With global offshore wind expenditure expected to reach more than £200 billion over the next 10 years, Subsea UK is encouraging companies to look ahead and expand into the renewables sector to sustain long-term growth.
The Aberdeen-based industry body is holding an event next month to examine why harnessing a range of renewable resources is essential if the industry is to ensure security and longevity of the UK’s energy supply.
The event will explore the opportunities in offshore wind, as well as provide practical help and advice on market entry in a bid to reduce dependency on the cyclical oil and gas industry.
Scotland and the rest of the UK – together with Germany and Denmark – are currently at the forefront of offshore wind development, accounting for around 90% of global offshore wind deployment to date.
These countries along, with the Netherlands and Belgium, are forecast to build approximately 25GW of offshore wind by the end of the decade, worth an estimated £60 billion in capital and operational expenditure over the next five years.
There are already many firms from an oil and gas background that are now successfully operating within the offshore wind space, proving that cross-sector expertise is of great value to the growing renewables market.
Neil Gordon, Chief Executive, Subsea UK, said: “While oil and gas remains the dominant energy industry in the UK, companies are quickly beginning to realise the vital role that offshore renewables will play in the future energy mix.
“Offshore wind is a growing market which presents exciting new business opportunities for the UK oil and gas supply chain.
“We aim to help companies realise these opportunities and help them mitigate some of the challenges they are currently facing as a result of the lower for longer oil price.
“Providing a platform for the industry to come together and collaborate is essential in order to drive the prolonged life of developments both in the UK and further afield.
“If we can help companies to access the offshore wind market ahead of the predicted £210 billion global deployment boom, exporting their wealth of skills, innovation and experience, the rewards will be huge.”