Wind power has become one of the most rapidly-growing markets in the global energy industry, creating a significant number of jobs in times when other industries are experiencing financial instability, a new report by industry analysis specialist GlobalData has found.
The new report explores how developments in technology have paved the way for more effective and reliable equipment and machinery, which has enabled wind power to progress from an emerging fuel source 20 years ago to its position today as a commercial electricity generating technology in over 87 countries. This has resulted in the generation of thousands of jobs in areas such as equipment manufacturing, installation, engineering and project management. The increasing popularity of offshore wind projects has been a major contributing factor to the success of the global wind power market, especially as onshore projects tend to attract significant criticism from local communities. Offshore wind is being increasingly explored across the world for its high yield due to stronger and more consistent winds compared to onshore locations, and the considerable area of land available for gigawatt-scale projects. Development is mainly concentrated in Europe, which accounts for over 2.9 GW of offshore wind power capacity. This has provided much-needed employment opportunities in countries that have been some of the worst hit from the global financial crisis, such as the UK and Spain. Furthermore, with large-scale commercial offshore wind farms either currently under construction or in the planning phase in Europe, offshore wind power capacity is expected to reach 64,594 MW in 2020 at a CAGR of 36%, with the UK leading from the front. As the offshore wind power industry continues to grow, the need to solve challenges such as the lack of regulatory framework and sophisticated technology catering to offshore requirements, a shortage of appropriate auxiliary services such as crane vessels, incompatibility with existing grid infrastructure and a lack of skilled workers will continue to attract investment and create jobs within the sector.
The new report explores how developments in technology have paved the way for more effective and reliable equipment and machinery, which has enabled wind power to progress from an emerging fuel source 20 years ago to its position today as a commercial electricity generating technology in over 87 countries. This has resulted in the generation of thousands of jobs in areas such as equipment manufacturing, installation, engineering and project management. The increasing popularity of offshore wind projects has been a major contributing factor to the success of the global wind power market, especially as onshore projects tend to attract significant criticism from local communities. Offshore wind is being increasingly explored across the world for its high yield due to stronger and more consistent winds compared to onshore locations, and the considerable area of land available for gigawatt-scale projects. Development is mainly concentrated in Europe, which accounts for over 2.9 GW of offshore wind power capacity. This has provided much-needed employment opportunities in countries that have been some of the worst hit from the global financial crisis, such as the UK and Spain. Furthermore, with large-scale commercial offshore wind farms either currently under construction or in the planning phase in Europe, offshore wind power capacity is expected to reach 64,594 MW in 2020 at a CAGR of 36%, with the UK leading from the front. As the offshore wind power industry continues to grow, the need to solve challenges such as the lack of regulatory framework and sophisticated technology catering to offshore requirements, a shortage of appropriate auxiliary services such as crane vessels, incompatibility with existing grid infrastructure and a lack of skilled workers will continue to attract investment and create jobs within the sector.
