Market Size of Asia-Pacific Floating Offshore Wind Power Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
