Offshore wind markets to watch in APAC in 2024

January 23, 2024
2 min read
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After a turbulent year in offshore wind, Aegir Insights’ lead analysts look back on the key events in regional plays in 2023 – and forward to how they will affect these markets in the coming year.

Our lead analyst for APAC Simon Engfred Schlichting reflects on offshore wind developments in Asia-Pacific, where crystallization continues as several markets are taking significant strides:

  • South Korea's yearly offshore wind off-take auction was heavily oversubscribed in 2023, with 1.43 GW awarded against bids totaling 2.1 GW. The market looks to have significant capacity coming into the system towards 2030, so watch for Seoul this year to warm to industry requests for an annual award of 3-4 GW.
  • After opening five out of six planned ‘megazones’ to offshore wind development in 2023, Australia is eying first acreage awards this year. Keep a close watch on the fast-advancing Gippsland zone, where 6 initial projects have already been granted status of preliminary consideration for the award of feasibility licenses, and the Hunter zone where the country’s first floating projects could become reality in this high potential play.
  • Taiwan got final administrative contracts on to the books for auction round 3.1 with 2.3 GW signing on in 2023. Finalization of the rules for round 3.2 clears the way for this auction to happen in 2024, while also several projects from round 2 come online, meaning the country would have an installed capacity well over 2 GW, the biggest in the region outside China.

Is Asia-Pacific’s offshore wind heading for a boom or bust?

Are you interesting in hearing more analysis from our lead analyst for APAC, how heavily Asia Pacific’s offshore wind future will hinge on China, and what barriers are slowing down development in the wider region?

In one of Aegir’s latest Wavelength Intelligence Briefings, our Senior Research Analyst Simon Engfred Schlichting and Chief Executive Editor Darius Snieckus discussed how this dynamic region can reach its full potential in the global energy transition.

Aegir Wavelength is our digital event-series, focusing on delving into key talking points, market developments and thought-leadership in the offshore energy transition.

Sign up now to access the recording here.

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Aegir Insights
Havnegade 27,
1058 Copenhagen,

CVR no.: 39104792

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