Manya Rathore
Research expert covering India
Global offshore wind power market - statistics & facts
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 installed costs of offshore wind energy amounted to 2,800 U.S. dollars per kilowatt in 2023. In comparison, the installed costs of onshore wind power 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 2024, offshore wind energy capacity increased from 3.1 gigawatts to about 79.4 gigawatts. In that last year, the world added roughly eight 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 in 2022.Leading offshore wind markets
In 2024, China was by far the country with the highest offshore wind power capacity, with over 41 gigawatts installed as of the end of that year, which equates to roughly half of the total offshore capacity installed across the world. In 2024, China installed some four 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 15.9 gigawatts of offshore wind installations as of the end of 2024. The country is also home to some of the largest offshore wind farms worldwide, such as Hornsea 1 and 2.Offshore wind outlook
In 2024, a total of eight gigawatts of offshore wind capacity were added worldwide. Global offshore annual capacity additions are projected to range from 17.1 to 55.5 gigawatts from 2025 to 2034, 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.
