The exponential growth of offshore wind power will be the main driver of a nine-fold increase in demand for ocean space by the middle of the century, according DNV’s Ocean’s Future to 2050.
The report forecasts that by midcentury, offshore wind will require ocean space which is the equivalent to the landmass of Italy. The growth will be particularly pronounced in regions with long coastlines and presently have low penetration of offshore wind. Demand for ocean space is set to grow 50-fold in the Indian Subcontinent and 30-fold in North America. Currently, 80 percent of capital expenditure (capex) in the Blue Economy is invested in the offshore oil and gas sector, but by 2050 that number will have dropped to 25 percent. By then, offshore wind will receive the largest investments, accounting for half of all capex. The Blue Economy will be more focused on Asia with Greater China set to account for more than a quarter of capex by 2050 as it builds out its offshore wind capacity and marine aquaculture.
