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The global offshore wind power market is expected to explode over the next decade, states research and consulting firm GlobalData.

The company’s new report forecasts the global offshore wind power market to grow from a 2012 cumulative installed capacity of 5.1GW in 2012 to 54.9GW by the end of the decade, growing at a Compound Annual Growth Rate (CAGR) of 34.5%. The UK is a major player in the offshore wind power market, contributing more than half of the global installed capacity last year, with 2.7GW. GlobalData expects the country’s offshore wind power installed capacity to hit 21GW by the end of 2020, increasing almost 800% from 2012. According to the firm’s latest report, the offshore wind power industries of several other countries are also expected to undergo massive expansion over the next decade. Germany, in particular, has plans to grow its offshore wind sector substantially in the future, announcing a target of 25GW installed capacity by 2030 and 95GW by 2050. Between the 2012 and 2020, however, GlobalData forecasts the Germany’s offshore wind power installed capacity to climb from a modest 220MW to 8GW.
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