Over EUR51bn ($68bn) is expected to be spent on new offshore wind installations over the next five years, according to energy analysts.
The World Offshore Wind Market Forecast 2012-2016 by Douglas-Westwood predicts that there will be a 15 GW increase in global wind capacity by 2016, averaging 3 GW per year.
Report author Frank Wright said: “Offshore wind is becoming a mainstream power generation sector. The supply chain is experiencing a period of growth and is becoming increasingly differentiated from the onshore wind industry. With the sector moving into the industrialisation phase, major new opportunities are becoming apparent.”
The reports states that the biggest markets will be China, Germany and the UK, which, together, will install 80 per cent of all worldwide capacity.
Report co-author Ian Jones said: “Both the UK and German markets benefit from a combination of attractive financial incentives, clear planning processes and a developing supply chain around the North Sea region.
The report also predicts that the sector will continue to be dominated by Vestas and Siemens.