During the first Wood Mackenzie Power & Renewables Seoul Briefing on March 28th, our analysts outlined the general picture of the evolving power market in Asia Pacific region and shared their in-depth research insights with a focus on wind, solar and energy storage.
Let’s hear what their said on future trends in APAC regional power and renewables markets.
Solar power installations in South Korea will grow at a CAGR of 15% from 2019 to 2030, mainly driven by distributed solar. Subsidies for residential and building installation, high power prices and restricted land for utility-scale solar development are the major reasons for the market to turn to distributed solar. “We expect solar power to account for ~50% of the 58.5 GW renewable target for 2030.” says Neoh Zi Sheng, Wood Mackenzie’s Principle Consultant.
Asia-Pacific Offshore Wind Power Outlook
Offshore wind capacity in APAC will reach upwards of 45GW by 2027 when China, Taiwan, Japan and South Korea are leading the way. 5.7GW of awarded projects in Taiwan begin large scale construction in addition to port projects in Japan and developers in South Korea expanding existing projects. “South Korea is slowly ramping up and represents the strong potential due to aggressive offshore plans and targets and its deep expertise in shipbuilding to establish a mature offshore wind power supply chain in the near term.” says Robert Liew, Senior Wind Analyst.
The Future of Renewables is Energy Storage
Asia Pacific region will take up more than 40% of market share in cumulative global storage installation across the globe by 2023. Favourable policy environment, proactive market players and technology innovation are the strong reasons for making this happen. “Battery price and Balance-of-System costs will drop below 10% after 2020.” says Dr. Le Xu, Senior Storage Analyst.
The presentation is available from Energy Storage Service. Please see related contents below for more.
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