Global offshore wind installations to reach 520 GW by 2040, despite supply chain challenges and inflation.

Global offshore wind installations, excluding those in mainland China, are predicted to reach 520 GW by 2040, according to projections by Rystad Energy. Despite challenges such as inflationary pressures and supply chain disruptions, the offshore wind sector is expected to increase its new capacity additions by 7% year-over-year in 2023 and grow them by 9% to more than 11 GW this year. Floating wind capacity is predicted to approach 90 GW, largely from the UK, France and Portugal, with Europe accounting for over 70% of global floating wind installations. However, supply chain constraints could hinder this progress in the short term and capacity is estimated to reach less than 7 GW by 2030. The US, led by the US, will have close to 2 GW of installed capacity in 2025 and Asia, excluding China, will approach 28 GW.