Every third day until Christmas, we will reveal three evaluation markers to improve your company’s odds for success in offshore wind. As a special Christmas reflection, each release will also contain a strategic observation from the global offshore wind scene.
The Christmas Calendar structure reflects the Green Ducklings framework that we use to map any company’s “Offshore Wind DNA” through our 24 DNA Markers.
#7 MARKET POTENTIAL
Market Potential is a measure for the value of a company’s portfolio if directly applied to the relevant offshore wind markets. The potential of the product portfolio to enable a larger scope as part of a bundling of services is also considered. The assessment is made under consideration of the normal/expected contracting scopes in the offshore wind industry. For technology companies, it’s particularly important to be aware of the market value of the total scope and risks that clients to the technology will normally need to cover.
Competition is a measure of the foreseen degree of competition and the most relevant competitors that a company will meet when supplying their portfolio to the offshore wind industry. The assessment has a special focus on identification of elements of the products, services and commercial approach that can be used to differentiate from competitors through a Unique Selling Proposition. Potentially this can also cover identification of strategic gaps that need to be filled to realize the differentiation strategy.
#9 PERCEIVED RISKS
Perceived Risks is a measure for prioritization of initiatives that bring comfort to the clients in the offshore wind industry. There are many hidden stakeholders that need to be considered to identify the best supply chain. Through awareness of these stakeholder’s perceived risks, they can be addressed in the value proposition and mitigated. It’s often seen in the industry that unaddressed perceived risks can be showstoppers for suppliers, and this must obviously be avoided by awareness of the specific perceived risks.
CHRISTMAS REFLECTIONS FROM THE MARKET
The ”Hottest” new markets in Offshore Wind are currently Norway, Poland, Scotland, Ireland, USA, Japan, Korea and Taiwan. But more markets are becoming increasingly relevant. Bidding rounds for offshore leases are currently ongoing in Scotland and Japan, where developers need to demonstrate the quality of their intended projects to be successful. But in all of these markets, strategic positioning is ongoing in the supply chain through technology propositions, potential local content setups and influencing of stakeholders that are relevant to the offshore wind projects. Each developer needs to choose the ”secret recipe” that maximizes benefit for local communities whilst minimizing risks in the supply chain and towards influential stakeholders.