Growing the UK’s supply chain for offshore wind represents a £92bn opportunity to boost the economy by 2040, according to a report by the Offshore Wind Industry Council (OWIC) and the Offshore Wind Growth Partnership (OWGP).
The report, entitled “Supply Chain Capability Analysis”, outlines key measures industry and government can take to strengthen the UK’s offshore wind supply chain, to maximise socioeconomic benefits that offshore wind growth can bring to the country.
The UK has the second largest installed offshore wind capacity in the world, with a government target to more than treble this capacity by 2030 to 50GW, including 5GW of floating offshore wind.
This expansion represents a significant increase in demand for equipment and services required to develop, construct, and operate offshore wind farms.
The analysis finds that targeted intervention in the UK supply chain has the potential to bring £92bn of GVA into the economy.
While the country has had notable success stories and received significant investment from developers and government, the analysis recognises more could be done to keep its supply chain resilient – with domestic suppliers competing with those of other countries for vital contracts, and the jobs and opportunities they bring.
OWIC vice-chair Sophie Banham said: “This report and the detailed analysis that sits behind it, shows how the UK can develop its supply chain to maintain a leading role through a coordinated Industrial Growth Plan.
“By intervening in key areas, we can ensure the UK’s ambitious deployment targets are achieved in a way that maximises benefit to the UK through the development of industrial clusters, inward investment and significant job creation.”
OWGP chair and the country’s former Offshore Wind Champion Tim Pick said: “The UK is one of the world leaders in offshore wind in terms of installed capacity, contributing to lower energy bills, extra money for the public purse, and new jobs being created in coastal towns and cities.
“However, we’re only really scratching the surface when it comes to the full potential economic and social benefit of offshore wind, which we can only capture by maturing our domestic supply chain.
“This new analysis allows us to better target our support to UK supply chain companies, foster the development of new technologies, and support a just transition – keeping the UK competitive on the global stage.”