Offshore wind energy: what to look for in 2024

In 2024, the offshore wind sector is set to undergo a transformative phase, marked by tangible opportunities and a surge in tenders.

Building on lessons learned from challenges in 2023, the offshore wind industry is gearing up for increased focus on the bottom line and strategic shifts in the supply chain. Record-level tenders are expected, with governments and bidders playing pivotal roles in determining pricing dynamics.

Despite setbacks in the previous year, governments globally have announced strengthened policy frameworks in the fourth quarter of 2023, providing tailwinds for the sector.

A significant highlight of the offshore wind landscape in 2024 is the grand emphasis on pricing. The balance between bid prices, ceilings, and underlying terms is crucial, especially in response to the sector's recent cost escalations and tight supply and demand balances.

Furthermore, governments are reassessing their offshore wind targets for 2030, with adjustments expected to align with evolving market dynamics.

The industry is also grappling with supply chain constraints, and the relationship between developers and suppliers is evolving into a sellers' market, prompting strategic considerations on both sides.

The year 2024 promises to be a critical juncture for the offshore wind sector, with intensified focus on the bottom line, increasing bids, and ongoing dialogue around achieving ambitious targets.

Our latest offshore wind report explores all of these themes and more. Fill out the form on the top of the page to download your complimentary copy of the report.