Growth in offshore wind power is expected to result in a nine-fold increase in demand for ocean space by 2050, according to a new report published by certification body DNV today.
The Ocean’s Future to 2050 report forecasts that offshore wind will require ocean space equivalent to the landmass of Italy by the mid-century.
The report predicts that this growth will be particularly pronounced in regions with long coastlines that currently have low penetration of offshore wind, such as North America and the Indian subcontinent.
DNV forecasts demand for space to grow 50-fold and 30-fold in these two regions respectively.
Growth in offshore wind demand will result in changes to the so-called Blue Economy, the report notes.
DNV suggests that oil & gas currently accounts for around 80% of all capital expenditure in the Blue Economy, but that this could fall to as low as 25% of spend by 2050.
In contrast, investment in offshore wind activities is expected to rocket and will account for half of all capex by that time.
DNV’s findings are a part of a wider holistic forecast of the Blue Economy, which covers areas as diverse as food, energy, shipping, tourism desalination and spatial planning.
DNV group president and chief executive Remi Eriksen (pictured) said: “The Blue Economy is entering a period of sectoral and geographic diversification.
“Currently, the regions which benefit most from the ocean in economic terms are those with access to oil and gas fields off their coastlines.
“But as the world decarbonizes and the need for renewable energy grows, countries not able to be part of the age of fossil fuel can be part of the age of wind.”
The report adds that the Blue Economy will be more focused on Asia than it is today, with Greater China set to account for more than a quarter of capex by 2050 as it builds out offshore wind and marine aquaculture.