According to GlobalData, a leading business intelligence provider, the global offshore wind power market is expected to explode over the next decade, with the UK as a leading investor. The UK has been a major actor in the market with its ideal location for offshore wind power and its financial commitment.
GlobalData states that the country’s installed capacity is expected to hit 21 GW by the end of 2020, which is a nearly 800% increase from 2012. GlobalData’s new report on the global wind power market also predicts that the market will increase from a cumulative capacity of 5.1 GW in 2012 to 54.9 GW by the end of the decade. There are of course, other countries expected to jump on board with this growing market including Germany, which plans to expand its offshore wind sector greatly in the near future.
Source: GlobalData press release, Offshore Wind Power to Grow Tenfold by 2020, with UK Leading the Way