In the last decade, the offshore wind industry has experienced enormous growth. Wind turbines installed at the sea have a greater potential to harvest energy than wind turbines installed on land. In comparison to onshore wind, offshore wind energy is considered to be steadier and stronger. However, its construction and maintenance costs are considerably higher. The
amounted to 3,461 U.S. dollars per kilowatt in 2022. In comparison, the
plants were roughly one third of that amount. Despite the higher costs, offshore wind has a great potential for harvesting non-polluting renewable energy.
Offshore wind energy worldwide
From 2010 to 2023,
offshore wind energy capacity increased from 3.1 gigawatts to about 72.6 gigawatts. In that last year, the world added over 10 gigawatts of offshore wind power, mostly in Europe and Asia. Generally, offshore wind farms are installed in shallow waters using bottom-fixed turbines. However, floating offshore wind structures are becoming more common, allowing the installation of wind turbines in deeper waters. Overall,
offshore wind energy investments worldwide reached 33.75 billion U.S. dollars.
Leading offshore wind markets
In 2023, China was by far the country with the highest
offshore wind power cumulative capacity, with over 37 gigawatts installed, which equates to roughly half of the total offshore capacity installed across the world. In 2023, China installed some 6.3 gigawatts of
new offshore capacity. Many European countries are also important markets for offshore wind, with the United Kingdom boasting the largest capacity. The UK had some 14.7 gigawatts of offshore wind installations as of end of 2023. The country is also home to some of the
largest offshore wind farms worldwide, such as Hornsea 1 and 2.
Offshore wind outlook
In 2023, a total of 10.85 gigawatts of offshore wind capacity were added worldwide. Global
offshore annual capacity additions are projected to range from 17.8 to 66.2 gigawatts from 2024 to 2033, with Europe and China leading the market. Offshore wind will account for a substantial portion of the world’s energy needs. A decrease in the global
levelized cost of electricity (LCOE) of offshore wind over the last decade as well as technological improvements like larger turbines and longer blades will help to fuel the growth of global offshore wind.
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