A challenging 2023 characterized by cancelled contracts, under-subscribed tenders, project delays and challenged economics has forced developers, investors, suppliers and governments to re-evaluate their positioning in the offshore wind market.

Developers and suppliers have become much more focused on the tangible opportunities rather than pursuing a more opportunistic strategy, says Søren Lassen, head of offshore wind analysis at research and consulting firm Wood Mackenzie, in an interview with Marketwire at a wind turbine conference in Bilbao, Spain. 

”Strategically, we now see that developers and suppliers are focusing much more on the tangible opportunities in the market - the specific projects they have in front of them. Of course, there are exceptions and some have different strategies, but overall, the strategic focus in 2024 will be on the tangible opportunities,” says Lassen. 

Previously, there was a greater focus on seeking success in completely new markets, which was often associated with great uncertainty in relation to the subsidy schemes and supply chains, among other aspects. 

The fact that the tangible has now become the main strategic focus for most is, of course, also due to the fact that with the prospect of record-breaking offshore tenders in the coming years, there are many options to choose from. 

”The focus is on specific projects, both to reduce risk, but also because you have so many specific opportunities now. You have all these tenders, you have investment decisions to make and a lot of activities you can act on. So there is a push and pull towards a focus on tangible opportunities,” says Lassen.