Offshore Platform Electrification Market Size By Technology (Offshore Wind, Underground Cable, Turbine) & Forecast, 2023 – 2032

Offshore Platform Electrification Market Size

Offshore Platform Electrification Market size was valued at USD 1.6 billion in 2022 and is anticipated to grow at 19.7% CAGR from 2023 to 2032.
 

Growing advancements in renewable energy technologies comprising of offshore wind turbines, floating solar arrays and more efficient power storage systems coupled with development of feasible and economically viable offshore platform electrification network will energize the business landscape. In addition, increasingly reliable and cost-effective technologies in line with ongoing demand for more stable and reliable power supply, driving the adoption of efficient electrification network in the offshore industry. Moreover, growing energy transition towards cleaner and more sustainable sources is influencing the offshore oil and gas industry.

COVID-19 Impact

The pandemic has disrupted supply chains, restricted travel, and imposed work restrictions, leading to delays in ongoing offshore platform electrification projects. The economic downturn caused by the pandemic has resulted in financial constraints for many companies in the offshore platform electrification market. Reduced oil and gas prices and uncertain market conditions have led to budget cuts and cost-saving measures, impacting investment decisions. This temporary reduction in energy consumption has affected the urgency and priority given to offshore platform electrification projects, as the immediate focus has been on managing the impact of reduced energy demand.
 

Offshore Platform Electrification Market Trends

The offshore platform electrification sector has witnessed significant growth on account of flourishing deployment of sustainable and cleaner energy sources. International climate agreements and national targets for greenhouse gas reduction in line with introduction of several mandates by the respective authorities of the key regions will complement the industry outlook. Furthermore, continuous innovation to improve electrical framework along with advancements in power transmission and distribution systems will drive the growth of offshore electrification.
 

Offshore Platform Electrification Market Analysis

Offshore wind industry accounted for over USD 580 million in 2022. Offshore wind power is a key component of these targets, is fostering the offshore platform electrification market demand to harness and distribute clean energy. Introduction of offshore wind technology systems including larger turbines with higher capacities and improved efficiency in conjunction with supportive government policies and regulatory framework will significantly fuel the industry scenario.
 

Underground cable in the sector is projected to surge due to the growing demand for subsea power transmission solutions. These cables play a crucial role in transmitting electricity from offshore wind farms or other renewable energy sources to the platforms located offshore. Increasing development of advanced cable technologies including submarine cables and HVDC cables and efficient transfer of electricity over longer distances and facilitating the electrification of offshore platforms will complement the industry size.
 

Europe offshore platform electrification market is estimated to amass USD 6 billion in 2032. The region is witnessing significant industrial growth on account of continuous development and expansion of existing offshore wind farms. Growing public and private sector investments to improve efficient electrification of offshore platforms will positively influence the deployment of renewable energy technologies. Advancements in subsea power transmission technologies comprising of HVDC cables and innovative cable design in line with developments of effective offshore platforms will strengthen the business outlook.
 

However, the governments of respective countries are implementing supportive policies, targets, and regulations to drive sustainable offshore platform electrification. Initiatives including the European Green Deal and national renewable energy targets provide a favorable regulatory environment and financial incentives for the deployment of renewable energy solutions, which in turn will stimulate the market statistics.
 

Offshore Platform Electrification Market Share

The major players operating in offshore platform electrification market are

• ADNOC Group
• BP p.l.c.
• Prysmian Group
• Aker Solutions
• General Electric
• Siemens Energy
• Equinor ASA
• Nexans
• Havfram
• ABB
• SLB
• Cerulean Winds Ltd.
• NKT A/S
• Norddeutsche Seekabelwerke GmbH.
   

Offshore Platform Electrification Industry News

• In December 2021, ADNOC has unveiled a USD 3.6 billion electrification project in collaboration with TAQA, a utilities firm, as part of the UAE commitment to achieving net-zero emissions by 2050. ADNOC and TAQA plan to develop a subsea transmission cable to substitute natural gas with cleaner energy sources at ADNOC's offshore operations. Under the project, ADNOC's oil and gas fields will be connected to TAQA's renewable onshore electricity grid, which has a total installed capacity of 3.2 GW. In addition, by 2025, they anticipate reducing carbon emissions from these sites by over 30%, aligning with ADNOC's decarbonization strategy in support of the UAE's net-zero targets.
   

The offshore platform electrification market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032, for the following segments:

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Market, By Technology

• Offshore Wind
• Underground Cable
• Turbine

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Norway
  • UK
  • Netherlands
  • Denmark
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Vietnam
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Oman
• Latin America
  • Brazil
  • Mexico