Capital spending on sea-based wind power is on track to exceed $210bn by 2025 with investment in the mushrooming international industry surpassing that going into offshore oil & gas inside the next four years, according to latest calculations by Wood Mackenzie.

The analyst group expects this shift, which will translate into an annual growth rate of 11%, peaking at $50bn by mid-decade, to pick up pace as petro-giants wake up to the offshore wind sector’s “ greater certainty and transparency” and the supply chain enters a period of “transformative growth”.