New markets, new developers, new suppliers: offshore wind growth ‘skyrocketing’

Westwood said this fast pace of growth is bolstered by new market expansion, with more than 20 GW of leases up for grabs in countries which have not previously held a licensing round, such as Canada, Colombia and India.

The analysis comes from Westwood’s newly upgraded WindLogix solution, which it uses to track ongoing and planned offshore wind leasing processes.

Westwood senior analyst offshore wind Peter Lloyd-Williams 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.”

Westwood head of energy transition David Linden said, “It is 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.

“Recognising this need, we’ve scaled up in-step to provide existing and new customers with reliable and wide-ranging market intelligence insights.”

Enhancements to WindLogix include greater coverage of offshore wind leases – including key financial metrics – an offshore windfarm transaction database, coverage of offshore wind PPAs and tracking government awards of financial support to projects.