A vast untapped
POWERING THE WORLD
The world is transitioning to a low carbon future in which clean, affordable, renewable electricity powers our daily lives. Global electricity consumption is a £2+ trillion annual global market, which is growing year on year. The ocean’s offshore winds and waves are an immense source of renewable energy, and they will form a vital part of the world’s decarbonisation efforts. There is enough energy in the oceans to power the entire planet, yet currently this vast resource is largely untapped.
OFFSHORE WIND ENERGY
Whilst offshore winds in shallow waters have been harnessed by fixed bottom wind turbines the wind and wave energy in deep water remains largely unharnessed and represents around 80% of the exploitable energy resources of our oceans. It is now clear that offshore wind, of which floating offshore wind will form a significant part, will play a crucial role in achieving global net zero targets.
FLOATING OFFSHORE WIND GLOBAL MARKET
- Rapid growth forecast with compound annual growth of 48% to 2030
- Reaching 9.9GW installed capacity
- 70GW total FLOW installed capacity by 2040
Floating offshore wind is a maturing global market with a deployment and cost trajectory that is expected to follow a similar path as early stage fixed offshore wind.
All of our major oceans contain a significant wave energy resource which can be exploited on many of the world’s coastlines. It is estimated that the untapped resource potential amounts to around 29,500 TWh. Enough to meet the global demand for electricity. Wave power has the advantages of being persistent, predictable, and often desynchronised with other renewable sources such as wind and solar.
Wave Energy Global Market
- A nascent market – 2.3MW installed in 2020
- 877MW wave capacity forecast in 2030
- By 2050, the wave market will expand globally to 236GW
The opportunity pipeline to 2030 will include large wave farms at utility scale along Atlantic coastline, smaller farms at utility scale in Mediterranean and North Sea as well as some co-location with floating wind. Nice markets include the electrification of oil and gas and aquaculture.