Global offshore wind power on course for 520 GW by 2040, with Europe in the lead

The offshore wind sector is on course to exceed 520 GW of installed capacity by 2040, despite logistical challenges, with a strong concentration in Europe thanks to floating wind.

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The offshore wind market continues to grow significantly, despite inflationary pressures and supply chain disruptions.
In 2023, global installed capacity increased by 7% year-on-year, and forecasts for 2024 indicate a further 9% growth, with over 11 GW of new installations.
Rystad Energy’s projections estimate that global capacity could exceed 520 GW by 2040, with Europe playing a central role in this expansion.
Europe is expected to account for over 70% of global floating wind installations by 2040.
The development of this technology, essential for exploiting deep-water offshore resources, is supported by projects in the UK, France and Portugal.
These countries are at the forefront of meeting ambitious national targets for energy transition.

Regional prospects diversify

Asia, excluding mainland China, is also positioning itself as a key player in floating wind, capturing around 20% of global installations forecast by 2040.
Development in this region is mainly focused on Taiwan, South Korea and Vietnam, which are set to increase their installed capacity to almost 28 GW by 2030.
Nevertheless, the sector continues to face significant supply chain challenges, which could hamper growth in the short term.
At the same time, Europe remains the leader in fixed-foundation wind power, dominated by the UK, Germany and the Netherlands.
These three countries are well positioned to reach a combined capacity of 150 GW by 2040, due to their proximity to the North Sea and their carbon-neutral objectives.
In the United States, offshore wind development is highly dependent on the political climate, with capacity expected to reach less than 40 GW by 2040, if political support remains stable.

Technological and logistical challenges

The growth of floating wind power is hampered by constraints similar to those encountered in the fixed-foundation segment.
Bottlenecks in the supply chain continue to pose challenges for the rapid installation of new capacity.
In response, governments are being called upon to step up their support to facilitate these developments, which are vital if we are to achieve our energy transition objectives.
Between 2030 and 2035, Europe could add 20 GW of floating capacity, while Asia could add up to 5 GW.
These developments are essential to meet growing energy demand while supporting emission reduction strategies.
Technology maturity by 2040 could enable Europe to exceed 65 GW of installed floating wind capacity, while Asia could reach 17 GW.
Industry players therefore face a crucial challenge: overcoming logistical and technological hurdles to maintain current momentum and ensure that offshore wind can make a significant contribution to the world’s energy future.

Orsted and two U.S. states have taken federal legal action to contest the abrupt halt of the Revolution Wind project, a $5 billion offshore venture now at risk of prolonged suspension.
SPIE Wind Connect will carry out subsea connections for phase II of the TPC project, a major development in Taiwan’s offshore wind sector with a projected annual capacity of 1,000 GWh.
Envision Energy launches its first project in Turkey in partnership with Yildizlar Group, adding 232 MW to the national wind capacity in Karaman province.
ABO Energy maintains its annual targets despite a drop in half-year profit, relying on cost-cutting measures and early project sales to secure cash flow.
Energiekontor has closed financing for two wind projects in Verden, with a combined 94 MW, with construction starting this year and commissioning scheduled for 2027.
South Korea has rejected all projects using foreign turbines in its 2025 offshore wind auction, marking a strategic shift in favour of local industry and energy security.
The Danish Energy Agency confirmed the rejection of 37 feasibility study permit applications, citing European Union state aid rules and lack of competition.
With an AUD$3 billion investment, ACEN launches one of Tasmania’s largest private projects, aiming for commissioning in 2030 and annual supply for 500,000 households.
In France, a 12.9 MW wind farm financed by local actors has been commissioned in Martigné-Ferchaud, showcasing an unprecedented model of shared governance between citizens, local authorities and public investment companies.
The governors of five states urged the Trump administration to maintain permits for threatened offshore wind projects, citing massive investments and jobs at stake in a nascent industry.
Green Wind Renewables is developing a 450 MW wind farm in the Wheatbelt region of Australia, with up to 75 turbines and an estimated annual output of 1.5 TWh.
German group RWE has commissioned five new power plants in France, adding 83 MW to its portfolio, following repeated successes in tenders organised by the Energy Regulatory Commission.
The 600 MW onshore wind farm in Laos achieves commercial operation four months early, injecting power into Vietnam via a 500 kV interconnection and consolidating an international financing package of $950mn.
Equinor confirms its participation in Ørsted’s capital increase, aiming to maintain its 10% stake and support the financial stability of the Danish group facing headwinds in offshore wind.
Chinese manufacturer Dongfang Electric has installed a 26 MW offshore wind turbine in Shandong province, setting a double world record for power and rotor diameter.
Facing unforeseen cost increases and a tightening regulatory environment, Mitsubishi Corporation is pulling out of three offshore wind projects, casting doubt on Japan's renewable energy ambitions.
With 323 millions USD in cash, Polenergia strengthens its investments in offshore wind, solar and storage, targeting more than 2.3 GW of new energy capacity in Poland.
French group Valorem has commissioned the ViIatti wind complex in Finland, made up of two farms totalling 313 MW and an estimated annual output of 1 TWh.
The Revolution Wind project, already 80% complete, has been halted by the U.S. administration over national security concerns, creating major uncertainty in the sector.
Quebec funds a mobile training unit to address the shortage of wind turbine maintenance technicians, estimated at 400 positions by 2029.

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