Floating wind developers are scaling back expectations for near-term growth amid growing investment hurdles, according to new research from Westwood Global Energy Group.
Released at Norwegian Offshore Wind’s Floating Wind Days on 21 May 2025, the findings from Westwood’s annual Floating Offshore Wind Survey highlight a notable decline in optimism across the industry.
The survey gathered insights from 166 stakeholders worldwide, including engineers, investors and supply chain professionals.
In contrast to the hopeful sentiment seen in 2024, the 2025 survey reveals that developers are now the least optimistic group, with 63% feeling less positive than the previous year.
Overall, 72% of respondents believe global floating wind capacity will fall short of 3GW by 2030.
Several key factors are driving the caution. Financially, high upfront capital costs and investor hesitation around emerging technologies were the most cited barriers.
Non-financial obstacles include inadequate port infrastructure, lack of technology standardisation and weak policy support.
Despite progress in 2024 through new leasing rounds and subsidy schemes, the report concludes that delivery remains too slow.
Bahzad Ayoub, Manager – Offshore Wind at Westwood, said: “Floating wind must be treated as a distinct sector, not simply an extension of fixed-bottom wind and a majority of respondents think this way. The technology, timelines and investment requirements are different – and government and industry action needs to reflect that.”
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