Offshore wind installed capacity reaches 83 GW as new report finds 2024 a record year for construction and auctions

25 April, Lisbon | The Global Wind Energy Council’s flagship Global Offshore Wind Report, released today, shows that the offshore wind industry added another 8GW of capacity in 2024, making it the fourth highest year ever. This brings total installed offshore wind capacity globally to 83 GW – enough to power 73 million households.  

Government auctions awarded 56 GW of new capacity globally last year, a record figure, while the industry is already constructing another 48 GW of offshore wind worldwide, also a record figure. The report highlights the significant policy and regulatory breakthroughs that are forming the next stage of offshore wind markets in countries including Japan, South Korea and the Philippines.  

However, despite the strong pipeline, the report shows that macroeconomic headwinds, failed auctions, supply chain constraints and increasing policy instability, particularly in the US, have contributed to a downgrading of GWEC’s short term outlook.   

The report warns that, whilst the fundamental case for offshore wind has never been stronger, the sector is facing an inflection point. GWEC recommends that industry and governments now need to urgently work together to redesign auction processes to focus on delivery and better risk sharing so that offshore wind can fulfil its vital role in providing large scale and secure clean power. The report also finds that the fundamentals of offshore wind have not changed, and the mid-term outlook remains strong. 

“Offshore wind is powering into a new era. With 83 GW installed, offshore wind is already keeping the lights on for 73 million households, providing hundreds of thousands of jobs and boosting economic growth." 

“The fundamentals of offshore wind remain rock solid, and countries around the world – from Brazil to Australia – are backing offshore wind to deliver clean, secure, home-grown energy at scale. In doing so, they are putting themselves at the leading edge of the next Industrial Revolution, one where growth and prosperity will be built through widespread electrification.

 

“Of course, the sector has faced challenges, and in particularly policy instability in the US has had a significant impact, as well as failed auctions in mature markets. But the path forward is clear and achievable – smarter auctions, better policies, and faster delivery.

 

“With record levels of construction and auctions, 2025 is a pivotal year. This is the moment for industry and governments to come together, knuckle down and deliver the next stage of offshore wind’s growth.” 

 

 

Rebecca Williams, Deputy CEO of the Global Wind Energy Council

GWEC’s Global Offshore Wind Report shows there is now 83GW of offshore wind capacity across the world, enough to power 73 million households. GWEC’s Market Intelligence team forecasts annual offshore wind capacity installations to grow from 8GW in 2024 to 34GW in 2030. However, GWEC’s short-term outlook is 24% lower than the previous year’s forecast due to a negative policy environment in the US and auction failures in the UK and Denmark. Adding to these challenges are transmission delays in Europe and slower commissioning in the APAC region, meaning that, while growth continues, it is happening at a slower pace.  

Annual growth rates are expected to be 28% until 2029, and 15% up to 2034, which, in capacity-terms, means the industry will still sail past the milestones of 30GW annually in 2030 and 50 GW by 2033.   

While near-term growth is concentrated in the already established markets in Europe and China, GWEC reports offshore wind pushing into new regions such as Asia-Pacific and Latin America. In Japan, South Korea, Philippines, Vietnam, Australia, Brazil and Colombia, government is working with the industry to establish policies and regulations to fast-track offshore wind. This signals policymaker commitment and sets the stage for the sector’s next wave of market expansion. 

"The 2025 Global Offshore Wind Report highlights global progress and the essential role of manufacturing and skilled trades in scaling the supply chain. Despite regional challenges, the industry advanced with major investments in foundation and tower capacity.

"Lincoln Electric is proud to sponsor this year’s report, as welding and advanced automation remain key to building the factories of the future.

 

"Congratulations to GWEC on 20 years of driving offshore wind forward." 

 

Steven B. Hedlund, Chair, President and Chief Executive Officer of Lincoln Electric