OECD: Offshore Wind One of Top Ocean Industries in 2030

Offshore wind is among the top ocean‑based industries that have the potential to outperform the growth of the global economy as a whole by 2030, both in terms of value added and employment.

This is according to “The Ocean Economy in 2030” report, published by the Organisation for Economic Co-operation and Development (OECD) on 27 April.

The projections suggest that between 2010 and 2030 on a “business‑as‑usual” scenario basis, the ocean economy could more than double its contribution to global value added, reaching over USD 3 trillion. Particularly strong growth is expected in marine aquaculture, offshore wind, fish processing, and shipbuilding and repair.

Ocean industries also have the potential to make an important contribution to employment growth. In 2030, they are anticipated to employ approximately 40 million full‑time equivalent jobs in the business as‑usual scenario. The fastest growth in jobs is expected to occur in offshore wind energy, marine aquaculture, fish processing and port activities, OECD said in the report summary.

The report explores the growth prospects for the ocean economy, its capacity for future employment creation and innovation, and its role in addressing global challenges. Special attention is devoted to the emerging ocean-based industries in light of their high growth and innovation potential, and contribution to addressing challenges such as energy security, environment, climate change and food security.

The report examines the risks and uncertainties surrounding the future development of ocean industries, the innovations required in science and technology to support their progress, their potential contribution to green growth and some of the implications for ocean management. Finally, and looking across the future ocean economy as a whole, it explores possible avenues for action that could boost its long-term development prospects while managing the use of the ocean itself in responsible, sustainable ways, OECD explained.

Photo: Photo: BARD Offshore/ Illustration