The cumulative offshore wind power installation is expected to reach an annual market investment of $3.3 billion in 2013 to $7.53 billion by 2020, according to research and consulting firm GlobalData.
The installation capacity is expected to increase from 3.7GW to 11GW at a CAGR of 16.9 percent by 2020.
In 2013, Installations increased at a CAGR of 42.9 percent reaching 3.7 GW from 0.3 GW in 2006.
The report clearly indicates that UK has pioneered global offshore wind power market in 2013.
At present, UK boasts of a 36.4 percent share of the global cumulative offshore installed capacity.
Government has set an ultimate target for 15 percent by 2020 and hence more investment into the industry to help achieve this goal is expected.
Siemens was the dominant global offshore wind turbine installer having accounted for almost 56.5 percent of the world’s cumulative installed capacity that year.
The company maintained its position in the UK in the same year, achieving 100 percent of the new offshore installations and claiming a massive 73.3 percent share of its cumulative installed capacity.
Aggressive renewable targets, policy support from government and a shift towards a greener climate were the key factors of huge growth recorded in 2013.
The UK’s growing concerns over climate change and the security of its energy system will provide sufficient impetus for offshore wind industry to continue its growth trajectory, said, Swati Singh, GlobalData’s Analyst.
Overall project costs have raised as a result of increasing water depths, distance from the shore and average turbine size, added Singh.