Offshore wind installation and vessel management: Grid-connected offshore wind capacity additions reached 5.9 GW in 2019, 40% higher than in 2018, as per the International Energy Agency (IEA). China, UK and Germany are the leaders in recent offshore wind development. Under current investment plans and policies, the global offshore wind market is set to expand by a 13% CAGR, exceeding 20GW of additions per year by 2030. Installation and maintenance of offshore wind turbines and foundations require professional services including design, engineering, procurement, construction and installation of the foundations, inter array cables and offshore substation, and most importantly transportation of the wind turbines. Furthermore, high performing vessels are specifically designed to overcome harsh offshore environment and to comply with the stringent maritime regulations required in various countries.
Cable technologies: From building offshore power connectors to communication networks, cable technologies and related solutions are commonly used in our daily life and throughout many industries. The growing trend in global renewable development, for example in offshore wind, could drive the development and investment in higher efficiency and eco-friendly energy transmission technologies, such as superconductors, submarine cable technology and smart distribution technology. Additionally, rising adoption of data transmission and datacenter have also led the development of fiber / optical cable industries with various technological advancements including minimize insertion loss and hacking prevention.
Energy storage / batteries and components: Energy storage technologies can be used for a wide variety of applications in the power, transportation and industrial sectors, from stationary energy storage systems, to uninterruptible power supply, to utility-scale storage. Utility scale solutions for grid stability and resilience will become increasingly essential as intermittent resources, primarily wind and solar generation, are expected to dominate on-grid and off-grid generation. Continuous investment and R&D in the advancement of battery technologies, such as increasing energy density, extending battery life and reducing charging time will also drive the growth of the market.