The global offshore wind power market is expected to increase more than fivefold in the next six years, according to a new report.
Capacity could rise from 7.1GW in 2013 to 39.9GW by the end of the decade, analysts at GlobalData predict.
The research and consulting firm expects offshore wind to become one of the largest renewable power market by 2020 “as more countries eye the advantages of this renewable energy technology”.
The UK, Germany and China are predicted to contribute “significantly” towards the expansion.
Swati Singh, GlobalData’s Analyst covering Power said: “Future offshore wind power technology development will ensure a decline in the average cost per megawatt although overall project costs are expected to rise in countries with wind farms planned in deeper water and further from the shore.”
Earlier this month analysts predicted offshore wind capacity in the UK to hit 11GW by 2020.