Market to Watch: South East Asia
In GWEC Market Intelligence’s latest report, Market Update on South East Asia – Insights on Vietnam, the region’s potential for wind power is put into the spotlight, with Vietnam emerging from the pack as one of the countries with the highest potential. Launched in Hanoi at Vietnam Wind Power 2019,the report provides insights on how Vietnam can be a wind power leader in the region with over 327MW of onshore and offshore wind capacity already installed, and an additional 1GW forecasted to be installed by 2021.
GWEC Market Intelligence believes South East Asia has all the fundamentals in place to become the next big wind power market. With a rising population, growing GDP, ever-increasing power demand and concerns over energy security, wind power is helping to meet the region’s growing energy demand in a way that is low carbon, cost efficient and bringing local economic benefits. In the report, a five-year market forecast for South East Asia shows that the onshore market will grow annually at a 13.5% rate on average over the period of 2019-2023, whereas the offshore market will grow at a 22% rate over the same period.
The new report shows that Vietnam is the country with one of the highest potentials in the region for both onshore and offshore wind.. The country’s 3,000km coastline has some of the best resources for both onshore and offshore wind, and it is the only country in the region that has developed offshore wind, with 99MW already installed.
Changes in local policies is giving the industry renewed momentum and creating significant opportunities for the wind energy market to grow in Vietnam and the South East Asia region as a whole. With a favourable Feed-in-Tariff and ambitious renewable energy targets up to 2030, it is clear that the government is ready to make the shift to clean energy.
The report is exclusively available for GWEC members and as part of GWEC’s new Market Intelligence platform. The final report includes more than 30 tables and figures charting the market outlook for the South East Asia region up until 2030. This report is the first edition of Market Updates of GWEC Market Intelligence, with the next Market Update to be released in fall shifting focus to Latin America.
If you are a GWEC Member, access the report here.
Not a GWEC Member but interested in finding out more about the report? Get in touch with Deny Tenenblat at [email protected] to find out how.