The global offshore wind energy sector is entering a dynamic new phase marked by accelerating installations, rising investments, and expanding geographic reach — despite temporary setbacks in the near term.
According to GWEC Market Intelligence, nearly 48 GW of offshore wind projects were under construction by the end of March 2025. After a record-setting 2024, which saw 56 GW of capacity awarded through global auctions, the momentum continues with more than 100 GW expected to be auctioned globally in the next two years.
Despite this impressive pipeline, GWEC has revised its 2025–2029 offshore wind capacity forecast downward by 24 percent due to macroeconomic and policy-related headwinds. Yet, the long-term growth trajectory remains highly positive.
Annual offshore wind capacity additions are projected to surpass 30 GW in 2030 and hit 50 GW in 2033. Cumulatively, more than 350 GW of new offshore capacity is expected to be installed between 2025 and 2034, boosting global offshore wind capacity to 441 GW by the end of the period. Notably, the sector is expected to double 2024 installation levels by 2025 and triple them by 2027.
Asia-Pacific (APAC), led by China, has emerged as the dominant regional force, surpassing Europe in both annual and cumulative installations. With significant developments in South Korea, Japan, Vietnam, the Philippines, and Australia, APAC is forecast to contribute 60 percent of all offshore wind additions over the next decade.
Meanwhile, Europe, though stable in its trajectory, has seen its 2025–2029 outlook downgraded by 30 percent. The region is now unlikely to reach 10 GW in annual additions before 2030 or 20 GW before 2033.
In the United States, offshore wind growth has been hindered by a fragile supply chain and policy uncertainty, including delays in leasing and potential revocation of project permits. As a result, projected capacity additions through 2029 have been reduced to under 6 GW.
North America is expected to be the third-largest offshore market by 2034, followed by emerging activity in Latin America, where over 245 GW of capacity is currently in the environmental application phase in Brazil alone.
China and Europe, which accounted for 94 percent of global offshore wind capacity by end-2024, will see their combined market share decline to 89 percent by 2029 and 84 percent by 2034 due to the rise of new regional markets. However, both regions will remain key anchors of global offshore wind growth.
From an investment and strategy standpoint, the sector’s growth is contingent on narrowing the gap between national offshore wind targets and actual deployment rates. Key enablers for achieving the forecast growth include resolving permitting bottlenecks, strengthening supply chains, ensuring grid integration, and unlocking financing for large-scale projects.
GWEC’s forecasting approach reflects both ground-level project activity and broader national targets. Its short-term projections (2025–2029) rely on bottom-up analysis of ongoing construction, tender awards, and auction outcomes. The medium-term outlook (2030–2034) uses a top-down assessment of national commitments and policy frameworks.
With global attention focused on energy security and decarbonization, offshore wind stands out as a strategic pillar of the clean energy transition. If permitting, financing, and infrastructure gaps can be bridged, the sector is poised to enter an era of exponential growth — transforming the global energy mix in the process.
Baburajan Kizhakedath