Westwood, the energy market research and consultancy firm, has found that the global offshore wind market has the potential to grow 2.5 times, with 135 GW of new capacity on offer to developers.
This is strengthened by new market expansion with over 20 GW of leases up for grabs in countries which have not previously held a licensing round, such as Canada, Colombia, and India.
In response to these market changes, Westwood has announced changes to its WindLogix solution, the market intelligence tool that the firm launched last year.
Now providing data searches and in-depth profiles, as well as a thematic report series, all on a global basis, changes to the programme include; greater coverage of offshore wind leases (including key financial metrics), an offshore wind farm transaction database, coverage of offshore wind PPAs and tracking government awards of financial support to projects.
This comes as the Floating Offshore Wind event is set to come to Aberdeen. More than 1,500 delegates are expected to attend the P&J Live for the event on 12th October.
Senior analyst, offshore wind at Westwood, Peter Lloyd-Williams, said: “This growth will present huge opportunities and challenges to the sector – both for the supply chain delivering existing projects and the developers exploring new opportunities.
“As the offshore wind industry tries to do it all to deliver the energy transition, understanding the full breadth of the market is more important than ever.”
Head of energy transition at Westwood, David Linden, added: “It’s an incredibly exciting time for the offshore wind market, but equally, we’re faced with lots of unknowns.
“New markets, new developers, and new suppliers are all entering at pace which makes up-to-date market intelligence imperative to decision making.
“Recognising this need, we’ve scaled in-step to provide both existing and new customers with the reliable and wide-ranging market intelligence insights they need to identify and compare opportunities and get up to speed quickly, with all commercial and supply chain data in one place.”
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