The global offshore wind sector is set to grow by up to 10 per cent annually and the UK expects to capture around a 10 per cent share of the total, a report suggests.
The economic analysis by the Carbon Trust is based on a global offshore deployment estimate of 1,150GW by 2050 with a total value of £170bn in business contracts.
The report looked in detail at jobs and revenues by industry sector, including turbines, foundations, collection and transmission, installation and the operation and maintenance of offshore windfarms in the UK.
It found that offshore wind could represent a gross contribution to UK GDP of up to £10bn a year, or £100bn cumulatively between 2010 and 2050.
By 2050, the greatest contribution for the UK will be created by the operation and maintenance of offshore wind farms, followed by turbine manufacture and installation. The analysis also found that the sector could be employing up to 230,000 people in the UK by 2050.
‘This analysis confirms that offshore wind is a strategically important economic asset for the UK that can deliver long-term growth and energy security,’ said Benj Sykes, director of innovations at the Carbon Trust.
He added: ‘We are in an excellent position to be a global market leader. If we seize this green growth opportunity, the UK will benefit from hundreds of thousands of new jobs, a booming new export market and billions of pounds of business benefits.’