BAKU, Azerbaijan, March 10. The global offshore wind industry is set for a significant rebound in 2025, with capacity additions expected to reach 19 GW and sector-wide spending projected at $80 billion, according to an outlook made by Rystad Energy, Trend reports.
This recovery follows a slowdown in 2024, where new installations dropped to 8 GW, 2 GW lower than the previous year. A surge in lease auctions, particularly in Mainland China, is driving the growth.
Despite the increase in capacity, uncertainties remain, especially regarding lease agreements. In 2024, 55 GW of offshore wind capacity was offered globally, though not all of it has been awarded. The US, for example, saw no bids for a 3-GW floating wind auction in Oregon. Lease offerings are expected to decline in 2025, with 30-40 GW projected.
The US federal policy, particularly President Trump’s memorandum halting new leasing and approvals on the Outer Continental Shelf, continues to create uncertainty, impacting ongoing projects and delaying new developments. However, certain projects, like Red Rock Power’s Inch Cape in the UK and Equinor’s Empire Wind 1 in the US, made progress in 2024, securing financial close and contracts, which boosts investor confidence.
In Europe, the UK, Poland, and Germany are expected to lead the way with 9.5 GW of projects reaching final investment decisions (FID) in 2025, particularly in Poland, where major wind farms are on track for approval.