OffshoreRenewables

Developers in line for 135 GW of offshore wind capacity

Offshore wind sector is set for soaring growth with 135 GW of new capacity on offer to developers equivalent to nearly two-and-a-half times today’s 55 GW market.

Energy market research and consultancy firm Westwood said the boost comes from new market expansion with over 20 GW of leases up for grabs in countries that have not previously held a licensing round, such as Canada, Colombia, and India.

According to Westwood’s senior offshore wind analyst Peter Lloyd-Williams, 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.

The research was backed by Westwood’s WindLogix solution, launched last year and recently bolstered to include greater coverage of offshore wind leases, an offshore wind farm transaction database, coverage of offshore wind PPAs and tracking of government awards of financial support to projects.

“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,” added David Linden, Westwood’s head of energy transition.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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