WoodMac talks possible investments demand in global offshore wind industry

Economy Materials 16 August 2022 10:43 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, August 16. About 3 billion euros of investments in new facilities will be needed to meet the needs of the global offshore wind industry by 2028, Trend reports via Wood Mackenzie, a global research and consultancy group.

“By 2025, over one third of the market's supply will be reliant on new facilities and upgrades coming into fruition, highlighting how there is little room for facility delays or cancellations. Given that demand continues to soar beyond 2025, we forecast that more than 3 billion euros will be required in new facility investments by 2028 to cater for the global offshore wind build-out (excluding China),” the research said.

According to the forecast, the surge in demand will be partially met by equipment improvements, which will keep suppliers in the market. However, the new facilities will be a key factor in increasing production capacity, which is vital to support offshore wind power growth.

“Thus far, the announced new facilities will be built wholly or partly by existing players. Suppliers have a preference to newly built facilities over existing facility upgrades, as they can continue to operate existing yards at full capacity. Additionally, many local or regional governments offer grants to subsidize new facility investments because of the positive impact on job creation,” the report added.


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