Offshore wind has the potential to grow from 13GW last year to 100GW in 2030.
That means it could increase by 650% during the same period, according to an analysis by the International Renewable Energy Agency (IRENA).
It added technology innovation is a key driver as it could enable the next generation of floating wind turbines with larger blades which could open up new markets in deeper waters.
These advancements, combined with other sector developments, could reduce average costs for electricity generated by offshore wind farms by 57% over time.
That’s from $170 (£139.4) per megawatt hour (MWh) in 2015 to $74/MWh (£60.68/MWh) in 2045, IRENA predicted.
It suggested the sector could increase faster if policies were adopted to double renewables in the global energy mix.
That’s why IRENA highlighted policymakers have an important role in creating a climate for investment in technology across the offshore wind industry.
It recommended them to provide much clarity, facilitate competitive environments, establish frameworks for the development of international supergrids and ensure public R&D (Research and Development) funding is targeted at areas of greatest anticipated cost of energy impact.
Adnan Z. Amin, Director General of IRENA said: “Offshore wind power is poised to become a leading power generation technology in a decarbonised global economy. Now that onshore wind power is cost competitive with conventional power generation technologies, more attention is shifting to offshore applications, characterised by high technical power generation potential.”