The global offshore wind industry is forecast to add 380GW of capacity by 2032, nearly half of which will come from the Asia-Pacific (APAC) region, according to industry body the Global Wind Energy Council (GWEC).
The APAC region, along with a number of other new countries turning to offshore wind for their energy needs, represents the next frontier for the industry. Around 180GW of additional capacity has been identified in the APAC region outside of China, with Australia alone accounting for more than 50GW, according to the Global Offshore Wind Report 2023. That would abate approximately 650 megatonnes of CO₂ and generate clean electricity equivalent to three-times Australia’s total energy consumption in 2022.
Go deeper with GlobalData
Global capacity additions have fallen year-on-year on the back of supply chain disruptions and increasing costs, with 8.8GW of offshore wind connected to the grid in 2022. While increasing its forecast for APAC, GWEC has downgraded its near-term forecast for Europe and North America by 17% due to delays caused by permitting and other regulatory issues, while supply chain bottlenecks remain a risk for every region except China. However, GWEC’s longer-term forecast predicts strong global growth returning from 2028–32.
“This report outlines that the potential is there for record growth every year from now on. This would deliver a transformed, clean, secure energy system – particularly in the Asia-Pacific region,” said GWEC CEO Ben Backwell, in a press statement. “However, governments and industry across the world will need to work together if this potential is to be realised, while trade and industrial policies will need to focus on partnership and collaboration to deliver investment and growth.
“Governments and industry will need to face head-on the challenges the sector faces around supply chain, permitting and policy in order to build future-proof markets. By solving these challenges we can build a strong, resilient global offshore wind industry that can provide a clean and secure foundation for economies around the world, and ensure we meet our climate targets.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
