The UK will lead the global offshore wind power market by 2025.
That’s according to a new report from GlobalData, which stated the installed capacity in the country will be 23.2GW by the end of the forecast period.
The UK accounted for a 51.3% share of global offshore capacity in 2014 followed by Denmark and Germany with shares of 14.5% and 11.9% respectively.
According to analyst Harshavardhan Reddy Nagatham, the UK has the largest offshore wind resources in Europe, refering to the North and Irish Seas as “high potential areas” for developers.
He added: “The UK Government is aiming to achieve 18GW of offshore wind capacity installations by 2020 based on the roadmap laid out by the Department of Energy & Climate Change (DECC). To incentivise project development it is looking to reduce the generation cost by 30% to £100 per megawatt hour.
“Despite the higher costs of offshore wind compared to onshore, the government continues to support the former with Contracts for Difference [CfDs] with the aim of achieving lower generation costs in the long term.”
The report also stated engineering giant Siemens remained the UK’s leading offshore wind market player in 2014, boasting a 76.2% share of the country’s capacity, followed by Vestas (19.9%) and Senvion (3.8%).
Earlier this week Energy Secretary Amber Rudd said onshore wind is not expected to be allocated under the next round of the Contracts for Difference (CfDs) scheme.