4C is now TGS

We are excited to announce a significant milestone in 4C Offshore's journey. Our integration into the TGS family marks the beginning of a new era in offshore wind market intelligence.

Learn what this means for you!

Offshore wind industry poised for record growth following strong 2023

By: Chloe Emanuel 17/06/2024 The Global Wind Energy Council

General Turbines Windfarms

The offshore wind industry is on track for unprecedented global expansion, following a robust year in 2023 that saw significant installations and pivotal policy advancements. The Global Wind Energy Council (GWEC) reported that the sector added 10.8 GW of new offshore wind capacity, marking the second-highest annual increase and bringing the global total to 75.2 GW.

Despite macro economic challenges, the industry's capacity grew by 24% compared to the previous year. This growth trajectory is expected to continue, with GWEC forecasting the installation of 410 GW of new capacity by 2033, aligning with global targets of 380 GW by 2030. The majority of this expansion will occur between 2029 and 2033, driven by new markets in countries like Australia, Japan, South Korea, and Brazil.

GWEC emphasised the need for strong collaboration between industry and governments to establish effective policy and regulatory frameworks. Ben Backwell, CEO of GWEC, highlighted the significant policy progress, particularly in the Asia-Pacific and Americas, which positions the industry to achieve its ambitious targets set at COP28 in Dubai.

Rebecca Williams, Chief Strategy Officer for Offshore Wind at GWEC, noted that offshore wind technology has matured to the point where it can provide cost savings compared to conventional energy sources, driving its adoption in new markets.

Key industry figures, including Steven B. Hedlund of Lincoln Electric and José Oriol Hoyos of Iberdrola Renewables International, expressed their support for the GWEC’s report and underscored the importance of supply chain investment and technological innovation for future growth. Qiying Zhang of Mingyang Smart Energy also reiterated the crucial role of offshore wind in the global energy transition.

The GWEC’s "Global Growth Framework for Offshore Wind" outlines necessary steps for rapid industry development, focusing on finance, supply chain, permitting, and grid infrastructure. The report warns that the forecasted growth is at risk if these measures are not implemented.

The offshore wind sector is poised for a transformative decade, with significant contributions expected from emerging markets and sustained policy support driving the industry towards record-breaking growth.

For more information about offshore wind farm projects across the globe, click here.

Premium

4C Offshore Premium, our most popular subscription, gives you full access to use the 4C Offshore WebApp which includes exclusive offshore wind, transmission and vessel reports, news and downloads.

Request a 30 minute Demo

Offshore wind industry poised for record growth following strong 2023

Back to News

Trending News!