Over 235 GW of new offshore wind capacity will be added over the next decade, bringing total offshore wind capacity to 270 GW by 2030.
Many countries in the region are net importers of energy and are seeing huge price increases for gas and coal – this is driving many to consider accelerating their renewable energy targets and a huge opportunity for the Singapore Marine and Offshore Engineering (M&OE) sector.
According to IRENA, 2.1 million-person days, or 8,650 full-time equivalent (FTE) jobs (defined as one calendar year, or 260 working days, of full-time employment for one person) are created for a typical 500 MW offshore wind farm over its lifetime.
Many skills utilised in the oil and gas (O&G) industry are transferable to the offshore industry. Similar to offshore O&G, many offshore wind jobs are well-paid and Singapore’s M&OE employment opportunities lies in Professionals, Managers, Executives and Technician (PMET) roles.
As the offshore wind industry expands to new and early-stage markets in Asia, the labour requirements call for technical and specialised roles across the entire offshore wind supply chain. Often, those roles are not being fulfilled locally and require transfer of knowledge or experience from more experienced companies, like those in Singapore.
Now is the right time for Singapore’s M&OE companies to accelerate their work force transition into offshore wind and capture the first mover advantage.