Strong 2023 Offshore Wind Growth as Industry Now Sets Course For Record-Breaking Decade

Offshore wind is poised for truly global growth after 2023 saw the second-highest annual installations as well as key policy developments that set the foundations for accelerated expansion of the industry over the next decade, according to the Global Wind Energy Council’s Global Offshore Wind Report 2024.

In 2023, despite the macroeconomic challenges faced by the sector in some key markets, the wind industry installed 10.8 GW of new offshore wind capacity, taking the global total to 75.2 GW. New capacity increased 24% on the previous year, a growth rate the Global Wind Energy Council (GWEC) expects to see continue up to 2030, if the present increase in policy momentum continues.

In the next ten years, GWEC forecasts that 410 GW of new offshore wind capacity will be installed, bringing offshore wind deployment in line with global targets to install 380 GW by 2030.

The majority of that will come at the turn of the decade, with two-thirds installed between 2029 and 2033. This rapid expansion of deployment must be built on a growing collaboration between industry and government and the creation of streamlined and effective policy and regulatory frameworks.

This anticipated growth will be driven by the arrival of the next wave of offshore wind markets like Australia, Japan, South Korea, the Philippines, Vietnam, Brazil, Colombia , Ireland and Poland – where policy developments and unprecedented focus across governments, industry and civil society is setting the conditions for long-term offshore wind development at scale.

New Wave of Offshore Wind Growth in Asia

The report outlines a “Global Growth Framework for Offshore Wind” for industry and governments planning to rapidly scale up development covering finance, demand and industrial offtake, supply chain development, permitting, social consensus, workforce development and grid infrastructure. GWEC’s position is that forecasted growth is at risk if this framework is not implemented.

Ben Backwell, CEO, Global Wind Energy Council, said: “Installing almost 11 GW of offshore wind is the leading edge of a new wave of offshore wind growth. Policy progress – especially across the Asia-Pacific region and the Americas – has set us on course to regularly install record-breaking capacity annually, and pass the 380 GW target set up by the Global Offshore Wind Alliance. That means offshore wind is on course to achieve the tripling ambition set at COP28 in Dubai.”

Qiying Zhang, President and CTO of Mingyang Smart Energy, said: “The utilisation of marine energy, especially offshore wind power, plays a vital role to achieve the global energy transition whilst combating climate change and its impacts. As the world’s leading offshore wind turbine manufacturer and marine energy solutions provider, Mingyang Smart Energy is deeply committed to support the dual objective.”