Offshore wind spending is increasingly closing the gap on oil and gas (O&G) investments and is forecast to surpass them in several key markets by 2030, according to Rystad Energy. While global O&G capex will rise nominally in this timeframe, anticipated growth in offshore wind investments will bring Europe, the US, and Asia (excluding China) to the tipping point before the end of the decade.
Although the analyst expects global offshore O&G expenditure to increase marginally to more than $140 billion by 2030, the rapidly growing offshore wind sector is forecast to reach a market size of $87 billion over the same period – a 70% increase compared with 2021’s market value of $50 billion. Estimates show that less than $10 billion will separate offshore greenfield capex for O&G and offshore wind investments by 2030.
