31 January 2013 — The global offshore wind power market will “rocket” from a 2012 cumulative installed capacity of 5.1 GigaWatts in 2012 to 54.9 GW by the end of the decade, research and consulting firm GlobalData says. The jump will be fuelled by the depletion of fossil fuel reserves, the declining cost of wind power generation and investment from the UK. The information is detailed in the company’s new report Offshore Wind Power – Global Market Size, Average Installation Price, Regulations, Market Share and Key Country Analysis to 2020. The report found offshore wind was expected to make a large impact upon the UK’s 2020 renewable energy targets and a major expansion is planned. GlobalData expects the country’s offshore wind power installed capacity to hit 21 GW by the end of 2020, increasing almost 800 per cent from 2012.