Offshore wind is booming! The global pipeline has almost doubled in the last 12 months.
While China and the UK retain 1st and 2nd place, their dominance is becoming less pronounced as we start to see rapid growth in other countries, such as the USA, Brazil and Australia.
It's good to see Australia on the chart. I thought ~35 GW sounded a bit optimistic so I checked AEMO's Generation Page, and that has the offshore wind pipe at 49 GW!
The global pipeline now stands at 1,174 GW across 1,417 projects in 38 countries, an increase of 508 GW in the last 12 months. Not all of this will be developed, but if it were, it could meed 20% of global electricity demand.
90% of the new offshore wind capacity that came online in 2022 was in China and the UK, taking the total installed capacity worldwide to 60 GW.
Since the invasion of Ukraine, there has been a global step change in demand for offshore wind. There is now fierce global competition for investment in not only wind farms, but also manufacturing facilities and supply chains.
