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Offshore Platform Electrification Market Trends

Report ID: GMI5519
Published Date: Jul 2023
Report Format: PDF

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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.

Authors: Ankit Gupta, Abhishek chopra

Frequently Asked Questions (FAQ) :

The market size of offshore platform electrification reached USD 1.6 billion in 2022 and is anticipated to grow at a CAGR of 19.7% during 2023 to 2032, backed by the increasing environmental regulations and commitments to reduce greenhouse gas emissions.

Offshore wind segment accounted for over USD 580 million in 2022 as offshore wind power is driving the need for offshore platform electrification to harness and distribute clean energy.

Europe offshore platform electrification industry size is expected to be valued at USD 6 billion by 2032, on account of continuous development and expansion of existing offshore wind farms in the region.

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, and Norddeutsche Seekabelwerke GmbH.