Floating wind still going strong despite US policy turmoil

The United States’ shift in offshore wind policy is set to create a potential global installation shortfall of 26GW by 2035 as a result, according to TGS’ latest report.

The company said in its Quarterly Market Overview Report that the withdrawal of a major market like the US has significant implications globally, with developers and members of the supply chain forced to rethink investment strategies.

Despite these challenges, floating offshore wind continues its upward trajectory, with new auction awards defying broader market uncertainty. The analysis from the report forecasts installations to grow from 0.5GW today to 26.5GW by 2035.

TGS claimed that the technology remains resilient, benefiting from ongoing innovation and governmental support, particularly in Europe and the APAC region.

However, leading developer ambition overall shows signs of weakening due to increasing financial pressures and regulatory uncertainties, raising questions about who will lead the future offshore wind industry.

The report reveals that up to 70 developers will begin construction on their first project by 2030, showing a new wave of smaller, often more local, players is ready to drive the industry forward.

“We enter the second half of the 2020s at a turbulent time, with political uncertainty becoming ever more consequential,” commented Patrick Owen, lead author of the report, “And we are seeing some market shifts. As major developers’ ambitions waver, smaller and newer players are taking on greater roles in meeting national targets.”