Evaluating technological innovation impact: an empirical analysis of the offshore wind sector.

Abstract

This study analyzed the determinants that impact innovation on offshore wind energy (OSW) for a select group of countries, applying mixed-method approaches for a period between 2011 and 2021. The OSW sector witnessed cost reductions in recent years; therefore, this study analyzed how these factors impact technological innovation in the OSW sector. The fixed effects results proved trademark, carbon emissions, offshore wind capacity, and electricity from renewable energy, technical and scientific journals are significant and impact innovation regarding offshore wind energy. The maximum likelihood (MLE) coefficients are more robust than the restricted maximum likelihood (MREL) and better explained the significance of the variables in spurring OSW innovation. Ultimately, the interaction term "cross" came out significant in the analysis. It signified the importance of the interaction variables in scaling innovation. Similarly, the study forecasted OSW capacity additions to grow to more than 28GW by 2036, at a 48.8% growth rate, from the current over 55 G.W. capacity. Additionally, the infrastructure development of the OSW sector via a fitted line between total global offshore capacity and the development projects observed a negative relationship among these dual factors evaluated in the OSW, showing a decreasing trend of capacity additions among countries, as well as the fitted line relationship between total country OSW capacity and operational projects showed that China leads the globe with operational OSW projects. At the same time, Brazil is the new leader in the world regarding OSW capacity. The general analysis of the parameters of the OSW infrastructure plan showed the sector is declining regarding secured projects, development projects, operational projects, and capacities additions in some countries. However, global total capacity additions are on a steady path, declining a bit. This is attributable to the pandemic that slowed the global economy. This study will serve as a reference document for policy formulators regarding scaling up innovation for offshore wind energy.