The global offshore wind sector is expected to see a 9% increase in new capacity additions in 2024, surpassing 11 gigawatts (GW), according to a report by Rystad Energy. This growth comes despite ongoing inflationary pressures and supply chain disruptions. In 2023, the sector recorded a 7% increase in new capacity compared to the previous year. Rystad Energy projects that global offshore wind installations, excluding mainland China, will exceed 520 GW by 2040. Europe is anticipated to lead in floating wind installations, contributing over 70% of the global total by 2040, with floating wind capacity in the region projected to reach nearly 90 GW. The UK, France, and Portugal are expected to spearhead these developments. Asia, excluding mainland China, is forecasted to account for 20% of global floating wind installations by 2040. However, supply chain constraints could limit the region's floating wind capacity to less than 7 GW by 2030, underscoring the need for increased government support to overcome these challenges. "The global offshore wind sector is experiencing robust growth, fueled by increased investment and auction activity. However, supply chain bottlenecks present significant challenges to the industry's further expansion," said Petra Manuel, Senior Analyst for Offshore Wind, Rystad Energy. In the bottom-fixed offshore wind market, the UK, Germany, and the Netherlands are expected to collectively account for 150 GW of installed capacity by 2040. The United States is projected to follow with less than 40 GW, with future developments depending heavily on the political landscape. Between 2025 and 2030, significant offshore wind capacity growth is anticipated in the Americas, led by the U.S., which is expected to reach nearly 2 GW of installed capacity by 2025. Asia, excluding mainland China, is projected to reach nearly 28 GW by 2030, driven by developments in Taiwan (China), South Korea, and Vietnam. Europe is expected to lead globally, with over 112 GW of offshore wind capacity by 2030. Rystad Energy's forecast for the floating wind sector indicates that only Asia and Europe will actively install floating wind capacity between 2025 and 2030. Europe is projected to have nearly 5 GW of floating wind capacity by 2030, while Asia is expected to add 2 GW. A significant ramp-up is anticipated between 2030 and 2035, with Europe adding 20 GW and Asia up to 5 GW. By 2040, Europe's floating wind capacity is expected to exceed 65 GW, while Asia's is projected to reach 17 GW.

(ET)