Leading Sponsor Associate Sponsors Table of Contents Foreword3Executive Summary7Part 1: Succeeding in the New Economic Landscape14Part 2: Delivering for Growth – Recommendations22Market Status 202444Markets to Watch49Japan50South Korea51China53Australia55Vietnam57The Philippines58Europe62Brazil65Colombia66Global Offshore Market Outlook to 203468Appendix95 Published25 June 2025 Global Wind Energy CouncilAv. Infante Dom Henrique 143,1950-406 Lisbon, Portugalinfo@gwec.net www.gwec.net Additional contributions Contributors and editing by Green Giraffe, Japan Wind Power Association (JWPA),Clean Energy Council (CEC), WindEurope,Fugro, The World Bank Group ESMAP, InternationalEnergy Agency (IEA), Siemens Energy, HenleyConsulting, International Renewable Energy Agency(IRENA), Vestas Emerson Clarke, Juan Tomás Sánchez, João Esteves,Alex Bath, Liming Qiao, Wanliang Liang, Weng HanTan, Ann Margret Francisco, Thang Vinh Bui, TrangNguyen, Ramon Fiestas, Roberta Cox, Kshitij Madan,Erick Lu, Juman Kim, Marina Prado Romera, NadiaWeekes, Jasmine Cargill Designlemonboxwww.lemonbox.co.uk Rebecca Williams, Feng Zhao, Nina Melkonyan, MarkHutchinson, Janice Cheong The case for offshore has never been stronger,but the sector is at an inflection point This year’s report comes to you at aperiod of unprecedented change,as the world moves at speedtowards what the IEA have coinedthe “Age of Electricity”. In this nextindustrial revolution, countries thatleverage their abundant windresources to move fastest towardsan electrified future will enhancetheir competitiveness and gainstrategic advantage over theirpeers. We are beginning to see theworld’s first clean energy superpowers move into view and, try assome countries might, there is nostopping the trend for electrificationthat has been unleashed. political alliances are beingredrawn and rewritten. With energysecurity of paramount importance,countries around the world arelooking to bolster their supplies ofclean, homegrown energy toinsulate them against externalshocks and strengthen a country’senergy sovereignty. Wind power, byits nature, offers a new paradigm forenergy security and a nation’sresilience, while also emerging as akey energy source for the world’sfastest growing industries. Once thetechnology is installed, the windkeeps blowing and the turbines cankeep turning – you cannot turn thetap off, or stop the winds of changefrom blowing around the world. space, and ability to produce largeamounts of reliable, homegrownpower, nations around the world arepushing forward the technology toenhance their energyindependence and autonomy. GWEC is seeing greater politicalsupport for offshore wind than ever(outside the US). Our reportdocuments important and highlypositive progress in a suite ofmarkets across the world, frommature markets, such as the UK,through to “emerging markets”focused on a ‘right first time’approach such as Poland, Japan,South Korea, The Philippines,Vietnam, Australia and Brazil.Notable developments even in thelast few months include the launch ofthe first ever offshore wind auctionin The Philippines (Jun 2025) whichstands to become the first EMDEcountry in APAC to build out itsoffshore wind industry at scale; thepassage of the EEZ Bill in Japan,which fires the starting gun on theregulatory framework for floatingoffshore wind; the announcement ofthe forthcoming auction in SouthKorea. Our report this year also Rebecca WilliamsDeputy CEO,Global Wind Energy Council At the same time, the worldcontinues to suffer the effects of thelong tail of the COVID pandemicthe war in Ukraine, and the resultingimpact on commodity prices. Thememories of soaring gas importprices following Russia’s invasion ofUkraine, and the continuedweaponisation of gas supplies loomlarge. We have entered a time ofgeopolitical uncertainty, whereaccepted global norms on tradeand international relations arebeing challenged, and long held Offshore wind therefore stands as apivotal technology in this currentera. Our report finds that there isnow already 83 GW of offshorewind installed worldwide, keepingthe lights on for 73 millionhouseholds, and poweringcountries’ economic development.There is currently a further 48GWof offshore wind current underconstruction worldwide. With itsunique position in the marine disinformation. There has been agreat deal of policy instability inthe US market, typified by therecent issuing of a cessation ofwork order issued to the EmpireWind project (now thankfullylifted). In GWEC’s view, suchpolicy instability represents adangerous precedent and sendsthe wrong message to the plethoraof interested global investors, whilealso putting thousands of jobs,manufacturing capability andfuture economic growth at risk.These wider challenges havecollided with ineffective policies,such as slow permitting andauction design. As a result,investors are left exposed andwithout clear pathways to returns,making them far more cautious shows that 2024 was a key year foroffshore wi