A new report has forecasted that annual investment in the UK offshore wind industry will increase from £7.7 billion to £15 billion by 2030 and potentially rise to £29 billion by 2035. The study by Offshore Energies UK (OEUK) highlights the significant opportunities and challenges associated with expanding offshore wind in the UK.

The Wind Insight report suggests that there is a need for innovative approaches to tackle issues like cost inflation and planning consent delays to attract investment and support new and emerging projects, including floating wind technology. The report highlights that the UK currently has 15GW of installed offshore wind capacity, securing it as the second-largest market worldwide. Offshore wind provides nearly 30% of the UK’s electricity generation, but the report warns that the UK’s intention to install 50GW of offshore wind capacity by 2030, including 5GW from floating offshore wind, is being impacted by several challenges.

One particular finding from the report is the projection that investment in offshore wind will increase considerably. Existing annual investment stands at £7.7 billion, but studies predict it will rise to £15 billion per year by 2030 and exceed £28 billion annually by 2035. If we impose the necessary measures and conditions, the UK could invest a further £132 billion by 2035, installing 65GW of offshore wind capacity.

If the UK reaches its growth plans, it will continue to be one of the leaders in offshore wind generation, falling behind China, with 18% of the anticipated 85GW of global offshore capacity by the end of the year.

Thibaut Cheret, the wind and renewables manager of OEUK, explains that floating offshore wind could transform the UK. Cheret believes we must support our supply chain, secure investment and enhance planning processes to deliver large-scale, capital-intensive projects for the UK.

Cheret highlights that our industry expertise within operating large deepwater projects and subsea engineering means there is significant potential for securing a large share of the new floating offshore wind market. The UK can become a market leader in wind energy generation and play a vital role in creating the necessary energy transition.

‍