{"id":11511,"date":"2021-04-27T13:51:44","date_gmt":"2021-04-27T12:51:44","guid":{"rendered":"https:\/\/www.westwoodenergy.com\/?p=11511"},"modified":"2023-10-03T13:31:13","modified_gmt":"2023-10-03T12:31:13","slug":"westwood-offshore-wind-fids-to-skyrocket-57-outside-china-by-2022","status":"publish","type":"post","link":"https:\/\/www.westwoodenergy.com\/news\/press-releases\/westwood-offshore-wind-fids-to-skyrocket-57-outside-china-by-2022","title":{"rendered":"Offshore wind FIDs to skyrocket 57% outside China by 2022"},"content":{"rendered":"

New analysis\u00a0<\/span><\/i>follows<\/span><\/i>\u00a0launch of\u00a0<\/span><\/i>WindLogix<\/span><\/i>\u00a0<\/span><\/i>solution<\/span><\/i>\u00a0<\/span><\/h2>\n

 <\/p>\n

Aberdeen, UK,\u00a0<\/span><\/b>2<\/span><\/b>7<\/span><\/b>\u00a0April<\/span><\/b>\u00a0<\/span><\/b>202<\/span><\/b>1<\/span><\/b>:<\/span><\/b>\u00a0<\/span>New\u00a0<\/span>analysis<\/span>\u00a0from\u00a0<\/span>Westwood Global Energy Group<\/span><\/a>\u00a0(Westwood), the specialist energy market research and consultancy<\/span>\u00a0firm<\/span>,\u00a0<\/span>reveals\u00a0<\/span>offshore wind energy proje<\/span>ct<\/span>s<\/span>\u00a0final investment decisions<\/span>\u00a0(FIDs)<\/span>,<\/span>\u00a0<\/span>outside mainland China<\/span>,<\/span>\u00a0<\/span>will\u00a0<\/span>grow\u00a0<\/span>57<\/span>%<\/span>\u00a0<\/span>in the next 18 months<\/span>,<\/span>\u00a0compared to<\/span>\u00a0the 2019-20 period.\u00a0<\/span>The growth represents an addition<\/span>al<\/span>\u00a020.<\/span>4<\/span>GW of new\u00a0<\/span>power\u00a0<\/span>capacity with just under a third<\/span>\u00a0of\u00a0<\/span>this\u00a0<\/span>activity being driven by emerging offshore wind markets such as the USA, Vietnam<\/span>,<\/span>\u00a0and South Korea.<\/span>\u00a0<\/span><\/p>\n

\"Near-term
\n<\/span>Figure 1: Near-term FID Capacity Outlook by Key Region
\nSource: WindLogix<\/h6>\n

The analysis comes\u00a0<\/span>as<\/span>\u00a0Westwood launch<\/span>es<\/span>\u00a0its new\u00a0<\/span>WindLogix<\/span>\u00a0<\/span>application as part of its\u00a0<\/span>global\u00a0<\/span>offshore energy intelligence interface.<\/span>\u00a0<\/span>Developed to offer\u00a0<\/span>OEMs, vessel owners, engineering houses and developers\u00a0<\/span>daily<\/span>\u00a0data driven insight<\/span>,<\/span>\u00a0for early identification of offshore wind supply chain opportunities<\/span>, t<\/span>he solution\u00a0<\/span>delivers highly intuitive\u00a0<\/span>market analytics<\/span>\u00a0dashboards<\/span>\u00a0alongside offshore wind project, vessel<\/span>, station<\/span>\u00a0and component\u00a0<\/span>data<\/span>.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201c<\/span>W<\/span>estwood is committed to helping\u00a0<\/span>our clients\u00a0<\/span>navigate the<\/span>\u00a0energy<\/span>\u00a0transition successful<\/span>ly, with\u00a0<\/span>the\u00a0<\/span>offshore<\/span>\u00a0market<\/span>\u00a0evolving fast. You<\/span>\u00a0<\/span>can no longer look at the oil and gas and offshore wind sectors as binary \u2013 lines are blurred and\u00a0<\/span>so are<\/span>\u00a0supply chains<\/span>.\u00a0<\/span>C<\/span>ompanies\u00a0<\/span>need to\u00a0<\/span>adjust their strategies to grasp the\u00a0<\/span>opportunities, and<\/span>\u00a0<\/span>this\u00a0<\/span>is\u00a0<\/span>why\u00a0<\/span>our\u00a0<\/span>WindLogix<\/span>\u00a0application<\/span>\u00a0<\/span>is integrated into<\/span>\u00a0<\/span>our\u00a0<\/span>offshore energy suite<\/span>\u00a0of solutions<\/span>.<\/span>\u201d\u00a0<\/span>said Thom Payne,<\/span>\u00a0Head of Offshore Energy Services at Westwood.<\/span>\u00a0<\/span><\/p>\n

