Asia Wind: Breezing To The Top
BMI View : Wind energy is increasingly important in Asia, with the region being the fastest growing market in the world. We identify some of the countries in the region that are driving this growth, and look at the key opportunities in these respective markets.
Asia will remain the fastest growing region for wind energy in the world, having overtaken the European market in terms of capacity additions per year in 2009. Some factors that have helped propel the region to the forefront of wind energy development include the rapidly growing power demand; the costs of procuring fuel for thermal generation; and a lack of institutional and private sector capacity to undertake traditional power projects. Growing concerns over pollution levels have also been a factor driving growth in wind energy.
Within Asia, China has been the main driver of growth in wind capacity over the past decade. Wind capacity in the country tripled between 2009 and 2012, making it the largest market for wind power in the world in terms of installed capacity and rate of new installations. Even though China is the dominant market in Asia, there are a number of smaller Asian markets with sizeable growth opportunities for wind energy development. In this analysis, we identify the major markets for wind energy in Asia such as Japan and Thailand, and discuss the key fundamentalsÂ supporting these opportunities.
|The Asian Tiger|
|Global - Wind Capacity By Region, GW (LHS) and 2023 Wind Market Share By Region, % (RHS)|