In 15 years, the total capacity of offshore wind farms will exceed 520 GW

According to reNEWS, citing an analytical report by Rystad Energy, by 2040, the total global capacity of offshore wind installations, excluding China, will exceed 520 GW.

Europe will play a crucial role in this growth. It is expected to account for more than 70% of the world’s offshore wind power installations by 2040.

Although some delays are expected in project implementation beyond 2030, there is likely to be a strong push to accelerate the deployment of floating wind turbines, which are projected to approach 90 GW by 2040. The UK, France and Portugal will be at the forefront of this development.

Asia will also play a key role in advancing floating wind power as a mature technology, and the region, excluding mainland China, is expected to account for 20% of global installations by 2040.

Although the offshore wind sector has recently seen an increase in the number of announced projects, the industry faces supply chain constraints similar to the onshore wind segment, where wind turbines are installed on fixed foundations in shallow waters. These issues may hinder the development of floating wind technology in the short term, as the capacity of floating wind turbines will be less than 7 GW by 2030.

In a market with a fixed cap, Rystad expects the three dominant players to be the UK, Germany and the Netherlands. These countries’ proximity to the North Sea and vast maritime expanses provide a strong foundation for success in offshore wind, bolstered by their plans to establish and achieve zero greenhouse gas emissions.

By 2040, these three countries are projected to account for a total of 150 GW of installed capacity, followed by the United States with less than 40 GW. The future of the US market depends on the political situation in the country.

Rystad Energy’s long-term forecast for the floating wind turbine sector differs significantly from the upward trend observed in the fixed wind turbine market.

From 2025 to 2030, Rystad expects that only Asia and Europe will actively install floating wind power capacity. By 2030, almost 5 GW of floating wind capacity will be installed in Europe, while Asia, excluding mainland China, is projected to install another 2 GW.