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Global Offshore Wind Sees Record Growth, Investments, and Construction in 2024

The Global Offshore Wind Report 2024 by World Forum Offshore Wind (WFO) highlights major growth in the offshore wind sector. A record-breaking 69 GW of offshore wind lease capacity was awarded globally in 2024, with projections of 79.8 GW for 2025. Australia led with 25 GW awarded in Gippsland Bay and plans for another 34.3 GW next year. However, some regions saw setbacks—Denmark had to re-tender its Nordsøen I auction with subsidies, and U.S. plans were disrupted by past policy changes.

Cumulative offshore wind capacity is forecast to reach 394.4 GW by 2033, with Europe contributing 45%. In 2024, 11 GW of new capacity was added, bringing global operational capacity to 78.5 GW—half of which is in China. A total of 31 wind farms began operations, mainly in Asia.

The turbine market saw 22.9 GW in contracts awarded. Siemens Gamesa led with a 23% share, followed by Vestas and Ming Yang. Chinese OEMs are focusing on larger turbines, while others aim for cost-efficient production.

Project investments hit a record $11 billion, with large transactions like Dominion Energy’s $3B sale and RWE’s $1.2B acquisition. Meanwhile, 23 GW is under construction worldwide, led by China, UK, and the U.S., reflecting the sector’s rapid global expansion.