Taiwan Wind Energy Market Trends, Growth & Revenue [2031]
Taiwan Wind Energy Market Trends, Growth & Revenue [2031]
Segments - Taiwan Wind Energy Market by Location of Deployment (Offshore and Onshore) and Country - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023–2031
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| Report ID :EP-903
| 4.7 Rating
| 73 Reviews
| 195 Pages
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Report Description
The Taiwan wind energy market was valued at USD XX billion in 2022 and is expected to surpass USD XX billion by 2031, expanding at a CAGR of 10% during the forecast period, 2023–2031. The growth of the market is attributed to increasing number of government policies that encourages foreign investments in the power sector.
Moreover, rising pressure to meet power demand using renewables to decrease dependency on fossil fuels is driving the market growth. Wind energy is a major industry in Taiwan. The country has abundant wind resources; however, lack space. This means that major developments are offshore. As of 2020, 361 installed turbines are installed on onshore and 22 offshore turbines are in operation with the total installed capacity of 845.2 MW.
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 land constraints led to limited growth of the onshore wind energy industry.
Thus, Taiwan is exploring its offshore potential with the aim of achieving 5000 MW capacity by 2025 through offshore deployment. Additionally, limited power capacity by variable renewable energy sources and huge initial investment are still few challenges that industry players are facing in the Taiwan wind energy market.
Taiwan Wind Energy Market Drivers, Restraints, Trends, and Opportunities
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Increasing investments and efforts to deploy offshore wind turbines by the government and international companies is expected to provide lucrative opportunities to the market.
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The COVID-19 pandemic halted the production of renewable energy components, hampering the growth of the market. However, the reducing cases of the virus is anticipated to positively influence the market growth.
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Rising number of renewable projects is expected to help Taiwan to achieve its renewable energy target of 20% by 2025. Several amendments in renewable concerned laws and policies have been made that can assist in the positive growth of the market.
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Continuous development of several offshore projects has created new market opportunities for the undersea cable industry market. This, in turn, has led opening of new market avenues in the country.
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Increasing number of government incentive programs is anticipated to encourage new entrants and emerging players in the wind energy market to invest in the country.
Scope of the Taiwan Wind Energy Market Report
The report on the Taiwan Wind Energy Market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
|
Report Title |
Wind Energy Market - Taiwan Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Location of Deployment (Offshore and Onshore) |
|
Geographic Zone |
Taiwan |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, Taiwan Power Company, Oersted A/S, and WPD Onshore GmbH & Co KG |
Taiwan Wind Energy Market Segment Insights
Offshore segment to account a large market share
Based on location of deployment, the market is segregated into offshore and onshore. The offshore segment is projected to account for a large market share during the forecast period. Increasing installation of wind farms on offshores. This is due to the higher wind speed in comparison to onshore and no restrictions of the area in comparison to onshore projects.
The wind power companies have been able to install tall wind turbines due to improvements made in the wind turbine materials used, which allows the turbines to exploit higher altitude winds. The increased size and capacity of the wind turbines has helped to lower the cost of wind energy, indicating that it is economically competitive with fossil fuel alternatives.
Segments
The Taiwan wind energy Market has been segmented on the basis of
Location of Deployment
- Offshore
- Onshore
Country
- Taiwan
Key Players
- Vestas Wind Systems A/S
- Siemens Gamesa Renewable Energy SA
- Taiwan Power Company
- Oersted A/S
- WPD Onshore GmbH & Co KG
- Others
Competitive Landscape
The Taiwan wind energy market is partially fragmented. Some of the major companies include Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, Taiwan Power Company, Oersted A/S, and WPD Onshore GmbH & Co KG.
The Government of Taiwan is expected to add 5.7GW of already allocated offshore wind power to the grid during the forecast period. An additional 10GW of offshore wind capacity is anticipated be added to the grid between 2026-2035. The project specifications are to be released in 2021.
With projects such as Chan Fang and Xidao offshore wind farms, Taiwan is speculated to add more than 500 MW capacity. The country generated 1.7 TWh of electricity by wind energy, contributing to one-third of the electricity generated by renewable sources.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Wind Energy Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Wind Energy Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Wind Energy Market - Supply Chain
4.5. Global Wind Energy Market Forecast
4.5.1. Wind Energy Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Wind Energy Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Wind Energy Market Absolute $ Opportunity
5. Global Wind Energy Market Analysis and Forecast by Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. Wind Energy Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global Wind Energy Demand Share Forecast, 2019-2026
6. North America Wind Energy Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America Wind Energy Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America Wind Energy Demand Share Forecast, 2019-2026
7. Latin America Wind Energy Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America Wind Energy Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America Wind Energy Demand Share Forecast, 2019-2026
8. Europe Wind Energy Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Europe Average Pricing Analysis
8.2. Europe Wind Energy Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe Wind Energy Demand Share Forecast, 2019-2026
9. Asia Pacific Wind Energy Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific Wind Energy Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific Wind Energy Demand Share Forecast, 2019-2026
10. Middle East & Africa Wind Energy Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa Wind Energy Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa Wind Energy Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Wind Energy Market: Market Share Analysis
11.2. Wind Energy Distributors and Customers
11.3. Wind Energy Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. Vestas Wind Systems A/S
11.4.2. Siemens Gamesa Renewable Energy SA
11.4.3. Taiwan Power Company
11.4.4. Oersted A/S
11.4.5. WPD Onshore GmbH & Co KG
11.4.6. Others
Methodology
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