Orrick's 2025 Global Offshore Wind Report: Decarbonization Goals Buoy Offshore Wind

Global momentum toward decarbonization has fueled steady growth in offshore wind.

Forecasters see the industry growing 28 percent worldwide in the five years ending in 2028. They expect developers to add 138 GW of capacity in that time, spurred on by decarbonization commitments and energy-transition innovations.

Signs abound of robust global growth in the next few years

• Annual offshore wind additions are likely to triple by 2028 from 2023 levels.
• New installations are likely to generate 37 GW by 2028, more than triple the amount added in 2023.
• Global capacity of 75 GW in 2023 is predicted to increase by 138 GW by 2028.

The goal of world leaders to triple renewable capacity by 2030 sets the stage for growth for the next few years, but challenges remain.

Inflation, supply-chain constraints and increased capital costs have buffeted the sector in recent years. Some obstacles have receded, but lingering inflation and uncertain public support in some markets may affect the investment and development landscape, including in the United States where recent changes in federal policy may delay some future offshore project development.

Developments by Country

Against this backdrop, Orrick’s Global Offshore Wind Report for 2025 delves into trends and developments from more than 30 countries.

The report details market-specific regulatory frameworks, including details on licensing and permitting. Investors, developers and other market participants also can consult the report to:

• Explore decarbonization goals, incentive schemes and auction and tender rounds.
• Get an overview of projects in Asia and Europe, which account for 85 percent market share in offshore wind in 2024 and 2025, and in North and South America.
• Discover details on grid connections, green hydrogen projects and broader market trends.

The report provides information from 31 countries, from offshore wind pioneers like Denmark to development leaders in China to more recent market entrants in places such as Colombia, Estonia and the Philippines.

Orrick’s Global Offshore Wind Practice

Our global offshore wind team is collaborating on a range of mandates across Asia, Europe and the United States. Some of our credentials are included in the report. We are proud to assist our clients with their significant projects in the offshore wind sector and look forward to continuing this work and helping move the sector forward in the years to come.