, coupled with additional subsidies, are making wind energy increasingly competitive with traditional fossil fuel sources. However, challenges such as land constraints for onshore wind development and the need for substantial initial investments remain. Despite these hurdles, the focus on offshore wind potential, with its advantages of higher wind speeds and fewer spatial restrictions, is expected to unlock new opportunities for the market.
Taiwan's commitment to achieving a significant share of renewable energy by 2025 is reflected in its policy amendments and ongoing projects. The installation of taller wind turbines and the development of large-scale offshore projects are enhancing the economic viability of wind energy. Initiatives like the Formosa 1 project and the auctioning of offshore wind plants underscore Taiwan's strategic focus on expanding its offshore wind capacity. The government's regulatory changes, such as permitting direct power sales from renewable generators and phasing out nuclear power, are further supporting the growth of the wind energy sector. As Taiwan continues to develop its wind energy infrastructure, it is set to become a prominent player in the global renewable energy landscape, particularly in offshore wind energy.
Taiwan Wind 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 Installed Capacity and Forecast in MW, till 2025
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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 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Location of Deployment
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2.1.1 Offshore
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2.1.2 Onshore
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Taiwan Wind Energy Market Size FAQs
What is the current Taiwan Wind Energy Market size?
The Taiwan Wind Energy Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in Taiwan Wind Energy Market?
Vestas Wind Systems A/S, Taiwan Power Company, Oersted A/S, WPD Onshore GmbH & Co KG and Siemens Gamesa Renewable Energy SA are the major companies operating in the Taiwan Wind Energy Market.
