Market Trends of North Sea Offshore Helicopter Services Industry
This section covers the major market trends shaping the North Sea Offshore Helicopter Services Market according to our research experts:
Increase in Number of Offshore Wind Farms
- The North sea region is considered one of the leading regions in the world for offshore wind energy project development. This can be ascribed to the region's advantages, including relatively shallow waters, favourable wind patterns, and easy access to ports and energy-consuming industries.
- In 2012, in the North Sea region, the total cumulative installation of offshore wind energy projects was around 4.5 GW which has significantly increased in the last decade and reached 27.8GW in 2021.
- The countries such as Belgium, Denmark, Germany, the Netherlands, and United Kingdom are the leading countries in the region to install offshore wind farms. In 2021, in Belgium, the total offshore wind energy capacity was around 2,262 MW; in Denmark, it was about 2,306; in Germany, it was about 7,747 MW; in the Netherlands was 2,460 MW, and the United was around 12,700 MW.
- In 2022, the four major countries in the North Sea region Germany, Belgium, the Netherlands and Denmark, aim to develop 150 GW of offshore wind capacity in the North Sea to achieve the European Union's net-zero emission and lower dependency on Russian energy.
- In 2022, the Netherlands Enterprise Agency designed the North Sea Agreement to facilitate the offshore wind project in the North Sea region. This agreement details the government's plans to explore the space for 20 GW to 40 GW offshore wind capacity by 2027.
- Furthermore, private companies are also investing in the North Sea region in offshore energy projects; for instance, in 2022, BP plc. is committed to investing USD 22.52 billion in offshore wind farms by 2030. BP plc., in partnership with EnBW, aims to develop an offshore farm with a capacity of 3 GW.
- This development in offshore wind farms would lead to a rise in the requirement for offshore helicopter services. Resulting in driving the Offshore Helicopter Services market during the forecast period
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The United Kingdom to Dominate the Market
- The United Kingdom is the leading offshore energy producer in Europe and the second largest producer in the world after China. In 2012, in the United Kingdom, the total offshore energy installation capacity was 2,995 MW, and it reached 12,700 MW in 2021. In terms of global offshore wind energy installation, The United kingdom contributed around 23% in 2021.
- The United Kingdom government considers offshore wind projects a significant opportunity for economic growth for the country's development. Thus it has developed government policies and programs to support the offshore wind energy sector.
- Furthermore, the United Kingdom has set ambitious climate targets to achieve, which include net-zero emissions by 2050, and offshore wind farms could play a vital role in achieving their environmental goals. Hence, the government provides financial support, funding, and tax benefits.
- Moreover, the United Kingdom and various private companies are investing in offshore wind projects in the United Kingdom; for instance, in January 2022, the United Kingdom aims to fund a floating offshore wind project. The total investment is anticipated to be around GBP 60 million.
- Furthermore, the United Kingdom is the leading country in European offshore oil & gas activity. Moreover, the government has more than 200 oil and gas fields operating in the Nor; these fields are responsible for the supply of approximately half of The United Kingdom's gas needs.
- Furthermore, companies are investing in the oil & gas industry, particularly in the North Sea. For instance, in July 2022, United Oil & Gas discovered an oil & gas field which would need an investment of around USD 545 million in the near future. According to the company, the field is expected to have 6 million barrels of oil equivalent to oil & gas reserves. Further, the company aims to develop the field in 2024 and the first production by 2025.
- All these offshore investments in the wind and oil & gas industry are expected to propel the demand for helicopter services in the North Sea region. Hence increased investment by the United Kingdom in offshore activity is expected to drive the North Sea Offshore Helicopter Services Market in the forecast period.
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