Norwegian Winds on the High Seas

Recent shifts in the U.S. offshore wind policy could lead to a staggering global installation shortfall of 26GW by 2035,as highlighted in TGS’s latest report.

The company pointed out in its quarterly market overview that the exit of a major player like the United States carries meaningful ramifications worldwide, compelling developers and supply chain members to rethink their investment strategies.

Despite these hurdles, floating offshore wind technology is on an upward trajectory. New auction awards are emerging, defying broader market uncertainties.The report predicts installations will surge from a mere 0.5GW today to an remarkable 26.5GW by 2035.

TGS emphasized that this technology remains robust,benefiting from ongoing innovation and government backing—especially notable in Europe and parts of Asia-Pacific.

However, there are signs that leading developers’ ambitions may be waning due to rising financial pressures and regulatory uncertainties. This raises questions about who will take charge of the future offshore wind landscape.

The findings indicate that up to 70 developers are set to kick off their first projects by 2030, signaling a fresh wave of smaller, often local players ready to energize the industry.

«As we navigate through this turbulent phase in the latter half of the decade,» remarked Patrick Owen,lead author of the report,»we’re witnessing some notable shifts within the market. With major developers scaling back their ambitions, newer and smaller players are stepping up significantly towards national energy goals.»

Source: TGS

Bojan Lepic

Bojan transitioned from being an English language educator to becoming a seasoned journalist with extensive experience covering energy sectors such as oil and gas along with LNG industries while also reporting on renewable energy transitions. He has previously contributed articles for media groups like Navingo’s Offshore Energy today and GNG World News before joining splash as an editor for Rigzone Online magazine.