Global offshore wind investment is set to surge in the last decade, with total capital spending on projects in the industry more than doubling to $102 billion by 2030. The push to increase the number of projects and investments to $46 billion from $46 billion in 2021 comes as countries around the world seek to transition to cleaner energy to meet their carbon neutrality goals, the Oslo-based consultancy said.

Offshore wind power has new progress

Anubhav Venkatesh, offshore wind analyst at Rystad Energy, said: “The offshore wind industry will experience substantial growth this decade, with more than 265 gigawatts expected to operate by 2030.” As the world moves towards a greener energy mix, offshore wind Investments in the industry will soar, and there will be plenty of profit opportunities for suppliers. "

Demand for renewable energy is increasing as climate change and global warming accelerate as countries seek to address sustainable development challenges and achieve net-zero emissions targets. Growth in renewable energy capacity is expected to pick up pace over the next five years, accounting for nearly 95% of global electricity capacity growth by 2026, according to the International Energy Agency. In terms of potential renewable energy expansion, wind capacity is only behind the solar PV industry. Total offshore wind capacity is expected to more than triple by 2026, with 21 gigawatts of new capacity added globally, the Paris-based agency said in an April report. The IEA said it would be a major milestone when new additions to offshore wind are expected to account for one-fifth of the global wind power market.

During this decade, the main driver of growth will be the significant increase in installed capacity in Europe, which cements the region's global leadership in offshore wind. Capital spending in Europe is expected to more than triple by 2030 compared to 2021 to $53 billion. The Americas have been slow to enter the offshore wind market, but this is expected to change. The region is expected to spend $3.3 billion in 2022, up from $700 million in 2021. By 2030, spending is expected to reach nearly $15 billion.

Europe currently leads the world with the largest number of installations, with more than 26 GW of operating capacity, accounting for more than 50% of the global total. With more than 57 gigawatts of installed capacity expected to be installed in Europe by 2026, Danish giant Orsted is expected to remain the leading offshore wind developer in the region. More than 8,500 turbines are expected to be in service in Europe by the end of 2026. Keywords: engineering news, overseas news

The U.S. is also gearing up for a wave of project commissioning in 2030, Rystad said, as it targets 30 gigawatts of offshore wind operating capacity, although the country may fall short of that, installing only about 21 gigawatts.