According to the Global Wind Energy Council (GWEC), in 2023, some 680 gigawatts (GW) of new wind power capacity will be installed from 2023 to 2027, or 136GW annually to 2027.
After years of navigating the choppy waters of the oil and gas industry, Marco Polo Marine (SGX:5LY
) is finally emerging with brighter prospects. The mainboard-listed company that once concentrated on chartering vessels for offshore oil and gas production is now set to benefit from its strategic shift into the expanding offshore wind sector, which is driven by the increasing demand for renewable energy infrastructure.
In an article for Marsh published in September 2020, Martin Beck, the company’s renewable energy leader in Asia, noted that the global renewable energy capacity is expected to grow by 50% from 2020 to 2025. While the growth is likely to be led by solar photovoltaic and onshore wind, Beck notes that offshore wind power has also seen “strong growth” in recent years and has “significant untapped potential.” He adds that momentum for offshore wind has also shifted from Europe to Asia.
