Market Outlook
Political commitment to net zero gathered global momentum at COP26 in Glasgow. Offshore wind power is poised to play a vital role on achieving carbon neutrality.
Coupled with renewed policy urgency for achieving energy independence from Russian oil and gas, and volatility in fossil fuel markets in general, the global offshore wind market outlook in the medium and long-term looks extremely promising.
With an expected compound average annual growth rate (CAGR) of 6.3% until 2026 and 13.9% up to the beginning of next decade, new annual installations are expected to sail past the milestones of 30 GW in 2027 and 50 GW in 2030. GWEC Market Intelligence expects that over 315 GW of new offshore wind capacity will be added over the next decade (2022-2031), bringing total global offshore wind capacity to 370 GW by the end of 2031.
Of this new volume, 29% will be connected Feng Zhao Head of Strategy and Market Intelligence, Global Wind Energy Council The Data: 2021 - The best year for the offshore wind industry GWEC.NET in the first half of the decade (2022- 2026). This still falls short of the 380 GW offshore wind installation target by 2030 set by GWEC and IRENA in its UN Energy Compact in 2021.
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