The global energy industry is big business. The renewable energy market alone is now worth over US$300bn a year[i] while the oilfield services market is valued at around US$154bn[ii] and the energy consultancy market accounts for US$102.08bn.[iii]
As a world leader in offshore wind and deep sea oil exploration and field development, there is a global demand for UK energy-sector equipment, staff and training, consultancy services. For current and new exporters, contracts can vary between just a few thousand pounds to many millions.
A recent study by Export Nation, covering a sample of 43 British companies exporting energy-related goods and services to 44 countries in 2017 [iv] reveals that the UK struck 445 deals to work on 434 wind, wave and tidal energy projects throughout the rest of Europe, North and South America, Africa, the Middle East, Asia, Australia and Antarctica. The contracts were worth up to £7.5 million each, but some companies earned £20 million overall from their wind and marine energy exports last year. Exports ranged from onshore wind turbines and 80-metre blades and cables for offshore wind farms. It is not only energy hardware that is being exported but also UK expertise, provided by consultants for developing wind, wave and tidal energy projects worldwide.
In addition, £12.3bn of goods and services were exported from the UK oil and gas supply chain in 2016, reports the UK government.[v]
According to Ernst and Young’s Future of Energy Series, the market is looking towards solutions to meet five key needs: goods and services that deliver or aid decarbonisation, strategies for decentralisation and incentives for innovation, efficiency and interconnectedness. Fortunately there are many UK companies able to provide useful solutions in these areas.
Here are some top tips for energy firms considering exporting:
Read more https://issuu.com/redactive/docs/energy_focus_summer19/26