Singapore’s role in the global offshore wind sector is growing rapidly, despite its lack of a domestic wind energy market. Local companies, traditionally focused on oil and gas, are increasingly branching out into renewable energy, particularly offshore wind.
Over the years, Singapore’s offshore and marine firms have shifted their focus from oil and gas to renewable energy. They are now providing critical components and services for offshore wind farms worldwide. For instance, Seatrium supplies offshore platforms that help transfer electricity from wind turbines to land-based power grids, while Mooreast offers anchoring solutions for these turbines. Cyan Renewables operates support vessels essential for maintaining wind farms.
These Singaporean firms have a notable presence in Britain, home to some of the world’s largest offshore wind farms. The global offshore wind market is expected to grow significantly, reaching approximately $126 billion by 2030, driven by ambitious government targets and large-scale projects. In Britain alone, the goal is to generate 50 gigawatts (GW) of offshore wind power by 2030, including 5GW from floating wind farms.
Enterprise Singapore has been proactive, bringing local companies to Britain to explore these opportunities. Despite Singapore’s lack of a wind energy sector, its experience in offshore oil and gas is proving valuable in this new arena. As Alan Yeo of Enterprise Singapore noted, the infrastructure and operating conditions in offshore wind are similar to those in oil and gas.
The shift towards offshore wind is seen as a new growth area for Singaporean companies, leveraging their engineering capabilities to meet the rising global demand for cleaner energy. This diversification is evident in successful ventures into markets like Taiwan, South Korea, the UK, and the US, with future expansions expected in countries such as Japan and Vietnam.
