Norwegian Ports Investment in Offshore Wind to Bring Millions of Euros by 2030 – Report

Market Outlooks

October 17, 2023, by Adnan Memija

Norwegian ports investing in offshore wind can generate NOK 8.4 billion (about EUR 727 million) in annual value and employ approximately 6,400 people by 2030, according to a new report from Menon Economics.

The study has identified 14 installation and assembly ports with plans to facilitate projects for offshore wind farms by 2030, indicating significant potential for employment and value creation.

These ports collectively aim to achieve an annual installation and assembly capacity of 5 GW by 2030, equivalent to approximately 350 wind turbines annually, according to the report.

Menon outlines that the greatest potential for Norwegian ports lies in floating offshore wind, as the market for fixed-bottom installations is more mature, and the associated port infrastructure is more developed.

According to the report, fixed-bottom installations will dominate in the export until 2030, but growth related to the floating offshore wind market is expected to accelerate after 2030.

To address the floating offshore wind market up to 2035 and beyond, capacity must be built earlier, according to the report.

The analysis finds that offshore wind will become a significant export industry for the ports, particularly for projects close to Norway.

“This analysis shows that Norwegian offshore wind bases are ahead of the curve. They see that collaboration is a crucial strategy to harness the vast opportunities in offshore wind,” said Arvid Nesse, the head of Norwegian Offshore Wind.

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Offshore wind development will be especially significant in the North Sea, an area estimated to have an accumulated capacity of 72 GW by 2030, according to Menon.

The company’s calculations suggest that installation and assembly ports supplying the North Sea offshore wind development should have an annual capacity of 12 GW by 2030, nearly four times the existing capacity.

“This shows that we need a port expansion in Norway, and the government must come up with a committed plan for the development of Norwegian ports and bases,” said Nesse.

In their calculations regarding employment and value creation, Menon assumes that only 50 per cent of the capacity claimed by the ports will be realized. In that case, the port industry would lead to approximately NOK 8.4 billion in value creation and around 6,400 full-time jobs annually until 2030, according to the report.