GWEC releases 2024 global offshore wind report

 

Less than two months after the release of its Global Wind Report 2024, the Global Wind Energy Council (GWEC, Brussel, Belgium) has rolled out its “Global Offshore Wind Report 2024,” at a time when the offshore wind market outlook remains promising.

According to the GWEC, 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. Numbers indicate that these technologies continue to mature, become more globally diverse and scalable and remain competitive.

Key highlights from the report include:

• 2023 was the second best year ever for the global offshore wind industry.
• A total of 75 gigawatts (GW) of global offshore wind capacity was in operation by the end of 2023.
• GWEC’s rolling 10-year outlook to 2033 shows that, with the right frameworks in place, the world can be on course to deploy 410 GW by 2033; this means total offshore wind capacity will be 487 GW by the end of 2033.
• New capacity increased 24% on the previous year, a growth rate the GWEC expects to see continue up to 2030, if the present increase in policy momentum continues.
• The next wave of offshore wind markets has arrived as governments across Asia-Pacific, Latin America and Europe are embracing offshore wind as a solution to providing clean, affordable power to their people and industries.

“Our 2024 Global Offshore Wind Report comes to you at an important moment in the history of the offshore wind technology,” says Rebecca Williams, chief strategy officer – Offshore Wind, GWEC. “The growth of offshore wind is now so much more than a European, Chinese or American story. This global industry must now ‘chart a course’ for the growth that lies ahead … It is imperative that our efforts are laser focused on bringing online the swathe of projects scheduled to be in the water by 2030, while simultaneously laying down a strong framework for the vast bulk of offshore wind which will be deployed in the 2030s. Our 2024 report aims to support industry and policymakers in achieving these goals. At the global scale, we have just 7 years to hit the 380 GWs of offshore wind needed to stay on a 1.5°C trajectory. There is no time to lose.” 

According to Feng Zhao, GWEC’s chief intelligence officer, 2023 was a turbulent year for the offshore wind industry on both sides of the Atlantic Ocean. “Challenges such as inflation, increased capital costs and supply chain constraints created uncertainty in the sector,” Zhao says. “[However], despite the headwinds experienced, governments and developers remain committed to developing offshore wind and the global offshore wind market outlook in the medium term remains resolutely promising.”

For instance, annual offshore wind installations are expected to triple in 2028 from 10.8 GW in 2023. By 2033, they are expected to reach 66 GW, bringing the offshore share of new wind power installations from today’s 9% to at least 25%. 

Download the full report here.