Offshore wind looks set to become a $1 trillion business by 2040, the International Energy Agency (IEA) said Friday, with global capacity set for a 15-fold increase.
According to the IEA’s Offshore Wind Outlook 2019, last year investment in the sector neared $20 billion, compared to under $8 billion in 2010.
With today’s investment plans and policies, the IEA said the offshore market would grow by 13% annually, “passing 20 GW of additions per year by 2030.” This growth needs capital spending of $840 billion across the next two decades.
