An estimated 135GW of new offshore wind capacity is on offer to developers, equivalent to nearly two-and-a-half times times today’s 55GW market, analysis from Westwood Global Energy Group has found.
This is bolstered by new market expansion with over 20GW of leases “up for grabs” in countries which have not previously held a licensing round, such as Canada, Colombia, and India.
Peter Lloyd-Williams, Senior Analyst, Offshore Wind at Westwood, 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.”
Responding to these market challenges, Westwood has rolled out upgrades to its WindLogix market intelligence offering, launched last year, for use by developers, investors, and supply chain stakeholders.
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.