Windfarm Trends: 380GW of offshore wind capacity will be added across 32 markets over the next 10 years (2023-2032)

The Global Wind Energy Council (GWEC) expects 380GW of offshore wind capacity across 32 markets to be added over the next 10 years (2023-2032). Many are using the year 2030 as a deadline for their carbon-reduction goals.

Of the 37GW of offshore wind capacity expected to be built in Europe between 2023 and 2027, 41% is likely to be in the UK, 16% in Germany, 9% in the Netherlands, 8% in Poland, 8% in France, which installed its first large-scale offshore wind farm at Saint Nazaire in 2022, and 6% in Denmark. Italy also inaugurated its first commercial offshore wind project in 2022.

The US, which currently has only 42MW of offshore wind capacity online, is investing heavily in the pipeline where the Biden administration’s goal is to achieve 15GW of capacity from floating offshore wind by 2035, in addition to the 30GW by 2030 from fixed-bottom technology, cutting carbon emissions by 26mn metric tons annually.

Half the world’s wind installations in 2023 are expected to be in China, where unprecedented levels of investment are being made in renewable power by the leader, Xi Jinping, to reach carbon neutrality in energy by 2060.

Elsewhere in Asia Pacific, Taiwan is targeting 5.7GW by 2025, South Korea 12GW by 2030, and Japan 10GW by 2030. India has set a target of 37GW by 2030 (see map).

Australia’s fledgling offshore wind sector also looks poised for significant growth, with the country having the potential to generate 2,000GW of power. Six regions have been earmarked for offshore wind development, with the state of Victoria leading the way and setting a target of 9GW by 2040.

In Latin America, the potential of Brazil’s offshore wind power is estimated at 700GW, and applications for 183GW of offshore wind projects have been presented to the country’s federal environmental licensing agency, Ibama, while Colombia has identified 50GW of offshore wind development potential and has announced plans for the country’s first auction for offshore wind projects.

Source: Allianz Offshore Wind Report 2023

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