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.

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%.
Danish group Orsted will cut a quarter of its workforce by 2027 and reduce its exposure to the United States, relying on a $9.4 billion recapitalisation to consolidate its development in Europe and Asia.
Developer Gwynt Glas enters development phase after signing a lease agreement with The Crown Estate, paving the way for a 1.5GW floating offshore wind project in Welsh waters.
From January 2026, the southern Polish city of Sosnowiec will power its municipal institutions entirely with renewable electricity under a public contract awarded to local provider Hekla Energy.
VSB France begins construction of its largest onshore wind project, a strategic 39.9 MW investment across two municipalities in Calvados, with commissioning scheduled for 2027.
Shell U.S. president stated that cancelling fully permitted wind projects severely undermines investor confidence in the energy sector.
TotalEnergies could bring EDF into the Centre Manche 2 offshore wind project after RWE’s planned withdrawal, strengthening the industrial and financial prospects of the two neighboring parks scheduled for 2032.
Envision Energy has signed an agreement to equip Kazakhstan’s largest wind power project, marking a strategic step in energy cooperation with TotalEnergies, Samruk-Energo and KazMunayGas.
The Swedish energy group aims to produce 9TWh per year with its Storlandet project, intended to meet rising demand from the mining and steel industries in the north of the country.
The two regional utilities join a JERA-led consortium to support the operation of the Ishikari Bay offshore wind farm, which entered service in early 2024.
Energy group Axpo is considering a new installation of three wind turbines in Wil, aimed at powering around 5,000 households and strengthening Switzerland's winter electricity production.
Encavis strengthens its wind portfolio in Germany with the acquisition of a Schierenberg project and the signing of four new partnerships with ABO Energy, for a joint total capacity of 106 MW.

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