The offshore wind sector is forecast to reach total capex of €396 billion by 2026, paving the way for increased breakbulk demand, according to research consultancy Douglas Westwood.
The findings are published in Weswood’s World Offshore Wind Market Forecast, which predicts that global capacity will reach 95.2 gigawatts by 2026.
The UK, China, and Germany are all identified as key contributors to the market, with combined expenditure of €208 billion over 2017-2026, representing about 52 percent of forecast global expenditure over the period.
Westwood expects about 14,500 turbines and more than 15,900 foundations to be installed over 2017-2026. Global operating expense over 2017-2026 is expected to amount to €65 billion, with about 64 percent of this allocated to China, Germany, and the UK, the report’s authors said.
Photo: Offshore wind projects may drive increased breakbulk demand. Credit: Wikimedia