The offshore wind industry’s global installed capacity is set to rise eight-fold, to exceed 250 gigawatts (GW) by 2030, with $810bn set to be poured into the sector between now and the end of the decade, a new Rystad Energy report suggests.
The cumulative installed capacity of global offshore wind projects climbed to 33 GW in 2020, nearly tripling in size since 2016. Rystad expects the world’s installed capacity to hit an estimated 109 GW by 2025 and rise further to 251 GW by 2030, growing by 22% a year on average.
Rystad is expecting 2030 will be an inflection point when offshore wind capex will be on par with offshore oil and gas greenfield capex – excluding exploration work, at about $100bn.
“The colossal level of investments anticipated in the offshore wind industry this decade reflects the ambitious targets set by companies and governments alike. As the market matures and economies of scale are achieved, investments could surge further, sparking even more installed capacity,“ said Petra Manuel, offshore wind analyst at Rystad Energy.