Offshore wind power is having its 2nd best year and sees new markets, depending on the sector

The global wind industry installed 16% additional offshore capacity in 2023, the 2nd best year in its history, despite a difficult macroeconomic context, according to the annual report of GWEC, the sector association which sees the market expand beyond its traditional countries.

The sector connected 11 gigawatts (GW) of offshore capacity last year, 24% more than the previous year, to reach a total capacity of 2023 GW worldwide by the end of 75,2, according to Global Wind Energy. Council.

For the 6th consecutive year, China dominated with 6,3 GW installed in 2023. Europe had a record year, with 3,8 GW (11 new parks), notably in the Netherlands and the United Kingdom, and maintains the advantage over the emerging technology of floating wind power, underlines the report.

At the end of 2023, 41 GW and 34 GW were in service in Asia and Europe respectively, the two regions forming the bulk of global offshore wind capacity.

Due to immediate obstacles (inflation, rising materials prices), GWEC has reduced its installation forecasts for 2024-28 by 10% compared to last year's forecasts.

However, “governments and developers remain determined to develop offshore wind and medium-term market forecasts remain resolutely promising,” notes Feng Zhao, senior analyst at GWEC.

The organization expects more than 410 GW of new capacity built over the period 2024-2033. However, she estimates that the commercialization of floating farms (as opposed to wind turbines placed on the seabed, the current technology) should not occur before the end of this decade, with some 8,5 GW expected by 2030.

“The growth of offshore wind is now much more than a European, Asian or American story,” adds Rebecca Williams, Offshore Strategy Manager at GWEC, referring to the rise in power of certain countries.

“Japan, South Korea, Australia, the Philippines, Brazil, Colombia are today taking resolute actions to build a complete sector,” she underlines, referring to the allocation of a first park in Australia and pointing out “a new wave of markets in Europe, around the North Sea, the Baltic and the Mediterranean Poland sees it as a way to stimulate industrial growth, while Ireland has defined an ambitious development framework.

Illustrative image of the article via Depositphotos.com.