US halts offshore wind. Will Europe and China keep on building?

tomasvandesteene
5 hours ago
2 min read

The US offshore wind industry is experiencing turbulence as U.S. President Donald Trump has launched an open attack on offshore wind projects. Last month, the White House abruptly ordered Ørsted to halt work on the Revolution Wind project off the coast of Rhode Island and Connecticut. More recently, Trump considers to revoke SouthCoast Wind’s license, a project developed by EDP Renewables-Engie joint venture Ocean Winds.

Time to take stock on the global offshore wind market. Where is growth expected? Will Europe and China keep building? What key technological trends are emerging?

China x5, Europe x4

The outlook for offshore wind points to strong growth. Annual capacity additions are expected to grow at a compound annual growth rate (CAGR) of 18% between 2023 and 2030.

Infographic showing the evolution of the yearly added capacity in the offshore wind market globally. China and Europe are leading, both at 18% CAGR.

China currently leads in annual capacity additions, which are expected to increase fivefold. The market is dominated by domestic players. No offshore wind farm has been built with European made wind turbine generators.

"China is a closed market, they have their own players and we don’t work there." - Offshore Wind Director, major European contractor

Meanwhile, Europe benefits from supportive government policies that attract investment. Annual capacity additions are expected to increase fourfold. The market is shielded from Chinese wind turbine OEMs, whose presence is restricted over national security concerns. This makes Europe particularly attractive for domestic players.

O&M’s recurring revenue

In our report, we investigate the value split along a wind farm’s lifecycle. Operations and maintenance (O&M) is a critical segment, generating 46% of lifetime value while offering stable, recurring revenue streams. It contrasts with the one-off nature of project development.

Infographic exploring the value chain in an offshore wind farm's lifecycle, showing O&M drives 40% of the value.

“O&M costs dominate over a windfarm’s lifetime, as they span the full 25 years of operation” - Director Offshore Wind, Offshore Energy Company

Floating wind

The sector is characterized by continuous technological advancements. Larger rotor sizes help increase wind energy capture. Floating wind allows access to deeper offshore regions. These new technologies boost O&M revenues, as they require more intensive and technically advanced maintenance further offshore.

Our report

Our market report further elaborates on the insights above and is the result of:

Interviews with 10+ experts in the field of offshore wind energy development, OEMs and engineering
The latest insights and research from leading sources such as GWEC, WindEurope, and Reuters

Inside the report, you’ll discover: