Sanctions on offshore wind energy projects to increase
ABERDEEN, United Kingdom – Final investment decisions on offshore wind energy projects, outside of mainland China, will increase by 57% over the next 18 months, compared to the period 2019-20, according to Westwood Global Energy Group.
Growth represents an additional 20.4 GW of new electricity capacity, with just under a third of this activity being driven by emerging offshore wind markets such as the United States, Vietnam and South Korea.
The scan comes as Westwood launches its WindLogix application. Developed to provide OEMs, vessel owners, engineering houses and developers with daily data-driven insight, the solution provides market analysis dashboards as well as data on wind projects, vessels , stations and components.
Thom Payne, Head of Offshore Energy Services at Westwood, said: âWestwood is committed to helping customers successfully navigate the energy transition as the offshore market evolves rapidly. You can no longer look at the oil and gas and offshore wind sectors because the binary lines are blurry and so are the supply chains.
âCompanies must adjust their strategies to seize the opportunities, which is why our WindLogix application is integrated with our suite of offshore energy solutions.
He added: âEven though Westwood has been analyzing offshore wind since 2006, the market is still young, and construction and installation of wind farms has benefited from lower prices in the oil and gas supply chain. , due to lower demand for oil and gas. This has enabled the growth of offshore wind by facilitating access to shared services in a cost effective manner.
âBut as prices rise, developers will find it difficult to compete, especially as offshore wind projects become more complex and require more complex engineering, equipment and vessels. WindLogix’s intuitive user interface will allow our customers to identify the most relevant market opportunities, prioritize resources and stay ahead of the game. “