Report Forecasts 380 GW Of Offshore Power By 2032

The 2023 Global Offshore Wind Report heralds a new era in the expansion of offshore wind power worldwide. The comprehensive analysis reveals a promising outlook, with a staggering 380 GW of offshore wind capacity poised for integration within the next decade, spanning 32 different markets.

Intriguingly, the year 2022 has been marked as the second-best year in the history of the global offshore wind industry. A substantial 64.3 GW of offshore wind capacity was operational by the close of 2022, representing 7.1 per cent of global wind power installations. This significant growth is a testament to the industry's dedication to achieving cleaner and more sustainable energy sources.

Crucially, this offshore wind expansion is expected to originate from the Asia-Pacific (APAC) region, with nearly half of the 380 GW growth anticipated. Europe will contribute at 41 per cent, followed by North America at 9 per cent, and LATAM at 1 per cent. The expected growth in the APAC region alone is forecasted to make an enormous environmental impact, decreasing roughly 650 million metric tons of CO2 annually, underlining the critical role of offshore wind in achieving global climate goals.

However, the report also sounds a note of caution, predicting potential bottlenecks in every region, except China, by 2026. This highlights the urgent need for increased investment and enhanced global collaboration to address these challenges effectively.

Cooperation between industry players and governments is paramount to harness the full potential of offshore wind energy and meet the surging global demand for clean energy. This collaboration will not only drive innovation but also encourage investments and the establishment of a robust offshore wind supply chain. Doing so can substantially advance the energy transition and achieve our environmental objectives. The 2023 Global Offshore Wind Report serves as a beacon, illuminating the path toward a cleaner, more sustainable energy future.