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Global Offshore Wind Industry Poised for Substantial Growth in the Next Decade

The offshore wind industry, led by European utilities, is expected to have a significant growth in the next decade with the growth of the global installed base to be approximately 45 GW in the year 2020 as stated by a recent market study from Emerging Energy Research. Emerging Energy Research highlights the offshore developments to be brought about in Asia and North America.

Eduard Sala de Vedruna, Senior Wind Analyst of Emerging Energy Research, remarked that based on the steady progress and learning during the last 10 years, the global offshore wind industry will enter the next decade. Growth in the global offshore market has been slow in the initial stages, growing from 70 MW installed to 1.5 GW in the past eight years, due to logistical challenges and cost issues. Due to increased focus by the European utilities, the offshore wind industry is ramping up its capacity.

Emerging Energy Research states that between 2010 and 2020, both North America and Asia together will contribute at least 25 percent of the total offshore capacity worldwide. At present North America and Asia are depending on Europe for cost and technology benefits.

Higher capacity factors offshore and tapped-out onshore markets in Europe are urging governments to provide vital support to drive industrial build-out. Vedruna states that Offshore is still regarded as a European industry led by UK, Sweden, Germany, the Netherlands, Denmark and Belgium. Asia is expected to tap its offshore markets led by China and Korea in the year 2014. By the year 2012, test projects in the US and Canada are expected to be fulfilled along with the establishment of 6 GW in the year 2020.

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