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GlobalData: U.K. Tops Global Offshore Wind Market

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.

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