Outlook for growth in offshore wind market ‘remains strong’

Ahead of WindEnergy Hamburg 2024, Clarksons Research released a range of data points profiling the offshore wind sector. Reviewing the data, Clarksons Research managing director Steve Gordon said the underlying data in the offshore wind sector is ‘positive.’

Mr Gordon said the long-term outlook for the growth of the sector “remains strong, despite inflationary challenges of recent years.”

According to Clarksons Research, 76 GW of offshore wind capacity is active globally, equivalent to 13% year-on-year growth. The leading country by capacity is China, with 37 GW, 139 windfarms, and around 6,500 turbines, followed by the UK with 15 GW, 48 windfarms and around 2,800 turbines and Germany, 8 GW, 29 windfarms and circa ~1,600 turbines. “There are now 20 countries with active offshore wind capacity, and we expect this to increase to 32 by 2035,” said Mr Gordon.

“We are projecting global growth in the offshore wind market of between 17% (+11.8 GW) and 35% (+29 GW) in the period 2024/2025. We forecast active offshore wind capacity will reach around 450 GW and over 40,000 turbines globally by 2035, supported by the underlying energy transition and energy security trends.”

Clarksons Research says offshore wind energy is projected to account for between 7% and 9% of the global energy mix by 2050, up from just 0.4% today. “Investment in new offshore wind projects has remained positive, with US$28Bn having been committed globally in the year to date following a near-record US$58Bn last year, including a record US$33Bn in Europe.

Mr Gordon said European wind vessel markets remained strong through the summer of 2024. Day rates for wind turbine installation vessels and walk-to-work vessels were up by between 25% and 35% year-on-year across the peak season, and the outlook for both markets appears positive.