Offshore wind power is set to become a main industrial engine of the energy transition, with the global fleet forecast to grow ten-fold in the coming decade as the total market capital spend explodes to reach $1trn, according to the latest figures from Wood Mackenzie.

The analyst group expects 24 countries to have at least one 100MW-plus offshore wind farm by 2031, up from nine today, representing some 330GW, compared to the 34GW operational in 2020.

China is foreseen accounting for "almost half" of the 2030 total plant installed offshore, with Europe making up another 40%, as “large-scale” plays emerge in regions including South America.