KEY HIGHLIGHTS
The 2023 Global Offshore Wind Report marks a new frontier in the global growth of offshore wind. Our analysis shows that over 380 GW of offshore wind capacity, across 32 markets, is predicted to be added in the next ten years.
By working together, the industry and governments can create an environment that fosters innovation, investment and the development of a robust offshore wind supply chain. This approach is essential to meet the growing global demand for clean energy and make a significant positive impact on both the energy transition and environmental goals.
KEY POINTS
- 2022 was the second best year ever for the global offshore wind industry.
- A total of 64.3 GW of global offshore wind capacity across three continents and 19 countries was in operation by the end of 2022, accounting for 7.1% of global wind power installation.
- Over 380 GW of offshore wind capacity, across 32 markets, is predicted to be added in the next ten years (2023-2032)
- Nearly half of that growth is expected to come from APAC region, followed by Europe (41%), North America (9%) and LATAM ( 1%).
- New offshore wind capacity expected to be built in the APAC region 2023-2032 could abate approximately 650 Mt CO2 per year
- By 2026 GWEC Market Intelligence sees potential bottlenecks in every region of the world save for China. Further investment and global cooperation will be needed to address those bottlenecks.
Collaboration, policy and partnership
The central challenge governments and industry now face is realising offshore wind’s potential. The APAC region is forecast to deliver almost half of new capacity in the next decade, for example, but the market alone will not deliver in its current state. Achieving the rollout of offshore wind at this scale in the APAC region will require unprecedented collaboration and cooperation between governments and industry.
By working together, the industry and governments can create an environment that fosters innovation, investment and the development of a robust offshore wind supply chain. This approach is essential to meet the growing global demand for clean energy and make a significant positive impact on both the energy transition and environmental goals.
The outlook
Feeding 8.8 GW of new offshore wind into the grid made 2022 the second highest year in history for offshore wind installations.
The 8.8 GW of new installations brings the total global offshore wind power capacity to 64.3 GW, showing year-on-year (YoY) growth of 16% and representing 7% of global cumulative offshore wind installations.
GWEC Market Intelligence expects that over 380 GW of new offshore wind capacity will be added over the next decade (2023-2032), bringing total offshore wind capacity to 447 GW by the end of 2032. However, only one-third of this projected new volume will be added in 2023-2027, in part because challenging market conditions have pushed back offshore wind development in Europe and the US in the near term.
Contacts
Rebecca Williams
Head of Offshore Wind [email protected]
Alex Bath
Communications Director
[email protected]
