GLOBAL OFFSHORE WIND REPORT 2023 GLOBAL WIND ENERGY COUNCIL Leading Sponsor Supporting Sponsor Associate Sponsors GWEC.NET Table of Contents Foreword Executive Summary Part 1: Offshore Wind Enablers Part 2: Technology Market Status 2022 Markets to Watch Market Outlook 2023-2032 Appendix 2 6 13 41 52 59 90 108 GLOBAL WIND ENERGY COUNCIL Global Wind Energy Council Rue de Commerce 31 1000 Brussels, Belgium info@gwec.net www.gwec.net Lead Authors Rebecca Williams, Feng Zhao Contributors and editing by Ben Backwell, Joyce Lee, Amisha Patel, Maf Smith, Mark Hutchinson, Anjali Lathigara, Wanliang Liang, Esther Fang, Thoa Nguyen, Ben Hubbard, Marcela Ruas, Ramon Fiestas, Wangari Muchiri, Liming Qiao, Thang Vinh Bui, Eunbyeol Jo, Nadia Weekes Published Additional contributions Design SER Colombia – Asociación Energías Renovables, Associação Brasileira de Energia Eólica e Novas Tecnologias (ABEEólica), Japan Wind Power Association, Renewable Energy Institute – Japan, Korea Wind Energy Industry Association, China Wind Energy Association, South African Wind Energy Association – SAWEA, Clean Energy Council (Australia), American Clean Power, Canadian Renewable Energy Association − CanREA lemonbox www.lemonbox.co.uk 28 August 2023 GWEC | GLOBAL OFFSHORE WIND REPORT 2023 1 Foreword Welcome to the Global Offshore Wind Report 2023 Rebecca Williams Head of Global Offshore Wind, Global Wind Energy Council The 2023 Global Offshore Wind Report marks a new frontier in the global growth of offshore wind. Our analysis shows that over 380 GW of offshore wind capacity, across 32 markets, is predicted to be added in the next ten years. There are plans in place for offshore wind to provide large-scale, renewable energy in every continent in the world, save for Antarctica. This is excellent news for the planet and an increasing number of communities that want clean, reliable electricity to power lives, develop local economies and boost industrial growth and jobs. For the 2023 edition, we are launching the report at the inaugural GWEC Asia Pacific Offshore Wind and Green Hydrogen Summit in Australia. This new, annual event recognises the huge offshore wind opportunity for the Asia Pacific (APAC) region. Indeed, our report shows that nearly half of all offshore wind installed worldwide in the next ten years will be in this region, from an ever-greater number of new offshore wind markets. As more countries in APAC pledge to work towards carbon neutrality, there is a growing demand for renewable energy sources, such as offshore wind. Whilst China continues to be the biggest single market in the region, we are forecasting capacity additions in an increasingly diversified set of markets. Our outlook shows more than 180 GW capacity of offshore wind project pipeline identified outside of China. This year alone, we have so far electricity business licences (EBL) and is developing a ‘dual-track’ system for offshore wind development; and the Philippines is moving towards its first Green Energy Procurement auction for offshore, which could be as early as next year; from humble offshore wind beginnings, Australia now has a pipeline of 50 GW of capacity, with the event host city, Melbourne, in the state of Victoria, recognised as the epicentre of the Australian offshore wind industry. The central challenge governments and industry now face in this region is realising this potential. APAC is poised for growth but the market Achieving the rollout of offshore wind at this scale in the APAC region will require unprecedented collaboration and cooperation between governments and industry. seen important breakthroughs in several markets: Bangladesh announced plans for its first ever offshore wind project; Vietnam published the Power Development Plan 8, that sets an offshore wind target of 6 GW by 2030 and 70–91.5 GW by 2050; South Korea granted over 20.8 GW of offshore wind alone will not deliver in its current state. Achieving the rollout of offshore wind at this scale in the APAC region will require unprecedented collaboration and cooperation between governments and industry. While the stage may be set for APAC growth, in both Europe and the US 2 GWEC.NET Foreword the industry is dealing with some acute growing pains. Challenges such as inflation, increased capital cost and the supply chain crunch have been brought into sharp relief in markets that have prioritised race-to-the-bottom pricing schemes. Meanwhile,