World Offshore Wind Market Forecast 2017-2026 Q4
2017 has represented a positive year for the offshore wind industry, according to the latest edition of Westwood's World Offshore Wind Market Forecast. The industry is rapidly maturing, and the market developments seen over the last year have resulted in Westwood forecasting a more positive outlook, with global cumulative capacity to exceed 100 GW by 2026 (~20% uplift on last year's report).
Zero subsidy bids for 3 German wind farms were approved in April, while the world's first full-scale floating wind farm commenced operations in October 2017. September's contract for difference (CfD) auction in the UK, saw projects securing strike prices as low as £57.50/MWh (compared with an average of £117/MWh, February 2015). Dong rebranded to φrsted and entered new frontiers such as Taiwan, where the company signed an MOU for the 2 GW Changhua project.
*All figures are inclusive of projects yet to develop past conceptual phases.
Westwood's report features an in-depth Capex analysis, including component breakdown and country-specific commentary, reflecting on announced renewables obligations. Tracking the industry on a project by project basis, Westwood offers a comprehensive view on the significant opportunities for the wind supply chain over the next decade. Given the increased focus on renewables, the industry will continue to attract investment from utilities and large engineering and service contractors, as well as upstream oil and gas companies.