New Tekmar Group CEO announces three-year plan to reach record results
The offshore specialist says the headwinds in offshore renewables and conventional energy markets ar...
02
Dec
The report, Market Development for Fixed-Bottom and Floating Offshore Wind, was commissioned by Offshore Norway, Norwegian Offshore Wind, Eksfin, and Innovation Norway. It indicates that the offshore wind industry has the potential to contribute to 62,000 jobs by 2050, both directly within the industry and across its value chain. The majority of these jobs are expected to be in floating offshore wind.
Menon’s report examines how the market for fixed-bottom and floating offshore wind is developing. For employment, global market share, and value creation, analysts outline both high and low scenarios.
"The report shows that the political choices we make now will be crucial to achieving the full potential for employment in offshore wind. A major commitment to offshore wind is a long-term investment for Norway, but the analysis supports the need for predictable policies going forward," says Arvid Nesse, head of Norwegian Offshore Wind.
In August this year, the Norwegian Offshore Directorate published its resource report presenting three possible scenarios for future petroleum production on the Norwegian continental shelf. All scenarios show a production decline, though at varying rates.
"A successful commitment to industrial development tied to offshore wind will ensure that the technology and expertise built up around the oil and gas sector are carried forward. Many of the same companies will supply the offshore wind industry, and Menon's report shows that a targeted investment in offshore wind can compensate for the expected decline in oil and gas activity," says Hildegunn T. Blindheim, CEO of Offshore Norway.
The report underscores the importance of early market entry to maximize societal value. Menon’s analysis suggests that the offshore wind industry, both fixed-bottom and floating, could generate between 52 and 139 billion NOK by 2040.
The report also highlights that delays in the Utsira Nord floating offshore wind park impact Norway's potential global market share. In a similar analysis conducted by Menon in 2022, the maximum market share for Norway in 2050 was estimated at 13%. In this year's analysis, it has been adjusted down to 11%, as Norway has lost some of its lead.
"Norway already has a significant offshore wind industry based on expertise from oil and gas that serves international offshore wind projects. Norwegian subcontractors also benefit from major export contracts. This report highlights the importance of having a domestic market when aiming to capture further market shares," says Tone Lunde Bakker, CEO of Eksfin.
Håkon Haugli, CEO of Innovation Norway, believes Norway has a strong chance to take a leading global position in floating offshore wind, despite delays in the domestic market.
"Collaboration is a competitive advantage for Norway, and we need to work as a team to promote Norwegian expertise and solutions in offshore wind. Innovation Norway already supports many Norwegian players globally, where contracts are signed, and I emphasize the importance of having both companies and support mechanisms present in key markets," says Haugli.
Source: Norwegian Offshore Wind (https://www.norwegianoffshorewind.no/news/new-report-offshore-wind-can-create-over-60-000-jobs-in-norway-by-2050)
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