Offshore wind opportunity soars with 135 GW of potential capacity available in leasing rounds

Oct. 11, 2022
New analysis from Westwood Global Energy Group has revealed skyrocketing offshore wind growth with 135 GW of new capacity on offer to developers, equivalent to nearly 2.5 times today’s 55-GW market.

LONDON  New analysis from Westwood Global Energy Group has revealed skyrocketing offshore wind growth with 135 GW of new capacity on offer to developers, equivalent to nearly 2.5 times today’s 55-GW market. This is bolstered by new market expansion with more than 20 GW of leases up for grabs in countries that have not previously held a licensing round, such as Canada, Colombia and India.

Peter Lloyd-Williams, Westwood's senior analyst, offshore wind, said, “This growth will present huge opportunities and challenges to the sectorboth 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.”

Responding to these market challenges, Westwood has rolled out significant upgrades to its WindLogix solution, launched last year, dedicated to helping developers, investors and supply chain stakeholders grappling with a rapidly changing market.

David Linden, Westwood's head of energy transition, said, “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. Recognizing 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."

Enhancements to WindLogix 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. The enhanced tool will offer both data searches and in-depth profiles, as well as a thematic report series, all on a global basis.



Photo 105921858 © Tomas Griger |
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Source: Wildcat, Westwood analysis; Courtesy Westwood Global Energy Group
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Looking forward to the second half of 2022, Westwood estimates offshore oil and gas EPC-related awards to total US$42 billion, driven by contract awards for 138 subsea tree units, 15 FPS units, 119 fixed platforms (topsides), more than 3,870 km of SURF and 3,500 km of line pipe.
(Courtesy Westwood Global Energy Group)
David Linden