From deep tech to offshore wind, this series showcases how Enterprise Singapore is charting the development of new industries to power our enterprises and economy’s growth. Discover how we can partner you to Keep Growing.

Picture this: A towering, floating wind turbine off the coast of Le Croisic, France. As the country’s first offshore wind turbine, Floatgen weathers major storms with wind speeds of up to 134 km/h to supply electricity to over 3,000 households in the French town.

The secret to its steadiness? MA5P anchors produced by Singapore company Mooreast, which hold the wind turbine firmly to the seabed. To date, MA5P is one of the highest holding power anchors available in the market, with holding power of up to 50 times its weight. The anchor is also designed to accommodate a wide range of soil types.

Like a growing number of Singapore marine and offshore energy companies, Mooreast is expanding beyond the oil and gas sector and into the global offshore wind market amid growing demand for renewable energy. Beyond the oil and gas sector, which has strong crossover capabilities to offshore wind, other Singapore companies are also finding new ways to contribute to the growing market.

From project planning and development to construction and maintenance, our local companies are making waves across the global offshore wind value chain, capturing new growth opportunities in the burgeoning industry.

Capturing global opportunities

As countries ramp up efforts to tackle climate change and decarbonise, offshore wind energy, or electricity generated by wind turbines installed in open seas, has emerged as an alternative source of energy, fuelling the industry’s growth.

According to the Global Wind Energy Council, the global offshore wind market is expected to expand by 28% annually over the next five years, with China and Europe continuing to dominate growth.

While Singapore has a larger solar energy market, our companies are looking beyond, setting their sights to capture growth in other renewable sources such as offshore wind.

Local companies in the oil and gas sector have strong capabilities that can cross over to the offshore wind energy sector, allowing them to adapt and enter various segments across the value chain. These include the construction of offshore substations, installation of subsea cables and provision of vessels to ship construction materials and products. Penguin, BeeX and PSA Marine are some companies that have secured early successes and are contributing to some of the biggest offshore wind projects in the world.

Helping Singapore companies sail abroad

To put more Singapore companies on the map and help them capture global demand in offshore wind, we are leveraging our international reach to connect them with foreign players and business opportunities worldwide.

This includes business missions to key and emerging offshore wind markets across Asia-Pacific, Latin America and Europe, such as a recent trip across Manchester, Scotland and Aberdeen, where Singapore companies connected with key players and gained insights to the UK's thriving offshore wind sector through company visits, trade shows, and targeted business matching sessions. These opportunities allow our Singapore companies to expand their global footprint and contribute to the offshore wind value chain.

Beyond bringing our local players abroad, we have been actively elevating Singapore’s presence in the offshore wind domain by participating in roundtables, panel discussions and industry conferences, such as the 2024 Asia Infrastructure Forum. These platforms allow us to share how Singapore and our businesses can make valuable contributions to the industry, opening doors for collaborations with key stakeholders in offshore wind.

At Wind Energy Hamburg, one of the world’s largest wind energy industry events, Enterprise Singapore, the Association of Singapore Marine & Offshore Energy Industries and the Global Wind Energy Council signed a memorandum of understanding to expand Singapore’s network with the global offshore wind sector, fostering more project and innovation opportunities between Singapore and international players in this space.

Powering the future of the industry

Beyond supporting our companies, more is also being done to strengthen Singapore as a hub for the offshore wind industry, from financing to talent development.

Home to a robust funding ecosystem, Singapore can be a nexus for renewables financing and catalyse offshore wind projects, which are typically capital intensive due to their long lifecycles and require significant capital upfront. Within Asia-Pacific alone, total investment in offshore wind is projected to hit US$621 billion (S$835 billion) by 2050.

Talent development is also crucial, with annual global wind energy installations expected to double in 2027, driving a 79% increase in the offshore wind sector workforce. To enhance capabilities within the offshore wind workforce and strengthen the industry’s talent pipeline, Singapore has launched a Career Conversion Programme. Through this programme, companies can enhance their talent competencies through reskilling and upskilling modules, priming them to capture new and emerging roles within the industry.

Make an offshore wind powerplay

As the global energy market shifts towards renewable energy, more countries are embracing energy sources such as offshore wind. With high growth potential, Singapore is poised to capture opportunities in the nascent industry. Learn more about the offshore wind industry and discover how we can support you on your journey.