A new report by RenewableUK has discovered that the UK’s floating offshore wind industry has experienced significant growth, with the project pipeline increasing by 32% in the last year, raising the capacity from 185 GW to 244 GW. This rise has been met by an increase in the number of global projects, rising from 230 to 285, including a range of projects at differing stages of operation, development and within the planning system. Currently, 227 megawatts (MW) of floating wind are operating, spanning 14 projects in 7 nations. Norway is leading the development, with 94MW across three projects, with the UK standing at a capacity of 80MW from two projects. Portugal stands at 25MW from one project, and China ranks fourth with 19MW across three projects.  

Dan McGrail, the CEO of RenewableUK, explains that the report shows that the UK may be a global leader in floating wind several countries are exploring the significant economic opportunities available with this innovative technology and are actively interested in participating. The global competition for investment is rising rapidly. McGrail explains that we require a major change from Government partners to ensure that this innovative industry can attract the investment needed to enhance deployment and deliver new supply chains, rather than focusing on the competitive race to lower the prices. Worldwide, 46MW are under construction, with three projects in progress, and 576MW are in the pre-construction stage across 11 projects. 68GW are in the planning system, and 175GW are in the early development stages or applying for leases. Approximately two-thirds of the global floating wind capacity announced is in Europe, with a further 160GW in development. The UK accounts for 35GW of the total, with 29GW in Scottish waters. Aside from Europe, projects are under development off the western coastline of the USA, the South East of Australia and South Korea.

The report forecasts a growing demand for floating infrastructures to accelerate. The report suggests the potential for 472 floating projects in the UK by the end of 2032. In Europe, this number could increase to 1,369 and worldwide, there could be over 1,920 floating projects by the same year, emphasising the potential growth in this industry.

RenewableUK anticipates that floating will play a vital role in offshore wind generation in the UK, accounting for over 50% by 2050. This shift is forecast to generate over £43 billion in economic value and deliver over 29,000 jobs. It’s also expected to be a critical catalyst for the regeneration of coastal regions, with an estimated £4 billion identified for reshaping 11 ports nationwide into vital hubs for large-scale floating wind deployment by 2030. A recent study from the UK Offshore Wind Industry Council (OWIC) suggested that the expansion of the UK offshore wind supply chain could generate a £92 billion economic boost by 2040.

While the UK target of achieving 5GW of floating wind in UK waters by 2030 remains realistic, RenewableUK highlights the importance of sustainable measures in future Contracts for Difference (CfD) auctions. According to the report, these measures will be essential in driving deployment, reducing costs and supporting new investments in domestic supply chains. This year’s CfD auction failed to secure any new floating wind capacity, despite 250MW of project capacity being available. McGrail highlighted that to ensure that the UK harnesses the benefits of new technology and reshaping ports nationwide, we require sustainable prices to allow projects to proceed in the next auction and beyond.

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