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The next phase of the energy transition demands committed implementation of new technologies. Floating offshore wind is opening new possibilities for wind power locations and will play a critical role in the transition to a cleaner energy supply, contributing significantly to an increase in offshore wind power. According to DNV, the technology is predicted to grow worldwide to more than 289 GW in 2050.

Following first successful prototypes and demonstration projects, floating offshore wind is now taking the first steps in commercialization. It is estimated that the Levelized Cost of Energy (LCOE) will come down to a global average of  USD 40 per MWh in 2050 if the technology overcomes its main challenges: costs and confidence. Faced with challenges coming from unknown territory, many new concept designs and market players, the industry needs reassurance that all possible steps have been taken to minimize risks and maximize the chances of a successful project.