Developers are pulling back from floating offshore wind projects as their confidence wanes across the value chain, that’s according to new research from Westwood Global Energy Group.
The 2025 Floating Offshore Wind Survey, revealed at Norwegian Offshore Wind’s Floating Wind Days in Haugesund, highlights a much more pragmatic industry outlook of late.
Of the 166 global stakeholders surveyed, including engineers, investors and policymakers, 72% now expect less than 3GW of floating offshore wind capacity to be operational by 2030.
“Progress is happening, but too slowly,” said Bahzad Ayoub, manager - offshore wind at Westwood.
“The frustration across the sector stems from knowing that momentum exists – but the pace is out of sync with expectations. Optimism hasn’t disappeared, but it’s now paired with a grounded mindset.”
Confidence waning
Compared to last year’s survey, developers, once the most optimistic group, are now the least confident, with 63% reporting a drop in confidence.
Financial challenges such as high upfront capital costs and investor hesitancy, alongside infrastructure bottlenecks and weak government backing, are major contributors to the slowdown.
These research findings underscore mounting concern that the energy transition may be delayed if floating wind, a key pillar of offshore renewables, continues to face inertia.
The technology’s complexity requires dedicated strategies, distinct from fixed-bottom wind, for successful deployment.
Westwood’s survey also pinpointed the UK, France and South Korea as market leaders, regions where recent government policy has strongly supported offshore renewables.
The survey was conducted alongside World Forum Offshore Wind, Norwegian Offshore Wind, Oceantic Network and WindEurope.
Read the full results of the 2025 Floating Offshore Wind Survey.
