The UK could be making billions of pounds and creating thousands of extra jobs through the offshore wind industry.
This is according to research from the Carbon Trust, who aim to support businesses and the public sector through low-carbon technologies.
The analysis claims the global offshore wind sector is set to grow by up to 10% per year, of which the UK would have 10% of the market.
The research claims the market could be worth £170bn a year by 2050. Benj Sykes director of Innovations at the Carbon Trust, said: “The economic prize for the UK economy is vast and we have to grab it now. We are in an excellent position to be a global market leader. If we seize this green growth opportunity, the UK will benefit from hundreds of thousands of new jobs, a booming new export market and billions of pounds of business benefits.”
The new data concludes that offshore wind projects could create up to 230,000 jobs in the UK by 2050. This figure is reliant on the UK securing a major export industry, with over 200,000 jobs working on export rather than UK industry.