Offshore wind projects final investment decisions (FIDs), outwith mainland China, are expected to grow by more than half in the next 18 months.
New analysis from Westwood Global Energy shows that, compared to 2019-20, FIDs will grow by 57%, representing an additional 20.4 gigawatts of new power capacity.
Just under a third of this activity will be driven by emerging offshore wind markets such as the USA, Vietnam, and South Korea.
The analysis comes as consultancy Westwood launches its new WindLogix application as part of its global offshore energy intelligence interface.
Developed to offer original equipment manufactures (OEMs), vessel owners, engineering houses and developers daily data driven insight for early identification of offshore wind supply chain opportunities, the solution delivers “highly intuitive” market analytics dashboards.
Thom Payne, head of offshore energy services at Westwood, said: “Westwood is committed to helping our clients navigate the energy transition successfully, with the offshore market evolving fast.
“You can no longer look at the oil and gas and offshore wind sectors as binary – lines are blurred and so are supply chains. Companies need to adjust their strategies to grasp the opportunities, and this is why our WindLogix application is integrated into our offshore energy suite of solutions.”
He added: “Even though Westwood has been analysing offshore wind since 2006, the market is still young and the construction and installation of wind farms has benefitted from lower oil and gas supply chain prices, as a result of weaker oil and gas demand.
“This has enabled the growth in offshore wind by making it easier to access shared services cost efficiently.
“But as prices rise, developers will struggle to compete, especially as offshore wind projects become more complex and require more intricate engineering, equipment and vessels.
“WindLogix’s intuitive user interface will enable our clients to identify the most relevant market opportunities, prioritise resources and stay ahead of the curve.”