Renewables driving offshore market

Sian Dinnadge, of the Standard Club, reviews offshore wind energy and P&I cover for offshore contractors

The offshore wind energy market is growing against a backdrop of an increasing demand for alternative energy sources and political pressure for nations to transition to cleaner energies. However, currently offshore wind energy contributes just 0.5 per cent to overall global energy production as against 17 per cent from offshore oil and gas. Just 7 per cent of overall wind energy was produced offshore last year. The overriding reason is the relative infancy of offshore wind as an energy source, but it is anticipated that it will grow substantially between now and 2035 and Asia will be key to the industry’s progression.