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At least 410 GW of new offshore wind capacity will be installed in the next 10 years globally, bringing offshore wind deployment in line with global targets to install 380 GW by 2030, a new report said on Monday.  

This anticipated growth will be driven by the arrival of the next wave of offshore wind markets like Australia, Japan, South Korea, the Philippines, Vietnam, Brazil, Colombia, Ireland, India and Poland, according to the 'Global Offshore Wind Report 2024'.

The majority of the capacity addition would come at the turn of the decade, with two-thirds installed between 2029 and 2033.

This rapid expansion of deployment must be built on a growing collaboration between industry and government and the creation of streamlined and effective policy and regulatory frameworks, the report mentioned.

"Policy progress – especially across the Asia-Pacific region and the Americas – has set us on course to regularly install record-breaking capacity annually, and pass the 380 GW target set up by the Global Offshore Wind Alliance," said Ben Backwell, CEO, Global Wind Energy Council.

That means offshore wind is on course to achieve the tripling ambition set at COP28 in Dubai, he added. In 2023, despite the macroeconomic challenges faced by the sector in some key markets, the wind industry installed 10.8 GW of new offshore wind capacity, taking the global total to 75.2 GW. New capacity increased 24 per cent in the previous year, a growth rate the Global Wind Energy Council expects to see continue up to 2030, if the present increase in policy momentum continues.

"Governments around the world are choosing offshore wind for their people and their economies. We have reached the point in mature markets where the technology is now proven to have the ability to save households money versus conventional energy sources," said Rebecca Williams, Chief Strategy Officer–Offshore Wind, GWEC.