The floating offshore wind power market is anticipated to witness growth in coming years on account of increasing focus on creation of floating offshore wind power infrastructure and technological advancements associated with the same.
The offshore wind "revolution" will mean nearly a third of homes and businesses will be powered by offshore wind, and more than two thirds by low-carbon sources including.
Offshore wind now represents about $26 billion in annual investments - or 8 percent of new global investments in clean energy - and this proportion is set to increase dramatically, with about $500 billion expected to be invested in offshore wind projects by 2030. "This is our modern Industrial Strategy in action".
MHI Vestas vice president Julian Brown said: "Our recent investment on the Isle of Wight is already delivering on the sector deal ambitions, creating almost 400 new highly skilled jobs in 2019, exporting over three quarters of our 2019 output and investing £1m in a four-year skills programme".
The deal will increase the sector's target for the share of UK-based production for offshore wind projects to 60 per cent, to ensure the £557 million pledged by the Government for future clean power auctions benefit local communities around the country.
The Chief Executive of RenewableUK, Hugh McNeal, said: "The Sector Deal is about creating opportunities for the people who will be part of our 27,000-strong offshore wind workforce".
The move aims to reduce the cost of projects through the next decade so that by 2030, wind farms will be more affordable in a subsidy-free environment.
"The sector deal has the potential to attract considerable inward investment to the United Kingdom and in turn generate thousands of jobs in the supply chain", said George Rafferty, Chief Executive of NOF, which founded Energi Coast in 2011.
Furthermore, distinct aspects of Wind Turbine Service (GWS) market just like the technological development, economic factors, opportunities and threats to the expansion of Wind Turbine Service (GWS) market square measure coated thorough during this report. This leaves Britain with a big energy gap in the future.
The deal will involve the release of seabed land owned by the Crown Estate, which manages the Queen's property and assets. It means the Government's latest offshore wind target of 30 gigawatts by 2030 is woefully inadequate. Further, offshore wind could also provide additional clean generating capacity for developing countries with populations that live without access to reliable electricity. "We have seen it work in Europe - we can now make use of global experience to scale up offshore wind projects in emerging markets", said Riccardo Puliti, Senior Director and Head of Energy and Extractives at the World Bank.
'Scotland has massive offshore wind potential with a large share of Europe's offshore wind resources and the commitment that the sector deal represents from government, academia and industry will help ensure that our world-leading offshore wind sector develops successfully and sustainably'.