Despite inflation and supply chain disruptions, the global offshore wind sector grew by 7% in 2023, with a projected 9% increase to over 11 GW by the end of 2024.
Rystad Energy forecasts that global offshore wind installations, excluding mainland China, will exceed 520 GW by 2040. Europe will lead, especially in floating wind technology, accounting for over 70% of global floating installations. The UK, France, and Portugal are expected to add up to 90 GW of floating capacity by 2040. Asia will capture about 20% of floating wind installations, with capacity reaching up to 7 GW by 2030.
In the bottom-fixed segment, the UK, Germany, and the Netherlands will drive growth, targeting 150 GW by 2040. The US will also contribute, depending on future policy changes.
From 2025 to 2030, the Americas and Asia (excluding China) will see significant offshore wind growth. Europe’s installed capacity is expected to reach 41 GW by 2025 and over 112 GW by 2030. Latin America, led by Brazil and Colombia, will also begin adding capacity.
By 2040, Europe and Asia are forecasted to achieve 65 GW and 17 GW of floating wind capacity, respectively, marking the maturity of the technology.