May 23, 2017 - 11:30 PM EDT
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Asia Pacific Offshore Wind Energy Market is Projected to Reach US$ 60,201.5 Mn by 2025 at a CAGR of 22.4% From 2017 to 2025: Transparency Market Research

ALBANY, New York, May 24, 2017 /PRNewswire/ --

Transparency Market Research has released a new market report titled "Offshore Wind Energy Market, by Foundation Type (Monopile, Jacket, Tripod, Floating and Others) and by Country (China, Japan, South Korea, India and Rest of Asia Pacific) - Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025." According to the report, the Asia Pacific Offshore Wind Energy Market revenue was US$ 8,960.8 Mn in 2017 and is projected to reach US$ 60,201.5 Mn by 2025 at a CAGR of 22.4% from 2017 to 2025.    

Wind power generation is the extraction of kinetic energy from the wind and its conversion into any useful type of energy such as thermal, mechanical, or electric energy. Offshore wind power or offshore wind energy is the use of wind farms constructed offshore, usually on the continental shelf, to harvest wind energy to generate electricity. Offshore wind energy's counterpart, onshore wind has high land surface requirement, high noise generation, high cost incurred in project set up and the entire value chain (including turbine and its accessories cost, cabling cost, installation costs and others) of wind energy generation from assets based on land have led to shift of focus from onshore to offshore. In Asia Pacific, China is the only country that has set aside separate targets for offshore wind energy projects. Japan, South Korea and India are expected to be the next power houses for offshore wind energy generation. However, apart from China other countries in Asia Pacific are yet to construct and commission utility-scale offshore wind energy projects. China is likely to drive the growth in capacity additions throughout the forecast period.

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Offshore wind energy projects are largely being financed by the government agencies which also includes big EPC players, manufacturers, distributors and service providers. Currently, China has largest number of offshore wind energy projects under planning and construction phase which is followed by Japan and South Korea. India has the maximum potential for installed capacities and the government of India has thus decided to have a Policy that will enable optimum exploitation of Offshore Wind energy in the best interest of the nation and to achieve the its interest to develop Offshore Wind Farms. China has outlined the policies and clear mandate to accelerate and promote the development of offshore wind energy projects. New Zealand, Republic of Korea, Thailand and Japan have respectively formed governing bodies to initiate, finance, execute and maintain the proposed offshore wind farm installations for energy generation.

Key major companies operating in the offshore wind energy market include and are not limited to Sinowel Wind Group Co., Ltd., Siemens Wind Power, Dong Energy A/S, Gamesa Corporacion Technologica S.A., Nordex S.E, Vestas Wind Systems A/S, Suzlon Group, China Ming Yang Wind Power Group Ltd., GE Wind Energy, and Goldwind Science Technology Co., Ltd.

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The Asia Pacific Offshore Wind Energy Market has been segmented as follows:

Asia Pacific Offshore Wind Energy Market: by Foundation Type Segmentation 

  • Monopile
  • Jacket
  • Tripod
  • Floating
  • Others (which includes key stone twisted jackets)

Asia Pacific Offshore Wind Energy Market: by Country 

  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia Pacific

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About TMR 

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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Source: PR Newswire (May 23, 2017 - 11:30 PM EDT)

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