Global offshore wind capacity is forecast to grow more than 10-fold, but with several hurdles ahead

The global offshore wind capacity is forecast to grow more than 10-fold towards 2040, but the road ahead has several bumps including inflation, possible supply chain bottlenecks and a lack of long-term visibility.

Last week, Aegir Insights' Head of Research Maria Holm Bohsen presented a keynote overview of the global offshore wind markets at Asia Wind Energy Association's 11th Asia Offshore Wind Day in Tokyo, reflecting on the tumultuous year suffered by the sector globally in 2023, and delving into the challenges and opportunities ahead worldwide.

Among the highlights of her talk were:

• A tumultuous 2023 in the offshore wind industry has resulted in a shift in strategy with developers moving from broad global site hunting to focusing on mature markets and technologies.
• Auctions will be the dominate way of securing new sites, and 2024 will be a record auction year where especially European governments could end up competing for developer attention and bidding.
• However, the front-running region Europe is set to be overtaken by APAC in terms of installed capacity, which is led by China’s build-out and the “fast follower" plays in Asia-Pacific region, including Taiwan, South Korea and Japan, as well as Australia.

Global offshore wind intelligence by Aegir Insights

Reach out to us for more information on Aegir Insights’ intelligence offerings across global offshore wind markets and forecast capacity, including our Auction intelligence package where subscribing clients get an overview of all coming offshore wind auctions globally.