Offshore wind taking off
The Global Wind Energy Council predicts wind installation to rise at a 6.6% Cagr over 2021-26, with most of the incremental growth coming from the offshore industry boosted by net-zero targets and energy security needs. Taiwan has implemented significant goals for offshore wind, with targeted capacity of 5.6/20.6GW by 2025/35, and has set local procurement ratios for wind turbine components.
Residential solar appealing
Even factoring in an uptick in module prices, solar is now one of the cheapest energy options. With power shortages in Europe due to a lack of natural gas and in emerging markets given poor infrastructure, as well as tax credit extensions in the USA, the residential solar market looks set to keep growing.