\u201c<\/span>Even though Westwood has been\u00a0<\/span>analysing offshore wind since 2006, the\u00a0<\/span>market\u00a0<\/span>is still young and\u00a0<\/span>the construction and installation of wind farms<\/span>\u00a0has benefitted from lower\u00a0<\/span>oil and gas supply chain prices<\/span>, as a result of<\/span>\u00a0<\/span>weak<\/span>er<\/span>\u00a0<\/span>oil\u00a0<\/span>and gas<\/span>\u00a0demand. This has<\/span>\u00a0enabled the growth in offshore wind\u00a0<\/span>by making it easier to access shared services cost efficiently. But as prices rise,\u00a0<\/span>developers<\/span>\u00a0<\/span>will<\/span>\u00a0struggle to compete<\/span>, especially as\u00a0<\/span>offshore wind projects become more<\/span>\u00a0complex and require more\u00a0<\/span>intricate<\/span>\u00a0<\/span>engineering, equipment and\u00a0<\/span>vessels<\/span>.<\/span>\u00a0<\/span>Win<\/span>d<\/span>Logix\u2019s<\/span>\u00a0intuitive\u00a0<\/span>user interface\u00a0<\/span>will enable<\/span>\u00a0our clients to identify the most relevant market opportunities, prioritise resources and stay ahead of the curve.<\/span>\u201d adds Payne.<\/span>\u00a0<\/span><\/p>\n

In addition,<\/span>\u00a0<\/span>WindLogix<\/span>\u00a0will offer quarterly reports<\/span>\u00a0covering policy mechanisms, reviews of OEM performance<\/span>, activity updates<\/span>,\u00a0<\/span>five-year<\/span>\u00a0regional<\/span>\u00a0activity<\/span>\u00a0outlooks and analysis of key challenges facing the offshore wind sector. The solution has been designed to holistically integrate into Westwood\u2019s\u00a0<\/span>full suite of<\/span>\u00a0offshore<\/span>\u00a0solutions including\u00a0<\/span>PlatformLogix<\/span><\/a>,\u00a0<\/span>SubseaLogix<\/span><\/a>\u00a0and\u00a0<\/span>RigLogix<\/span><\/a>.<\/span>\u00a0<\/span><\/p>\n

Find out more about\u00a0<\/span>W<\/span>indLogix<\/span>\u00a0and\u00a0<\/span>Westwood\u2019s\u00a0<\/span>energy transition<\/span><\/a>\u00a0insights.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

ENDS<\/span><\/b>\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

About Westwood Global Energy Group<\/span><\/b>\u00a0<\/span><\/p>\n

Every day, organisations throughout\u00a0<\/span>the\u00a0<\/span>onshore and offshore\u00a0<\/span>upstream\u00a0<\/span>energy<\/span>\u00a0value chain ask strategic, technical and<\/span>\u00a0<\/span>commercial questions and turn to Westwood Global Energy Group for the answers. As trusted<\/span>\u00a0<\/span>advisors to companies in key sectors, Westwood Global Energy Group chooses to focus on areas<\/span>\u00a0<\/span>of the industry traditionally underserved by other players.<\/span>\u00a0<\/span><\/p>\n

The Energy Transition means that businesses are facing both new opportunities and risks in how they operate.<\/span>\u00a0<\/span>We are committed to helping the energy industry navigate the transition successfully,\u00a0<\/span>by\u00a0<\/span>leveraging our extensive track record in providing actionable insight and advice that businesses, industry bodies and investors have relied upon time and time again.<\/span>\u00a0<\/span>From the depth of our data to the insight from our industry experts, our commercial advisory to<\/span>\u00a0<\/span>our quantitative techniques and databases \u2013 we insist on excellence in everything we do.<\/span>\u00a0<\/span><\/p>\n

Westwood Global Energy Group is headquartered in Aberdeen and has offices in London, Houston and Singapore.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Media contact<\/span><\/b>\u00a0<\/span><\/p>\n

Megain Buchan<\/span>,\u00a0<\/span>Aspectus<\/span>
\nM<\/span>egain.buchan@aspectusgroup.com<\/span>
\n<\/a>+44(0)7490401410<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

New analysis\u00a0follows\u00a0launch of\u00a0WindLogix\u00a0solution\u00a0   Aberdeen, UK,\u00a027\u00a0April\u00a02021:\u00a0New\u00a0analysis\u00a0from\u00a0Westwood Global Energy Group\u00a0(Westwood), the specialist energy market research and…<\/p>\n","protected":false},"author":6,"featured_media":11896,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[353,430,551,48,445,554,50,456,335,334,336,457],"tags":[60,469,470,468],"class_list":{"0":"post-11511","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all_articles","8":"category-energy-transition","9":"category-new-energies","10":"category-news","11":"category-offshore-energy-services","12":"category-offshore-wind","13":"category-press-releases","14":"category-renewables-power","15":"category-sectors","16":"category-solutions","17":"category-subsectors","18":"category-windlogix","19":"tag-offshore-wind","20":"tag-wind-energy","21":"tag-wind-projects","22":"tag-windlogix"},"acf":[],"yoast_head":"\nOffshore wind FIDs to skyrocket 57% outside China by 2022 - 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