Taiwan Wind Energy Market Size

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