Offshore wind project sanctions set to rise

April 27, 2021
Westwood forecasts final investment decisions on offshore wind projects outside mainland China will increase 57% by 2022.

Offshore staff

ABERDEEN, UK – Final investment decisions on offshore wind energy projects, outside mainland China, will grow 57% in the next 18 months, compared to the 2019-20 period, according to Westwood Global Energy Group.

The growth represents an additional 20.4 GW of new power capacity with just under one-third of this activity being driven by emerging offshore wind markets such as the US, Vietnam, and South Korea.

The analysis comes as Westwood launches its WindLogix application. Developed to offer OEMs, vessel owners, engineering houses and developers daily data driven insight, the solution delivers market analytics dashboards alongside offshore wind project, vessel, station, and component data. 

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 analyzing 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, prioritize resources, and stay ahead of the curve.”