The offshore wind industry will be worth $1 trillion (£780bn) by 2040.
That’s according to a new International Energy Agency (IEA) report, which suggests global offshore wind capacity may increase 15-fold over this timeframe.
It predicts this growth will be driven by falling costs, supportive government policies and technological progress such as larger turbines and floating foundations.
The IEA expects Europe will be the “engine of growth” for the sector, followed closely by China.
The EU currently boasts almost 20GW of offshore wind capacity – the report highlights that under current policy settings, that is set to rise to nearly 130GW by 2040 or as much as 180GW if carbon-neutrality goals are reached.
Similarly, China’s offshore wind capacity is set to rise from 4GW in 2019 to 110GW by 2040 – the IEA notes certain policies could push this to more than 170GW.
Dr Fatih Birol, the IEA’s Executive Director, said: “Offshore wind currently provides just 0.3% of global power generation but its potential is vast.
“More and more of that potential is coming within reach, but much work remains to be done by governments and industry for it to become a mainstay of clean energy transitions.”