Abstract
Offshore wind is now poised for truly, global growth. 2023 was the second best year on record for offshore wind, with 11 GW installed. The gathering momentum of offshore wind played a key supporting role in achieving this record with another strong year of installations, along with plans for long term growth from the industry and governments around the world. This 2024 edition of the Global Offshore Wind Report demonstrates that the growth of offshore wind is now so much more than a European, Chinese, or American story.
The report finds that, despite macroeconomic trends such as the rise in commodity prices and interest rates, offshore wind remains cost competitive in comparison to other technologies. Our 2024 report shows that key offshore wind growth markets are taking important steps towards developing into maturing ones. GWEC is now seeing the rise of markets that were, until recently, considered to be ‘emerging markets’. Meanwhile, in mature markets where offshore now holds a significant position in the energy mix, the technology is now proven to have the ability to save households money compared to conventional energy sources.