Offshore Wind Capacity of 410 GW to be Installed Over the Next 10 Years

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Offshore Wind

GWEC’s report pinpoints a significant acceleration in offshore wind installations towards the end of the decade, with two-thirds of the projected capacity coming online between 2029 and 2033.

A new report from the Global Wind Energy Council (GWEC) forecasts the installation of 410 gigawatts (GW) of offshore wind power over the next ten years, exceeding the global target of 380 GW by 2030.

This remarkable growth is attributed to the emergence of new offshore wind players like Australia, Japan, South Korea, the Philippines, Vietnam, Brazil, Colombia, Ireland, India, and Poland. In these countries, supportive government policies and a collaborative approach among industry, government, and civil society are creating ideal conditions for large-scale offshore wind development.

GWEC’s report pinpoints a significant acceleration in offshore wind installations towards the end of the decade, with two-thirds of the projected capacity coming online between 2029 and 2033.

The report underscores the importance of continued collaboration between industry and government to maintain this growth trajectory. Establishing streamlined and efficient policy and regulatory frameworks will be crucial for sustained expansion.

2023: Impressive Growth in the Offshore Wind Sector

Despite economic headwinds in some key markets, 2023 saw impressive progress in the offshore wind sector. The industry installed a robust 10.8 GW of new offshore capacity, bringing the global total to 75.2 GW.

GWEC anticipates this upward trend to continue through 2030, fueled by the current momentum in policy development. This positive outlook suggests that annual offshore wind installations will consistently break records, surpassing the 380 GW target set by the Global Offshore Wind Alliance.

GWEC CEO Ben Backwell expressed optimism, stating that the wind industry is well on track to achieve the ambitious goal of tripling offshore wind capacity, as set forth at COP28 in Dubai. He highlighted the crucial role of policy advancements, particularly in the Asia-Pacific and American regions, in achieving this goal.

Credit: Unsplash

Source: ESG Time

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