Global Offshore Wind Market Report 2024

This year’s report, created by ERM in collaboration with Norwegian Energy Partners (NORWEP), provides insights into major industry trends with detailed market and regional overviews.

The Global offshore wind industry is facing harsh headwinds as mature markets are struggling with significant cost increases, supply chain constraints and policy changes, leaving some projects stranded. Project cancellations together with challenging permitting processes have reduced portfolio growth rates seen earlier. The total portfolio of projects rose only slightly by 66 GW to 1 516 GW. At the same time, during the last year, projects with a route to market has grown from 93 to 97 GW while 11 GW was installed over the last 12 months.

While markets across all regions are at risk of missing ambitious government targets due to current industry challenges, a record 50 GW of capacity was auctioned and near 5 GW of projects outside China entered full operations during last year. 12 GW are currently under construction while 5 GW of projects across Germany, Poland, the UK, the US and South Korea reached FID during the period.  Governments and regional policymakers (EU) are supportive of the industry, boosting auction volumes and increasing speed. More governments are considering offshore wind a major part of the electricity mix – spurred on by energy security concerns and net zero considerations. Hence, up to 380 GW of global offshore wind capacity could be operational by 2034, more than 5 times the current capacity installed.

This year’s report shows the mixed signals arising from current market challenges and the supportive efforts by many governments to meet the industry concerns with changing requirements, support regimes and higher auction volumes.

We wish you a good read!

Please note that NORWEP Global Offshore Wind market report is only available to our partners. Interested in becoming a partner? Find out more.