Floating offshore wind outlook

FLOATING OFFSHOREWIND OUTLOOK © IRENA 2024 Unless otherwise stated, material in this publication may be freely used, shared, copied, reproduced, printed and/or stored, providedthat appropriate acknowledgement is given of IRENA as the source and copyright holder. Material in this publication that is attributedto third parties may be subject to separate terms of use and restrictions, and appropriate permissions from these third parties may needto be secured before any use of such material. ISBN: 978-92-9260-612-1 Citation:IRENA (2024),Floating offshore wind outlook, International Renewable Energy Agency, Abu Dhabi. About IRENA The International Renewable Energy Agency (IRENA) serves as the principal platform for international co-operation;a centre of excellence; a repository of policy, technology, resource, and financial knowledge; and a driver of actionon the ground to advance the transformation of the global energy system. A global intergovernmental organisationestablished in 2011, IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy,including bioenergy and geothermal, hydropower, ocean, solar and wind energy, in the pursuit of sustainabledevelopment, energy access, energy security, and low-carbon economic growth and prosperity. www.irena.org Acknowledgements This report was authored by Jaidev Dhavle (IRENA) under the guidance of Francisco Boshell (IRENA), and RolandRoesch (Director, IRENA Innovation and Technology Centre). It also benefited from contributions and inputs by IRENA colleagues: Gayathri Prakash, Kenji Kato, Juan Pablo JimenezNavarro, Adrian Gonzalez, Simon Benmazzare, Paula Nardone, James Walker, Emanuele Bianco and Paul Komor. Valuable external review, inputs and comments were provided by: Lucy Craig (DNV), Jeremy Parkes (DNV), VineetParkhe (DNV), Kristin Berg (DNV), Sigurd Pettersen (DNV), Kjersti Myhre (DNV), Bente Pretlove (DNV), MagnusKillingland (DNV); Mayra Salazar-Rivera (Ørsted); Øyvind Vessia (Ørsted); Frederik Sigetty (Ørsted); Brita Woeck(Ørsted), Magnus Hornø Gottlieb (Ørsted), Emil Damgaard Grann (Ørsted), Sara Johnson (Floatation Energy),Allan MacAskill (Floatation Energy), Louise Efthimiou (World Forum Offshore Wind), Anjal Mehta (World ForumOffshore Wind), Agni Argyri (World Forum Offshore Wind), Mareike Leimeister (Fraunhofer IWES), ChristopherWillow (RWE), Yuetao Xie (China Renewable Energy Engineering Institute), Yajun Ren (China Renewable EnergyEngineering Institute), Shuai Li (China Renewable Energy Engineering Institute) and Amisha Patel (GWEC). This report has also benefited and incorporates the inputs from Members of the IRENA Collaborative Frameworkon Ocean Energy and Offshore Renewables. Publications and editorial support were provided by Francis Field and Stephanie Clarke. Technical review wasconducted by Paul Komor. The report was edited by Lisa Mastny and designed by PhoenixDesignAid. IRENA is grateful for the generous support provided by Japan’s Ministry of Economy, Trade and Industry. This publication has been developed as a result of the G7, under Japan's 2023 Presidency, tasking IRENA toundertake an analysis on the global developments for floating offshore wind. This was specifically included andreferenced in the 2023 G7 Communique. Disclaimer This publication and the material herein are provided “as is”. All reasonable precautions have been taken by IRENA to verify thereliability of the material in this publication. However, neither IRENA nor any of its officials, agents, data, or other third-party contentproviders provides a warranty of any kind, either expressed or implied, and they accept no responsibility or liability for any consequenceof use of the publication or material herein. The information contained herein does not necessarily represent the views of all Members of IRENA. The mention of specific companiesor certain projects or products does not imply that they are endorsed or recommended by IRENA in preference to others of a similarnature that are not mentioned. The designations employed and the presentation of material herein do not imply the expression of anyopinion on the part of IRENA concerning the legal status of any region, country, territory, city, or area or of its authorities, or concerningthe delimitation of frontiers or boundaries. Cover photos: ©Phu Tai/Shutterstock.com, ©Aastels/Shutterstock.com and ©New Africa/Shutterstock.com CONTENTS EXECUTIVE SUMMARY............................................................................................................ 6 1.1Offshore wind in the energy transition.................................................................................. 101.2Offshore wind developments in select markets...................................................................131.3Floating offshore wind and report objective.........................................................................17 2.FLOATING OFFSHORE WIND................................