Industry Confidence in Floating Wind Projects Declines Amid Rising Costs and Delays

The outlook for floating wind development has become more cautious, with developers scaling back short-term growth expectations due to mounting investment challenges.

New research from Westwood Global Energy Group, presented at Norwegian Offshore Wind’s Floating Wind Days on May 21, 2025, reveals a notable decline in industry confidence. The annual Floating Offshore Wind Survey, which gathered input from 166 global stakeholders—including engineers, investors, and supply chain experts—shows a shift from last year’s optimism to increasing concern.

Developers are now the most pessimistic group, with 63% reporting a drop in confidence compared to 2024. Moreover, 72% of all respondents believe that global floating wind capacity will fall short of 3GW by 2030.

Key financial barriers cited include high upfront capital costs and investor hesitation toward unproven technologies. Non-financial hurdles such as underdeveloped port infrastructure, lack of standardization, and limited policy frameworks also weigh heavily on project viability.

While 2024 saw incremental progress through new leasing rounds and subsidy initiatives, the pace of development is still lagging behind expectations.

For floating wind to succeed, it must be approached as a distinct sector with unique technological, logistical, and financial demands. Addressing these challenges collaboratively across government and industry will be critical to unlocking its full potential.