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 |
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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.
