New research has revealed up to £72 billion of supply chain opportunities in the European renewables sector could be created by 2050.

The two reports, commissioned by the NeSSIE project, have stated how tackling issues with corrosion and developing new materials in the wave, tidal and offshore wind sectors across Europe could save up to £74bn for developers, as well as generating numerous opportunities for the supply chain.

Corrosion on marine structures is one of the problems that face offshore energy developers. In the case of offshore wind farms, operations and maintenance (O&M) costs are typically around 15% - 30% of the the total lifecycle, with corrosion issues being a significant factor.

However, the two reports found that based on offshore renewable deployment estimations, anti-corrosion solutions and new materials, developers could save over £14bn for wave and tidal energy projects in the EU by 2050, as well as potentially over £60bn of savings for offshore wind projects.

More than £22bn could also be generated for the anti-corrosion supply chain in the wave and tidal energy markets across the wider EU by 2050, with over £50bn for offshore wind projects.

-- Advertisement --

Both reports contribute to NeSSIE's aim of developing three investable demonstration projects in offshore renewables, focused on corrosion and materials.

Jan Reid, team leader in the energy and clean technologies team within Scottish Enterprise, said there is a "tremendous economic prize" for the EU offshore supply chain.

"The key to unlocking this opportunity is developing investable demonstration projects that will prove the technological solutions," she said.

Henry Jeffrey of University of Edinburgh, who led on the economic report, added: "The Policy and Innovation Group at the University of Edinburgh has been working in this sector for many years and has developed a range of models for assessing the economic potential for offshore renewables.

"This type of information is critical to get the wider value chain engaged and this report presents a significant opportunity for the EU's world class subsea value chain to develop products and services leading to high value job creation."

Energy Minister Paul Wheelhouse said collaborating with European partners demonstrates Scotland's "wealth of experience, expertise and natural assets" the country has to offer.

"Scotland leads the way in renewables, with the equivalent of 54% of our electricity consumption generated from renewable sources in 2016," he said.

"‎The renewable energy sector currently supports around 26,000 jobs with a turnover of £5 billion, however there is still considerable potential for expansion within the sector and I'm determined new technologies, developed in Scotland or in partnership with others, will play a central part in delivering this."

To view the 'State of the art study on materials and solutions against corrosion in offshore structures,' visit here.

To view the 'Assessment of the Economic Opportunity Report', visit here.

(LM)