London, UK, 11th October 2022: New analysis from Westwood Global Energy Group (Westwood), the specialist energy market research and consultancy firm, reveals 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 over 20 GW 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 says: “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 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, Head of Energy Transition at Westwood says: “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. Recognising 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.
About Westwood Global Energy Group
Every day, organisations throughout the onshore and offshore energy value chain ask strategic, technical, and commercial questions and turn to Westwood Global Energy Group for the answers. As trusted advisors to companies in key sectors, Westwood Global Energy Group chooses to focus on areas of the industry traditionally underserved by other players.
The Energy Transition means that businesses are facing both new opportunities and risks in how they operate. We are committed to helping the energy industry navigate the transition successfully, by leveraging our extensive track record in providing actionable insight and advice that businesses, industry bodies and investors have relied upon time and time again. From the depth of our data to the insight from our industry experts, our commercial advisory to our quantitative techniques and databases – we insist on excellence in everything we do.
Westwood Global Energy Group is headquartered in London and has offices in Aberdeen, Houston, and Singapore.