Visualized: Offshore Wind Installations by Region (2023–2033)
In order to meet the 1.5°C trajectory outlined in the Paris Agreement, the world will need 380 GW of cumulative offshore wind capacity by 2030, expanding to 2,000 GW by 2050. But can it be achieved?
The Global Wind Energy Council (GWEC) projects the upcoming offshore wind installations for each region in their Global Offshore Wind Report 2024.
This streamgraph, created in partnership with the National Public Utilities Council, shows the offshore wind installations of each region from 2023–2033, as projected by GWEC.
The Future Projections
The GWEC states that annual offshore wind installations will move from 10.9 GW in 2023 to 66.0 GW by 2033. The growth will elevate offshore wind’s share of new wind power installations from today’s 9% to at least 25%.
In 2033, Europe and China are expected to lead, with 43% and 30% of global installations, respectively. The U.S., despite its ambitious goals, will contribute just 8% of new capacity in the same year.
Here is a regional breakdown of projected future offshore wind installations in GW.
Asia Pacific excludes China
The U.S. has already taken strides, bringing online its first utility-scale project, Vineyard Wind 1, which added 0.8 GW to the grid.
California leads the U.S. efforts, targeting 25.0 GW in cumulative capacity by 2045, followed by New Jersey at 11.0 GW. Despite its smaller population, Maryland aims to nearly match New York’s 9.0 GW with a target of 8.5 GW.
With over 25 GW in various stages of development, the Biden administration’s goal is 30 GW by 2030, and has aspirations for 110 GW by 2050. The Inflation Reduction Act, passed under the same administration, previously allocated $392.5 billion in clean energy and climate spending.
The Economic Benefits of Offshore Wind
The American Clean Power Association (ACP) projects that the high scenario of an installation rate of 3 GW per year, with 60% domestic content, could generate $25.0 billion annually and support over 83,000 jobs by 2030.
Recent area lease auctions, such as those in the New York Bight and Carolina Long Bay, have fetched record-breaking bids totaling over $4.3 billion.
Decarbonization requires sustained effort, but with strategic investments and a commitment to innovation, offshore wind could be the wind beneath the wings of a sustainable energy future.
Learn more about how electric utilities and the power sector can lead on the path toward decarbonization here.
