Based on a thorough review of the latest project data, Westwood forecasts over 15,300 turbines to be installed over the 2018-2027 period with a total global cumulative capacity to reach just under 113 GW by 2027, inclusive of projects at the concept and speculative stages of development.
Overall spend associated with offshore wind development over this period is expected to total €464bn. To put this in context, with the current growth expectations offshore wind will account for 27% of total offshore capex (oil & gas and wind combined) by 2022. This compares to just 4% in 2013.
As recent years have shown, this growth will provide opportunities across the marine equipment and engineering sectors, with a number of oil & gas companies diversifying in order to meet new demand. This includes heavy-lift, cable manufacture and installation/burial, fixed platform structures, as well as early stage site survey and geotechnical data analysis.
Key projects driving global capital expenditure, are noted as being predominantly offshore the UK and Germany, with a period peak of €57bn forecast in 2025. This includes the 1,386 MW Hornsea Project Two offshore the UK and the 497 MW Hohe See (Hochsee) development offshore Germany. China, will also see an increased capacity as it seeks to diversify its energy mix and reduce C02 emissions.
For the key report conclusions and overviews and pricing, view the Offshore Wind web page here or contact: Gareth Hector or call +44 (0)1795 594 726.
Source: Westwood Global Energy Group
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