The U.K. will remain the leading offshore wind power market globally by 2025, with its installed capacity increasing to 23.2 GW from 4.5 GW in 2014, representing a compound annual growth rate (CAGR) of 30.5%, says research and consulting firm GlobalData.
According to GlobalData, the U.K. accounted for a 51.3% share of global offshore capacity in 2014. Denmark and Germany followed, with respective shares of 14.5% and 11.9%.
Harshavardhan Reddy Nagatham, GlobalData's analyst covering power, says the U.K. and Denmark's shares are expected to decrease to 30.6% and 4.4%, respectively, by the end of 2025 - mainly due to other countries, such as the U.S. and China, increasing their market presence over the forecast period. Germany's share will grow to 16.1% by the end of 2025.
The U.K.'s installed offshore wind power capacity increased from 0.4 GW in 2007 to 4.5 GW in 2014, at a CAGR of 22.3%, driven primarily by strong policy support and aggressive targets.