Global Offshore Wind Industry Poised For Accelerated Expansion

Aided by favorable policy initiatives, government-industry collaboration and expanding new markets, the offshore wind industry is set to grow rapidly over the next decade, achieving its 2030 target of 380GW
The company will install 26 wind turbine generators (WTGs), each having a rated capacity of 3.15 MW, at Oyster Green's site at Agar in Madhya Pradesh.
The company will install 26 wind turbine generators (WTGs), each having a rated capacity of 3.15 MW, at Oyster Green's site at Agar in Madhya Pradesh.

Offshore wind is on the cusp of a global take-off on the back of the momentum gained in 2023, which was marked by the second-highest annual installations. The year also saw crucial developments on the policy front, setting the stage for accelerated expansion of the industry over the next decade.

Despite several macroeconomic challenges in key markets, new offshore wind capacity of 10.8 GW went on stream, a 24 percent percent jump over the previous year, boosting the global total to 75.2 GW. The Global Wind Energy Council (GWEC) expects this growth momentum to continue through 2030, taking the world towards its target of 380 GW for that year.

GWEC forecasts the installation of an additional 410 GW of offshore wind capacity over the next ten years, propelled by industry-government collaboration and the effective implementation of streamlined policy and regulatory frameworks. A significant driver would be the emergence of the next wave of offshore wind markets like Australia, Japan, South Korea, the Philippines, Vietnam, Brazil, Colombia, Ireland, India and Poland. Across these nations, concerted policy action accompanied by collaborative efforts involving governments, industry, and civil society are coming together to enable long-term offshore wind development at a large scale.

The report presents a comprehensive 'Global Growth Framework for Offshore Wind' for industry and governments aiming to scale up development rapidly. This framework covers key areas such as finance, demand and industrial offtake, supply chain development, permitting, social consensus, workforce development, and grid infrastructure. The Global Wind Energy Council (GWEC) strongly asserts that the projected growth is at risk if this framework is not effectively implemented, highlighting the critical importance of strategic planning and collective action.

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