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.

With 816 MW of capacity and 140 turbines, Colbún’s Horizonte wind farm launched its commercial phase in early September after a gradual deployment over several months.
VSB Germany is developing over 800 megawatts of wind, solar, and storage projects, with 20% originating from repowering, confirming an investment strategy focused on optimising existing assets.
Danish group Ørsted will raise new funds through a rights issue to strengthen its financial structure and cover needs linked to the full ownership of the Sunrise Wind project.
Norway has received two bids for offshore sites in the Utsira Nord zone, marking a key step in the country’s floating wind development.
EDP Renováveis has completed the sale of twelve operational wind farms in France and Belgium to Amundi Transition Energétique for an enterprise value of €200mn ($215mn).
Octopus Energy has signed a strategic agreement with Ming Yang Smart Energy to deploy up to 6 GW of wind projects in the UK, combining software technology and turbines to boost local capacity.
The US government has requested the judicial cancellation of the federal permit granted in 2024 for an offshore wind project, citing impacts on commercial fishing and maritime rescue operations.
Vattenfall commits new investment to the Clashindarroch II onshore wind project, a 63MW site in Scotland set to begin construction in 2026 and deliver first power in 2027.
Alerion Clean Power enters the Irish market through the acquisition of an onshore wind farm in County Tipperary, as part of its 2025–2028 industrial plan.
Driven by China's acceleration, global wind capacity is expected to reach 170 GW in 2025, paving the way for a doubling of installed capacity by 2032.
Ocean Winds reaches a new milestone with the installation of the first foundation at the Dieppe – Le Tréport offshore wind farm, which will comprise 62 turbines supplying nearly 850,000 people.
Pennavel and BrestPort strengthen their partnership around the South Brittany floating wind project, aiming to structure industrial operations from 2030 at the EMR terminal of the port of Brest.
Van Oord has completed the installation of 109 inter-array cables at the Sofia offshore wind farm, marking a major logistical milestone for this North Sea energy infrastructure project.
Italian producer ERG will supply 1.2 TWh of energy to Rete Ferroviaria Italiana starting in October, marking a step forward in structuring the national PPA market.
The Chinese turbine manufacturer has signed a strategic agreement with Mensis Enerji to develop an initial 4.5 GW wind power portfolio in Turkey, strengthening its position in a fast-growing regional market.
The Trump administration plans to revoke federal approval of the New England Wind project, jeopardising offshore wind contracts representing 2,600 MW of capacity off the northeastern US coast.
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.

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