Page 16: of Maritime Reporter Magazine (September 2024)

O? shore Wind

A Look Inside the East Asia &

Pacif c Of shore Wind Markets

By Philip Lewis, Research Director, Intelatus Global Partners hereas the foundations of commercial off- facturers Hengtong, Ningbo Orient Cable and ZTT have shore wind development are found in Europe also supplied European projects. Of particular note, where (and Europe will remain the largest overall the three dominant western turbine OEMS (Vestas, Siemens

W regional market for offshore wind activity in and GE) are focusing efforts on commercializing ±15 MW the coming decade), the rapid development of the large East turbines, Chinese OEMS are developing a range of models

Asia and Paci? c region provides both opportunities and some from 16-20+ MW. There has been some resistance to the challenges to the supply chain. Chinese players supplying European projects, but where per-

According to World Bank data, the technical potential for formance, price and delivery times all count, we anticipate the East Asia and Paci? c region amounts to over 15,000 GW, an increasing role of the Chinese supply chain in the Euro- of which ~27% is suited to bottom-? xed foundations and the pean and East Asian markets. balance ? oating technologies. 90% of the potential is found Vessel demand in China relies mainly on domestic supply. in seven countries, which are (in descending order) Austra- Chinese yards also maintain a strong position in the interna- lia, China, New Zealand, Japan, South Korea, and Taiwan. Of tional vessel new building segment, both for construction and these countries, only New Zealand does not currently have logistics/support vessels.

offshore wind activity.

TAIWAN, JAPAN,

CHINA SOUTH KOREA

The dominant East Asia Taiwan, Japan and South and Paci? c market, where Korea – much promise but domestic Tier 1 suppliers measured development and are increasingly looking to high local content barriers international markets have taken some of the shine of the opportunity

At end of 2023, operational offshore wind capacity in the region amounted to just over 32 GW, of which the majority was grid connected in the regions offshore wind powerhouse and world’s largest offshore wind market, China. Growth in the Chinese installed capacity and the domestic supply chain has been rapid, mainly in the bottom-? xed segment. Where- as the Chinese supply chain generally meets the majority of domestic requirements, leading Chinese manufacturers are playing an increasingly important role in the international market. Increasingly large Chinese made turbines and foun- After much initial excitement, underpinned by a clear de- dations are being supplied to projects in the major European velopment plan to support the deployment of ~1.5 GW per market and the emerging East Asian markets. Cable manu- year to achieve ~20.5 GW by 2035, Taiwan’s offshore wind 16 Maritime Reporter & Engineering News • September 2024

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