NORWEP Global Offshore Wind market report 2023

Governments are increasingly considering offshore wind as major part of electricity mix – spurred on by energy security concerns and net zero considerations. ​​

Offshore wind increasingly considered in combination with Hydrogen production and carbon reduction schemes in the O&G industry. ​​

New markets emerge across the world while Europe and the US are upping targets and speed. ​

​Continued growth in the development portfolio through large scale fixed-bottom and floating projects - it grew by over 700 GW from beginning of 2022 - to almost 1.5 TW in 2Q 2023​

Supply chain constraints, inflation and higher interest rates as well as slow area licencing with some high initial project costs could mean markets across all regions are at risk of missing ambitious government targets – and project development plans.​

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