Offshore wind construction activity has surged in recent years and the trend is likely to continue with the industry’s engineering projects set to reach a EUR 286 billion Capex from 2017 to 2025, Douglas-Westwood (DW) reports in its new Offshore Wind Market Briefing.
Often running counter-cyclical to the offshore oil and gas industry, the wind business is now regularly spawning multi-billion offshore engineering projects, DW said in the report which draws on the company’s offshore wind farm database of over 960 projects.
European countries have previously driven global offshore wind expenditure and the continent will remain dominant between 2017 and 2025, contributing over ~65% of global Capex in the period, according to DW.
The UK will lead expenditure, forming 32% of the market, whilst France will present the highest growth.
The 16-page Offshore Wind Market Briefing examines the current trends in the offshore wind market by region and applicable sub-segment; supported by analysis, insight and industry consultation.