Global Offshore Wind Installations Projected to Exceed 520 GW by 2040

Global offshore wind projects have faced significant headwinds due to recent inflationary pressures and supply chain disruptions, exemplified by postponed permitting processes, delayed auctions and slow supply chain build-ups. Despite these challenges, the sector staved off challenges in 2023, seeing a 7% increase in new capacity additions compared to the previous year. This momentum is expected to accelerate this year, with new capacity additions expected to grow by 9% to over 11 gigawatts (GW) by the end of the year. Rystad Energy expects this…