Analysis released today from Westwood Global Energy Group, an energy market research and consultancy firm, indicates offshore wind energy projects final investment decisions (FIDs) will grow by 57% in the next year.
However, with this growth and subsequent prices rises, developers will struggle to compete, especially as offshore wind projects become more complex and require more intricate engineering, equipment and vessels.
To support the industry through these developments, Westwood is launching its new WindLogix application for the offshore wind sector, developed to offer OEMs, vessel owners, engineering houses and developers daily data driven insight, for early identification of offshore wind supply chain opportunities, delivering highly intuitive market analytics, insights and data.
“Westwood is committed to helping our clients navigate the energy transition successfully, with the offshore market evolving fast,” said Thom Payne, Head of Offshore Energy Services at Westwood.
“You can no longer look at the oil and gas and offshore wind sectors as binary – lines are blurred and so are supply chains. Companies need to adjust their strategies to grasp the opportunities, and this is why our WindLogix application is integrated into our offshore energy suite of solutions.”
In addition, WindLogix will offer quarterly reports covering policy mechanisms, reviews of OEM performance, activity updates, five-year regional activity outlooks and analysis of key challenges facing the offshore wind sector.