As per the International Energy Agency (IEA) it is expected that the demand for electricity will increase by 70% by 2040 due to excessive demand in emerging economies such as China, India, Africa, Middle East and South-East Asia. From the different renewable sources of energy, wind energy is the most efficient form of energy and windmills are installed in wind farms to generate electricity. These farms are of two types onshore that is on land and offshore that is the sea or in rivers. Offshore farms are considered better as extra land is not required to develop the wind farms. The offshore wind energy market is expected to grow from $24,544.8 million in the year 2018 to $50,450.9 million by 2023 at a CAGR of 15.5% from 2018 to 2023.
In the Asia-Pacific, the market for air purifiers is experiencing a rapid growth rate owing to the economic development, increasing air pollution levels, and growing awareness among the consumers regarding the advantages of the same. According to the market intelligence report by BIS Research titled, ‘APAC Air Purifier Market -Analysis and Forecast (2017-2026)’, the market is expected to reach a value of $34.52 billion by the end of the year 2026, registering a CAGR of 24.5% during the forecast period of 2017-2026. This significant growth is attributed to the rapid industrialization, increasing employment opportunities, additional exchange programs, increased tourism, and rising pollution levels in the region. In addition to this, the technological advancements and favorable government initiatives in this field are accelerating the market growth.
Asia Pacific is experiencing a high rate of gradual rural electrification in various nations such as India, China, Philippines, and Malaysia due to the lack of proper infrastructures and abundance of unelectrified areas in these countries. According to the market intelligence report by BIS Research, titled ‘APAC Microgrid Market- Analysis and Forecast (2017-2026)’, the market is expected to reach value $22.56 billion by the end of 2026 from the $2.62 billion by the year 2016. The market growth is driven by the grid reliability, expansion costs, policy mandates and decreasing cost of renewable energies.