Europe accounted for around 80% of global offshore wind capacity and is the dominant region in manufacturing and technologies.

Offshore wind is a promising renewable energy source that is predicted to contribute to the global and European to improve their decarbonization efforts the domestic economy by 2050 and keep global warming to around 1.5°C above pre-industrial levels standardized in the Paris Climate Change Agreement. The European Commission is estimated that the EU is prepared to produce a minimum of 240 GW (gigawatts) of global offshore wind power capacity before the end of 2050. International energy associations and organizations are even more optimistic about this energy source prospect. Europe accounted for around 80% of global offshore wind capacity and is the dominant region in manufacturing and technologies. At the same time, Europe offshore wind accounts for 210,000 jobs (over half of all wind energy jobs). This number would increase further with more significant investment from the government and local sources.

How does offshore wind energy work?

Is offshore wind energy efficient?

Why is wind energy offshore?

How much energy does an offshore wind turbine produce?

Wind power is expected to continue to witness record growth in the coming five years despite the COVID-19 impacts and further make a crucial contribution to domestic economic recovery.

According to the GWEC Market Intelligence report, almost 71.3 GW of wind power capacity is projected to be installed in 2020 despite the COVID-19 impacts, which shows a decline of 6% from pre-COVID forecasts Q1 2020.

The wind industry is on track to achieve record growth in the upcoming next five years, with around 348 GW projected to be installed between 2020-2024, bringing total global wind power capacity to approximately 1,000 GW by 2024, which is almost 54% in growth rate for total wind power installations compared to 2019.

The wind industry's continued growth despite COVID-19, even while other industries such as oil & coal have seen wide price fluctuation and considerable demand drop, demonstrates its role in building sustainable and reliable economies.

2020: An Opportunistic Year for European Offshore Wind Investments

But despite positive trends in offshore wind technology and finance last year, more still needs to be done to deliver the volumes European governments want, industry body Wind Europe warned. Moreover, A record Euro 26.3 billion was invested in new European offshore wind farms in 2020, but new installations continued to lag behind the volumes needed to hit EU targets.