More than 63 GW of new wind power capacity is expected to be commissioned in Asia Pacific excluding-China between 2016 and 2025.
According to new figures published by MAKE Consulting, the Asia Pacific excluding-China (APeC) region is expected to install more than 63 GW of new wind power capacity in the next decade, with India, Australia, and Japan constituting approximately 72% of all new installations for the region.
MAKE Consulting published its new APeC Wind Power Outlook 2016 report this week, revealing the news that annual wind power capacity additions are expected to more than double by 2025 over 2015 installation figures. 2015 saw new records set in the region, with 3.7 GW installed in 2015. MAKE also expects 2016 to be another record year for India and Japan, helping to push the growth of the APeC wind market to 25% year-over-year.
Though existing major markets such as India, Australia, and Japan will constitute the lion’s share by the end of the decade, new markets are expected to begin to emerge in the short-to-medium term. MAKE identifies Kazakhstan and Indonesia, specifically, as markets expected to start developing utility-scale wind power in the next few years. APeC’s overall attractiveness as a wind power market will grow, with a growing population base of over 2 billion, increasing price competitiveness, and the general trend of steady wind power growth in emerging markets around the world.
India is expected to install 8.7 GW between 2016-18, leading APeC thanks in part to the rush to qualify for an accelerated depreciation scheme which will be cut in half from April 2017, as well as the potential expiry of the country’s generation-based incentive scheme.
Japan currently has a 9 GW wind project pipeline, which MAKE expects will allow Japan to see a steady, year-over-year growth.
MAKE Consulting doesn’t have a strong opinion of Australia’s chances of meeting its 2020 Renewable Energy Target, despite the downgrade of the overall target and a rebound in large-scale generation certificate prices. Adding to the country’s woes, policy uncertainty beyond 2020 remains high.
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