• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 14 minutes Saudi Fund Wants to Take Tesla Private?
  • 18 minutes California Solar Mandate Based on False Facts
  • 49 mins Starvation, horror in Venezuela
  • 2 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 8 hours Monsanto hit by $289 Million for cancerous weedkiller
  • 4 mins Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 2 hours Why hydrogen economics is does not work
  • 6 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 7 hours Correlation does not equal causation, but they do tend to tango on occasion
  • 15 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 6 hours Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 17 hours Merkel, Putin to discuss Syria, Ukraine, Nord Stream 2
  • 14 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 19 hours Saudi Production Cut or Demand Drop?
  • 13 hours Saudi Aramco IPO Seems Unlikely
Philippines Cracks Down On Fuel Pirates

Philippines Cracks Down On Fuel Pirates

Though fuel smuggling in Southeast…

Can Hydrogen Solve Japan’s Energy Problem?

Can Hydrogen Solve Japan’s Energy Problem?

Japan is boosting the search…

Report Predicts Explosion in Offshore Wind Energy Sector by 2020

The research and consulting firm, GlobalData, has released a new report which takes a detailed look at the global offshore wind power market. The report states that due to strong support and investment from the UK, a general trend to move away from fossil fuels, and declining costs of manufacture and installation, the offshore wind power sector will explode over the next decade.

Installed capacity at the end of 2012 was 5.1GW, but this is predicted to grow to 54.9GW by the end of 2020, an annual growth rate of 34.5%.

The UK is the leader in the offshore wind energy market with an installed capacity of 2.7GW, more than half of the total capacity in the world.

Related article: Has Belgium Cracked the Problem of Storing Wind Power Electricity?

The UK government rests many of its hopes for achieving the 2020 renewable energy targets on its offshore wind sector, with major expansions planned which will see its installed capacity reach 21GW by 2020; an increase of nearly 800% from current levels.

Several other countries have been identified by the report as expected to invest heavily in the installation of offshore wind farms during the next decade. Germany already has ambitious plans to significantly develop its offshore wind sector, announcing targets of 25GW of capacity to be installed by 2030, and 95GW by 2050.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News