Strong growth in the market for offshore wind, driven by increasingly ambitious emission targets, offers sizable business opportunities for the Norwegian supplier industry. The potential for Norwegian suppliers in the offshore wind sector is estimated at up to 12.9 billion euros in turnover in 2050.
Rapid growth in global demand for renewable energy is expected to meet the objectives of climate policies. Offshore wind is believed to be one of the main sources of renewable power generation in the future, due to its vast resource potential and expected future cost declines. Europe is the leading global region in offshore wind development and are expected to build around 300 GW until 2050. However, other regions, led by China and the rest of Asia, are expected to grow rapidly in the future. This offers great opportunities for the Norwegian supplier industry, which can create value based on knowledge and experience from offshore oil and gas operations and the maritime industry. Especially floating offshore wind shares significant synergies with already existing expertise in Norway’s industries.
According to the report, the offshore wind industry may become one of Norway’s most important industries in the years to come. The report presents three possible scenarios. In a «slow progression scenario», an annual turnover of three billion euros is estimated towards 2050. In a «base case scenario» an annual turnover of seven billion euros is estimated, while in an «accelerated growth scenario» it is estimated that the Norwegian offshore wind industry can achieve an annual turnover of up to 12.9 billion euros by 2050.