The Global Wind Energy Council’s Global Offshore Wind Report 2024 highlights 2023 as the second-best year for offshore wind, with 11 GW of new capacity added globally.

Offshore wind now plays a crucial role in reaching global climate targets, aiming for 380 GW by 2030 and 2,000 GW by 2050. Over 130 countries reaffirmed these ambitious goals at COP28.

Emerging markets across Asia-Pacific and Latin America are joining traditional leaders in offshore wind growth. China led in 2023 with 6.3 GW of new capacity, while Europe added 3.8 GW.

Markets like Brazil, the Philippines, and South Korea are embracing offshore wind for industrial and economic growth.

Despite this momentum, the industry faces inflation, supply chain constraints, and higher capital costs. These factors prompted GWEC to downgrade its 2024–2028 growth forecast by 10%. Still, governments and developers remain committed to ambitious targets, with annual installations expected to triple by 2028.

Offshore wind remains highly cost-competitive, especially compared to gas, offering lower energy costs in markets like the UK and Germany.

The sector is also expected to drive industrialization and job creation, especially in emerging markets. Investments in local supply chains and green hydrogen production are set to reshape energy infrastructure globally.

Technological innovations like floating offshore wind are critical to the sector’s future growth.

Commercial-scale floating projects are expected by 2029, unlocking new offshore regions for development. However, bottlenecks in the global supply chain, particularly outside China, could hinder this growth by 2026.

Faster permitting and regulatory frameworks are needed to support rapid offshore wind development.

The Global Offshore Wind Alliance (GOWA), with over 20 member governments, is working to remove barriers and meet global targets. The report emphasizes the importance of public-private partnerships to accelerate the energy transition.

The next decade will be transformative for offshore wind, with expectations of reaching 487 GW of capacity by 2033.

The sector is poised to play a vital role in decarbonizing heavy industries and powering the future energy system. As the world embraces offshore wind, the report stresses the urgency of action to stay on track for a 1.5°C climate pathway.