Global Wind Markets in 2024

As renewable energy generation intensifies several markets are positioned as well established in the sector as well as new and emerging countries that have ambitious plans for the future. With technological advancements, supportive policies, and increasing investment, we are poised to see continued growth in the sector. Here at Youwind, we have identified several markets that are leading the push and others that are just starting in their efforts to develop offshore wind.

United Kingdom: Leading the Charge

The United Kingdom remains positioned as an early adopter of offshore wind energy. Given a well-established infrastructure system and ambitious government targets, the UK is expected to continue growing. It is expected that they will reach 50 GW of offshore wind capacity by 2030, with several ongoing large-scale projects.

The most impressive project is the Dogger Bank Wind Farm, expected to be the largest in the world, followed by the Hornsea Project Four.

The framework in place in the UK together with strong government support and a mature supply chain make the UK an attractive market for developers and investors.

UK Development Zone; Source Youwind Platform

United States: Accelerating Growth on the East Coast

The United States is rapidly emerging as a key player in the offshore wind industry, with several projects in the pipeline on the East Coast. With the commitment to achieving 30 GW of offshore wind capacity by 2030, the U.S. market is ready for growth in the coming years.

Some of the big projects that are on the way are, Vineyard Wind and Ocean Wind, with several more in the pipeline, including the Empire Wind and Revolution Wind farms, with capacities of 2 GW and 700 MW respectively. 

The U.S. is also one of the key drivers of floating offshore technology and with the potential that it has, the US is stately positioned to become a powerful force in this sector.

China: Scaling Up in the Asia-Pacific

China has recently become a strong force in the offshore wind sector as it now has the the largest installed capacity. The government continues to have ambitious targets, and growth in the following years is expected.

Continued developments in the Guangdong and Jiangsu provinces paired with significant investment in floating technology ensure China will continue to be at the forefront of offshore wind.

Japan: Emerging Potential in Floating Wind

Japan is starting to attract attention from world markets as it is pushing heavily for development in floating offshore wind technology, because of their lack of shallow waters. The Goto Islands project, Japan’s first commercial-scale floating wind farm is a good example of their push for this technology.

The government's plan to move away from nuclear energy paired with its ambitious plan for offshore development, places Japan as a very exciting country.

Australia: An Emerging Offshore Wind Frontier

Australia is rapidly accelerating its push for offshore wind as the government seeks to move away from fossil fuels and towards renewable energy sources. With a vast coastline, Australia is very well positioned to become successful in the offshore wind sector, with many projects in the pipeline.

One of the more interesting projects has just secured feasibility licenses to develop large-scale wind farms off the coast of Gippsland, Victoria. These projects, with a potential combined capacity of 4.8 GW, are expected to be completed in phases starting from the early 2030s.

Australian Development Zone: Source; Youwind Platform

Colombia: A New Market in Latin America

Colombia is emerging as a strong force in the offshore wind market in South America because of the government's belief in this renewable energy source combined with its good access to wind resources.

Early development has been focused on the northern Caribbean Coast with several projects in the pipeline. 

South Korea: Strategic expansion in Asia

South Korea is strongly positioning itself as a strong contender in the offshore wind sector, driven by the government's efforts to promote this renewable energy source combined with large investment.

Some of the most notable projects in the pipeline include the Jeju Island Offshore Wind Farm and the ambitious Southwest Offshore Wind Project.

The government has ambitious plans to install 12 GW of offshore wind capacity by 2030 which is a strong indicator of the government's ambition for the sector.  

As we look forward to the coming year with continued advancement in offshore wind technology, paired with increasing support from state and local governments and growing demand for this exciting form of renewable energy generation we can foresee continued growth within the leading markets and even new emerging ones such as Spain, Portugal, and others.

If you would like to learn more about the role that Youwind is playing in the continued growth of the offshore wind sector and how it can help you in your next development project, don’t hesitate to reach out.