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.

British operator Equitix has been selected to take over transmission assets of the Neart na Gaoithe offshore wind farm, a £450mn ($547mn) project awarded under Ofgem’s tenth tender round.
Energiequelle GmbH has launched replacement work for old turbines at its Minden-Hahlen site, aiming for long-term structural maintenance with the installation of three new 200-metre machines.
GE Vernova will equip the Ialomiţa wind farm with 42 turbines of 6.1 MW, strengthening its presence in the European onshore wind sector with a 252 MW project in partnership with Greenvolt.
Eversource Energy posts a one-time $75mn charge linked to unforeseen costs in the Revolution Wind project, while tightening its 2025 earnings forecast.
The Renewables Infrastructure Group has signed a ten-year power purchase agreement with Virgin Media O2 for its onshore wind farms in the United Kingdom, ensuring price stability for both parties.
Eight local associations in Normandy and Hauts-de-France will receive a total of €120,000, financed by revenues from three RWE wind farms, to support public-impact projects in 2025.
CWP Europe formalised two major projects in Albania and Montenegro with backing from the European Commission, reinforcing the Balkans’ integration into the European energy market.
Elawan Energy secured two wind power projects totalling 92MW in Romania through a long-term public contract, strengthening its presence in the region with operations scheduled to begin in 2028.
A study conducted in the Gulf of Lion highlights the risk of collisions between migratory birds and floating wind turbine blades, as the region prepares to host 19 additional turbines by 2031.
Taaleri Energia’s SolarWind III Fund partners with Lords LB Asset Management to develop a 112 MW onshore wind project in Smiltene, scheduled for commissioning in early 2027.
The Dinawan Wind Farm project, first phase of a 1.3 GW energy hub, was selected in the fourth tender round of the Capacity Investment Scheme launched by the Australian Government.
RWE has completed construction of the Kail wind farm, comprising three turbines totalling 12.9 MW, marking its first commissioning in Rhineland-Palatinate.
Ignitis Group has officially submitted its bid to develop a 700 MW offshore wind project in the Baltic Sea, under a Lithuanian state-supported tender scheme.
Ignitis Renewables acquires the remaining stake from Ocean Winds in the Curonian Nord project, securing full ownership of this strategic development in the Baltic Sea.
Chinese manufacturer Ming Yang plans to build the UK’s largest wind turbine facility in Ardersier, with an initial £750mn investment and up to 1,500 jobs created by 2028.
German wind turbine manufacturer Nordex secured 2,170 MW in new orders between July and September, bringing its total volume to 6.7 GW over nine months.
Faria Renewables a finalisé l’acquisition de deux projets éoliens d’une capacité cumulée de 30,8 MW, consolidant son portefeuille d’actifs en Grèce et poursuivant son expansion stratégique sur le marché national.
Google has signed a power purchase agreement with Eneco to supply its Belgian data centre with wind energy from three wind farms totalling 54 MW.
Italian group Dolomiti Energia secures €200mn loan from the European Investment Bank to finance wind farms and modernise power infrastructure in two strategic regions of the country.
Wpd launches a crowdfunding campaign to support the construction of the Bréhand wind farm, aiming to raise €400,000 from residents with a fixed annual interest rate of 7%.

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