The number of projects has increased globally during that time from 230 to 285, with 227 MW of floating wind now fully operational across 14 projects in seven countries, finds the report. Norway has the most with 94 MW across three projects. The UK is second with 80 MW (two projects), Portugal has 25 MW (one project) and China is fourth with 19 MW across three projects. Japan has 5 MW (two projects), Spain 2.225 MW (two projects) and France 2 MW (1 project).

Globally, 46 MW are under construction (three projects), 576 MW are consented or in the pre-construction phase (11 projects), 68 GW are in the planning system or have a lease agreement (80 projects), and 175 GW are in early development or applying for a lease (177 projects), says the study.

Nearly two-thirds of floating wind capacity announced so far worldwide are being developed in European waters (160 GW), 14% is in the UK (35 GW – of which 29 GW is in Scottish waters). Outside Europe, projects are being developed mainly off the west coast of the US, the south-east coast of Australia and South Korea.

Although Italy has the largest project pipeline (40,071 MW), nearly all its 47 projects are at an early stage of development, with only one (90 MW) submitted into the planning system so far.

The report notes that demand for floating foundations is expected to ramp up fast, with the potential for 472 in the UK by the end of 2032. There could be 1,369 floating foundations in Europe and 1,924 for projects globally by the end of 2032.

RenewableUK predicts that floating wind will represent well over half of the UK’s offshore wind generation by 2050, generating around £43.6bn in economic value and more than 29,000 jobs. It is also expected to play a critical role in regenerating coastal communities; with £4bn required to transform up to 11 ports across the UK into industrial hubs for mass roll-out of floating wind by the turn of the decade. There is up to £3.6bn in development funds ready to be released across 24 GW of floating capacity with leasing secured in UK waters.

The report notes that the target of reaching 5 GW of floating wind in UK waters by 2030 remains achievable but calls for the next contracts for difference (CfD) auction and future rounds to be underpinned by sustainable parameters in order to maximise deployment, drive down costs and incentivise investment in domestic supply chains. This year’s CfD auction failed to secure any new floating wind capacity, despite 250 MW of floating wind capacity being shovel-ready.

RenewableUK’s Chief Executive Dan McGrail, Co-Chair of the Floating Wind Taskforce, comments: ‘This report shows that although the UK is a world leader in floating wind, other countries are eyeing the massive economic opportunity offered by this innovative technology and are determined to get a slice of the action. The international competition for investment is intensifying rapidly. We urgently need a step-change from our partners in government to ensure that this cutting-edge industry can attract billions in investment to boost deployment and build up new supply chains, rather than focusing solely on a race to the bottom on prices.’

He continues: ‘We need to see sustainable prices to enable stepping-stone projects to go ahead in a successful auction next year, and every year going forward. Leveraging these projects will enable us to replicate the cost reductions we’ve seen in fixed-foundation offshore wind, as well as catalysing supply chain development.’

Refined plans for Celtic Sea floating wind 
Meanwhile, The Crown Estate has set out further details on its plans for Offshore Wind Leasing Round Five, which aims to establish new floating offshore wind technology off the coast of Wales and south-west England. The update includes details on the final planned locations for the new wind farms, as well as further information on a multi-million pound programme of marine surveys.

Round Five is expected to be the first phase of development in the Celtic Sea, with The Crown Estate working to de-risk developments to speed up their deployment. This includes investing in an upfront habitats regulation assessment, a programme of marine surveys and working with the electricity system operator (ESO) on a coordinated approach to grid design.

This latest update follows a period of engagement with developers and wider stakeholders on proposals and as a result of the feedback received, The Crown Estate has confirmed that three project development areas (PDAs) of roughly equal size are expected to be made available to bidders, as opposed to the previously proposed four PDAs of varying sizes. As a result of bringing forward three equal-sized PDAs – each with a potential capacity of up to 1.5 GW – the overall capacity available through Round Five has increased from a possible 4 GW to up to 4.5 GW, enough to power more than 4mn homes.