Taiwan has done an unparalleled job of establishing the world’s most exciting new offshore wind power market in a very short period of time.
By putting in place a clear target of 5.5 GW of installed offshore wind farm capacity by 2025, offering an attractive initial Feed-in-Tariff, and creating a clear zone process for offshore wind turbines development, Taiwan has attracted the leading companies of the offshore wind power sector, placing itself in a strong position to become a supply and expertise hub for the budding South-East Asia offshore wind market.The Taiwan offshore market is not just a passing trend – it is here to stay and it is set to become one of the major global leaders of the offshore industry. Beyond it’s 2025 target, Taiwan has set an indicative target of 10-17 GW by 2030, giving positive signals to investors, manufacturers and developers that there is massive potential to further develop Taiwan’s offshore market in the next decades and setting an example for other Asian markets with potential.
Though the proposed FiT reduction caused some initial doubt about the future of this booming market, the joint efforts of the industry led to a revision of this proposed tariff, making the market viable for the development of a prosperous offshore wind market once again. Although questions and uncertainties remain on how the revised FiT system will impact the development and profits of offshore wind projects, the industry is now entering into an implementation mode to move forward with their projects.
We forecast that Taiwan’s offshore installations will continue to increase year-on-year, creating important long-term jobs and providing opportunities for the local economy to thrive.