Market Size of Asia-Pacific Wind Power Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | < 10.45 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Wind Power Market Analysis
The Asia-Pacific Wind Power Market is expected to register a CAGR of less than 10.45% during the forecast period.
The market didn't have any significant impact due to COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the long term, major factors attributing to the growth include favorable government policies, the increasing investment in wind power projects, and the reduced cost of wind energy, which led to increased adoption of wind energy, thereby positively contributing to the demand for wind energy.
- On the other note, the increasing adoption of alternate energy sources, such as gas-based power and solar power, is likely to hinder market growth.
- The technological advancements in efficiency and decrease in the production cost of offshore wind turbines are expected to create ample opportunity for the market players in Asia-Pacific.
- China dominates the wind power market and remains the largest onshore market with 21.2 GW of new capacity additions. The government policy and incentives made China a favorable hotspot for investment; therefore, the wind power market is expected to flourish in the coming years.
