Global Offshore Wind Market Sails Away From US

The global offshore wind market is poised for another strong year in 2025, with 8 gigawatts of new capacity added in 2024, marking the fourth-highest annual installation on record. The total installed offshore wind capacity now powers approximately 73 million households worldwide. Additionally, offshore wind farms under construction reached a record 48 gigawatts, and governments globally set a new record for offshore lease auctions at 56 gigawatts. However, despite this robust pipeline, the industry faces significant challenges, particularly due to policy instability and supply chain constraints. The United States, despite its vast offshore wind potential—estimated by the National Renewable Energy Laboratory at 4 terawatts combining fixed-bottom and floating turbines—has notably lagged, dragging down the global market’s short-term outlook. The Global Wind Energy Council (GWEC) highlights that the US’s negative policy environment, alongside failed auctions in the UK and Denmark, has led to a 24% downgrade in the short-term growth forecast