It is expected that by 2030, 5% of this huge potential capacity will be in place, and the annual growth rate of new offshore offshore in Asia will double from 4gw per year to 9gw per year.
It is estimated that by 2029, China will add 38gw of new offshore wind power installed capacity. Although China clearly has no official target beyond 2020, its market will support the growth of offshore wind power for a long time. "
The Chinese government plans to eliminate the current subsidies by the end of 2021, slowing growth over the next five years, while costs remain relatively high. "In the short term, as developers race to complete projects before next year's feed in tariff, we're going to see a record of up to 5 gigawatts of new offshore capacity," Thompson explained. "After that, growth is likely to slow down as China's offshore wind power needs subsidies of up to $32 / MWh to support new installed capacity from 2022 to 2025. Lower costs will allow wind power to compete without subsidies until 2028. "
Across the rest of Asia, future growth targets are ambitious. With the exception of China, the region's goal is to add another 54 gigawatts of wind power by 2030.
As he also pointed out, the opportunities for business to flourish through the development of the offshore wind industry are not limited to capacity investment. The supply chain is an important part of the industry and is experiencing tremendous growth.
In the past decade, the supply of key components has been shifting to the Asian market. Although western OEMs have been successful in other Asian countries, Chinese OEMs dominate the domestic market.
The ambitious targets for offshore wind power in many Asian markets give us a glimpse of how the region will move towards a low-carbon future. The industry will also create new opportunities for energy companies, supply chain manufacturers and investors. But it needs support. As with all aspects of the energy transition, government intervention and policies are critical to long-term success.