Skip to main content

Total installed offshore wind capacity will reach 330GW by 2031, up from 34GW in 2020, according to a new report by Wood Mackenzie. 

By 2030, Wood Mackenzie expects 24 countries to have large-scale offshore wind farms, up from nine today.    

Cumulative global capex spend in the sector is expected to hit US$1 trillion (€0.95 trillion) by 2031, the report forecasts. 

However, investors will no longer only be competing on price alone. 

Wood Mackenzie head of offshore wind research Soeren Lassen said: "Companies are now jostling to bag a share of the trillion-dollar offshore wind industry.

"The pipeline of proposed projects grew 66% last year and is now nearly three times as high as our projected forecast offshore wind capacity in 2030.

[Staff Report]

More: Global offshore wind capacity to 'reach 330GW by 2030'

Join our newsletter

Keep up to date with all the latest from IEEFA