Asia Pacific Wind Tower Market Research Report Information By Location (Onshore and Offshore) –and ASIA PACIFIC Market Forecast Till 2032

APAC Wind Tower Market Overview

The Wind Tower market industry is projected to grow from significant value by 2032, exhibiting a compound annual growth rate (CAGR) of 11.00% during the forecast period (2024 - 2032). The rising population, the increasing disposable income, and the rising demand for increased power generation and improved development activities are the main market drivers anticipated to propel the Wind Tower market in Asia Pacific.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

APAC Wind Tower Market Trends

• Increasing deployment of wind tower farms and government policies promote the development of renewables, and investment in wind power projects is driving the market growth.

Increasing investments in wind farms and the declining cost of wind energy are expected to propel the Asia-Pacific wind power equipment market in the forecast period. The energy landscape is transforming globally, with changing governmental policies and technological advancements driving a shift towards renewable energy sources. The growing presence of renewable energy in the energy mix has led to significant growth in the wind power industry, particularly in the construction of tall wind towers. According to the International Energy Agency (IEA), China remains at the forefront of wind capacity expansion, adding 37 GW in 2022, including 7 GW in offshore farms. The United Kingdom installed nearly 3 GW of Wind Tower capacity in 2022, surpassing the rest of the world combined, except for China. According to the International Renewable Energy Agency (IREA), Asia is projected to emerge as a global frontrunner in wind energy by 2050, accounting for over 60% of the world's installed offshore wind capacity. The Global Wind Energy Council forecasts that by 2030, the offshore wind industry in Asia could have installed up to 100 GW of offshore wind capacity. Moreover, several European energy firms are investing in Japan as the country aims to establish the world's third-largest Wind Tower power fleet by 2040. The government is expected to offer tax incentives to encourage private investment amounting to JPY 1.7 trillion (USD 15.9 billion), which is anticipated to positively impact the market.

In India, a national policy was introduced in 2018 to promote extensive grid-connected wind-solar PV hybrid systems, leveraging transmission infrastructure and land efficiently. Combining solar and wind power helps address the intermittent challenge of individual renewable sources, enhancing grid stability. The Japanese government unveiled its Wind Tower Industry Vision, aiming to allocate 1 GW of Wind Tower capacity annually through 2030. Additionally, plans are in place for supply chain development and cost reduction strategies to achieve a levelized cost of energy (LCOE) of JPY 8-9/kWh by 2035, with a cumulative capacity target of 30-45 GW by 2040. Thus, driving the Wind Tower market revenue.

APAC Wind Tower Market Segment Insights

Wind Tower Location Insights

The Asia Pacific Wind Tower market segmentation, based on Location, includes Onshore and Offshore. The onshore segment dominated the market. In the past five years, advancements in onshore wind power generation technology have focused on optimizing electricity production per megawatt capacity installed, enabling the coverage of sites with lower wind speeds. As of 2021, Asia recorded 357.574 GW of onshore wind energy installations. Projections suggest that new installations in Asia will surpass 10 GW in 2026 and approach nearly 15 GW by 2030. By 2050, Asia is expected to witness a substantial increase in new wind power installations, with offshore installations reaching 613 GW and onshore installations reaching 2,646 GW—a ninefold increase from current levels. Looking ahead, China's northern regions possess abundant potential for onshore wind energy. Provinces such as Qinghai, Xinjiang, Inner Mongolia, and the northeast region exhibit high power density, with average values ranging between 400 and 600 watts per square meter (W/m²). Most of the new onshore installations are anticipated to be deployed in these areas.

Figure 1: Asia Pacific Wind Tower Market, by Location, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wind Tower Country Insights

In China, thermal energy sources currently account for nearly 70% of electricity production. However, due to increasing pollution associated with thermal sources, the country is actively transitioning towards cleaner and renewable energy sources. According to the China Energy Portal, from 2014 to 2021, China experienced a compound annual growth rate (CAGR) of 15.71% in total installed wind capacity. As part of its 14th five-year plan spanning from 2021 to 2025, China has set ambitious targets. These include supplying 33% of national power consumption from renewable sources by 2025, with non-hydro renewables contributing 18%. Furthermore, the country aims to achieve a renewable energy generation capacity of 3,300 terawatt-hours (TWh) by 2030. In October 2022, the Chinese government announced plans to develop the world's largest wind farm, with the potential to power the entire nation of Norway. Additionally, Chaozhou, a city in Guangdong province, unveiled plans for a massive 43.3-gigawatt wind energy facility in the Taiwan Strait. In May 2022, the construction of an offshore floating wind power platform commenced at the CNOOC Qingdao construction site in Hainan Province, China, initiated by the China National Offshore Oil Corporation (CNOC). The project is being undertaken by CNOOC Rongfeng Energy Co. Ltd, a subsidiary of CNOOC Beijing's new energy division.

Figure 2: Asia Pacific Wind Tower Market Share By Country 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

APAC Wind Tower Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Wind Tower market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Wind Tower industry must offer cost-effective items.

Major players in the Wind Tower market are attempting to increase market demand by investing in research and development operations, including Envision Energy, General Electric Company, Siemens Gamesa Renewable Energy, Suzlon Energy Limited, Xinjiang Goldwind Science & Technology Co. Ltd (Goldwind), Vestas Wind Systems AS, China Longyuan Power Group Corporation Limited.

Key Companies in the Wind Tower market include

• Envision Energy


• General Electric Company


• Siemens Gamesa Renewable Energy


• Suzlon Energy Limited


• Xinjiang Goldwind Science & Technology Co. Ltd (Goldwind)


• Vestas Wind Systems AS


• China Longyuan Power Group Corporation Limited

APAC Wind Tower Industry Developments

February 2022: Tata Power and RWE, a German electricity generating company, forged a partnership to explore opportunities for jointly developing Wind Tower power plants in India

December 2022: TagEnergy and Vestas announced a collaboration to provide Engineering Procurement and Construction (EPC) services for the initial phase of the Golden Plains Wind Power Plant, a 756-megawatt project located in Victoria, Australia.

APAC Wind Tower Market Segmentation:

Wind Tower Location Outlook

• Onshore


• Offshore

Wind Tower Regional Outlook

• Asia Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Indonesia
  
  
  • Thailand
  
  
  • Vietnam
  
  
  • Malaysia
  
  
  • Singapore
  
  
  • Rest of Asia-Pacific