The global offshore wind industry added 8GW of new capacity in 2024, pushing total installed capacity to 83GW, according to the Global Wind Energy Council’s latest annual report.
A record 56GW of new capacity was awarded through auctions, while 48GW of offshore wind is currently under construction – also a record.
GWEC said this momentum demonstrates the sector’s long-term strength, with Deputy CEO Rebecca Williams describing offshore wind as “powering into a new era”.
She said: “With 83GW installed, offshore wind is already keeping the lights on for 73 million households, providing hundreds of thousands of jobs and boosting economic growth.”
The report forecasts annual installations to rise from 8GW in 2024 to 34GW by 2030, with growth accelerating to 55GW annually by 2034. However, GWEC lowered its short-term forecast by 24% due to failed auctions in the UK and Denmark, US policy instability, grid delays in Europe, and slow commissioning in Asia-Pacific.
GWEC called for auction reform, improved permitting and risk-sharing to address mounting macroeconomic challenges.
Williams added: “The path forward is clear and achievable – smarter auctions, better policies, and faster delivery.”
In 2024, China led offshore installations for a seventh year, followed by the UK, Taiwan, Germany, and France. The top five markets accounted for 94% of new additions. Denmark dropped out of the top five for the first time.
Cumulative floating wind capacity reached 278MW, led by Norway and the UK. Total offshore wind installations now represent 7.3% of global wind capacity.
GWEC expects global capacity to reach 441GW by 2034. China and Europe will remain dominant, though their market share will fall as growth accelerates in APAC, North America, and Latin America.
Mingyang Smart Energy president Zhang Qiying said collaboration across the global supply chain will be key to scaling deployment.
Iberdrola’s Hugh Elliott said: “Offshore wind plays a vital role in the global energy transition… unlocking its full potential requires supportive regulation to de-risk investments and ensure reliable project delivery.”