Global Offshore Wind Market Report – 3Q 2021

The Global Offshore Wind Market Report is a comprehensive review and unique outlook of global and regional offshore wind spend and installation activity. The report covers key macro trends for the industry, provides auction and licensing round insights, as well as contract highlights. Delivered as part of a subscription to Westwood’s highly intuitive WindLogix market intelligence tool, the market report is delivered on a quarterly basis. Read on below for a short summary of the 3Q highlights.

In the latest release of the Global Offshore Wind Market Forecast, covering July – September, our analysis revealed that global installed capacity totalled 37.9 GW at the end of 3Q 2021, with Mainland China and UK accounting for 31% and 27% of total market share respectively. During the quarter, it was only the 800 MW Vineyard Wind 1 development– set to be  the US’ first commercial offshore wind project – that was sanctioned. Westwood tracks a further 5.2 GW of capacity that is anticipated to make final commitment in 4Q 2021. Key projects include Dogger Bank C offshore UK, Borkum Riffgrund 3 and Gode Wind 3 projects offshore Germany.

The report also features a themes page centred on the US Offshore Wind pipeline by state, with a breakdown of capacity tracked and ambitions set. The maturity of offshore wind development undoubtedly varies across states, albeit most of the activity thus far have been focused in the East Coast, with Massachusetts, New York and New Jersey taking the lead. New Call Areas offshore California and Hawaii should however offer the promise of having wind turbines turn offshore West Coast.

Suitable for a range of readers, including executives to business development teams, Westwood’s quarterly report has been intentionally structured to provide our subscribers with an in-depth roundup of key events and contracting activity that has shaped the quarter, whilst providing further insight into upcoming project FIDs, potential contract awards and commercial trends to enable improved opportunity scouting and planning.