Global offshore wind capacity is still growing slowly, despite being hindered by delayed permission procedures, postponed auctions, and sluggish supply chain issues. This is because offshore wind power is essential to the global effort to reduce carbon emissions.

The offshore wind capacity gain of 7% last year is expected to expand to 9% this year, with 11 GW of new installations installed by year's end, according to a recent study by Oslo-based Rystad Energy.

With the exception of mainland China, the industry is predicted to produce more than 520 GW by 2040 and is seen as essential to the global energy transition. Ninety GW of it will be derived from floating capacity, with around sixty-five GW coming from Europe.

According to Rystad's researchers, by 2030, the current floating wind power of less than one gigawatt will have increased to around 7 GW. However, the industry has the same supply chain challenges as the bottom-fixed segment; thus, the company stated that further government backing is essential. By the end of this decade, Asia (except from mainland China) is expected to add 2 GW of floating offshore wind power, with the UK, France, and Portugal likely to lead the way with 5 GW of construction.

Between 2025 and 2030, the Americas are expected to see rapid expansion, with the region's total capacity likely to surpass 2 GW. But the political environment in the US will determine the sector's future. According to Rystad, a new administration might potentially obstruct the development of offshore wind if the Republicans win the next election.

The offshore wind industry is growing rapidly worldwide, according to Petra Manuel, Senior Analyst at the company for Offshore Wind, who also noted that rising investment and auction activities are driving this expansion. Supply chain bottlenecks, however, pose serious obstacles to the industry's further growth.