Offshore wind to drive nine-fold increase in demand for ocean space

Offshore wind to drive nine-fold increase in demand for ocean space

A new report from risk assurance group DNV finds that offshore wind will be the primary driver in competition for ocean space, but overall marine investment will fall as reduced oil and gas expenditure is not offset by growth from other sectors.

DNV’s Ocean’s Future to 2050 report finds that “exponential growth” in offshore wind power will be the primary driver of a nine-fold increase in sea space by mid-century.

Indeed, by 2050, offshore wind alone will require an area the equivalent to the landmass of Italy, analysts said.

Growth will be particularly pronounced in regions with long coastlines and a current low penetration of offshore wind, DNV noted, with demand for space set to grow 50-fold in the Indian subcontinent and 30-fold in North America.

The report aims to offer a holistic forecast of the marine or “blue” economy, touching sectors including food, energy, shipping, tourism and desalination.

However, although this economy will expand, it will do so below the rate of global GDP growth through to 2050, largely because a sharp decrease in oil and gas investments will not be offset by exponential growth in offshore wind coupled with lower, steadier growth from aquaculture and desalination.

Overall capex in the blue economy will fall