Overall, the global energy industry has seen “encouraging signs of growth” in Q1, with “significant increases” in the renewable energy sector. The number of new projects more than doubled to 121 in the quarter compared to Q1 2009.

The renewable energy sector was the largest segment of new projects in terms of value.

Mike Major, CEO of EIC, says: “EIC Monitor shows some encouraging signs across the global energy industry this quarter. This represents a positive start to the year, improving on the previous quarter and provides further confidence for the energy supply chain.

“In particular, the renewables sector continues to go from strength to strength – driven this quarter by the UK announcement of 25 GW of offshore wind projects worth in the region of US$150bn.”

The EIC is a trade association for UK companies that supply capital goods and services to global energy industries.