Report: Offshore Wind Spending to Reach €51
Over €51 billion is expected to be spent on new offshore wind installations over the next five years, according to a new report by international energy business advisors Douglas-Westwood. The World Offshore Wind Market Forecast 2012-2016 reveals that the world will see new installed capacity amounting to 15 GW over the period, averaging 3 GW per annum; up from 600 MW per annum in the five years to 2011. Report author, Frank Wright, noted, “With more than 3 GW of offshore wind now installed globally and more than 2 GW currently under construction, offshore wind is becoming a mainstream power generation sector. The supply chain is experiencing a period of growth and is becoming increasingly differentiated from the onshore wind industry.
Strong Recovery in Vessel Demand
Douglas-Westwood forecasts strong recovery in vessel demand. The World Subsea Vessel Operations Market 2011-2015 details expenditure set to grow 52%, totaling $72bn between 2011 and 2015. Lead author, Simon Robb, commented, “Project timetables are accelerating as confidence returns to the industry, with a shift to larger and more complex deep water projects. Projects are increasingly capital intensive, which is benefitting offshore contractors with the capability and expertise to provide deep water services. “Global vessel demand for Subsea Vessels is expected to climb beyond 310,000 days for the forecast period 2011-2015 – a 28% increase on the previous five years.
