Global offshore wind capacity may increase 15-fold and attract around $1 trillion of cumulative investment by 2040, according to an International Energy Agency (IEA) report. This is driven by falling costs, supportive government policies and some remarkable technological progress, such as larger turbines and floating foundations.
Currently, offshore wind technology supplies just 0.3 percent of global power generation. However, the global offshore wind market grew nearly 30 percent per year between 2010 and 2018.
Investment last year in the sector neared $20 billion, compared to less than $8 billion in 2010.
Global offshore wind capacity currently stands at 23,000 megawatts, according to the IEA, with 80 percent of this based in Europe.
China has the potential to become a major player in the sector. The IEA said that offshore wind capacity there would hit 110,000 megawatts by 2040, up from 4 megawatts today.
