Protective coatings makers look to the offshore wind farm market for growth opportunities

The offshore segment is projected to expand at a significant pace owing to the increase in usage of wind power coatings in upcoming offshore wind power projects

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According of Climate to the 2021 State Action Report, authored by the world's top climate analysis coalition, Climate Action Tracker (CAT), in order to meet the Paris Agreement's net-zero by 2050 target, the share of wind and solar energy in electricity generation needs to increase from 7.03% (based on 2018 figures) to 37-72% by 2030. By 2050, the share needs to rise further to 80 - 82%.

This means that by 2050, wind and solar electricity generation needs to increase by between 72.97 - 74.7%. In order to support this seismic growth edge repair and protection systems will play a critical role in extending the lifespan of wind turbine blades and, therefore, supporting a net-zero future for the planet.

Wind power generation capacity in India has significantly increased in recent years. As of July 1, 2022, the total installed wind power capacity was 40.788 GW, the fourth largest installed wind power capacity in the world. Wind power capacity is mainly spread across the Southern, Western and Northern Western regions.

India is blessed with a coastline of about 7,600 km surrounded by water on three sides and has good prospects of harnessing offshore wind energy. Considering this, the Government of India had notified the "National Offshore Wind Energy Policy" in 2015 with the Ministry of New and Renewable Energy acting as the nodal Ministry for development of offshore wind energy in India and work in close coordination with other government entities for Development and Use of Maritime Space within the Exclusive Economic Zone (EEZ) of the country. The ministry set a target of 5.0 GW of offshore wind installations by 2022 and 30 GW by 2030 which has been issued to give confidence to the project developers in India market.