Offshore wind power to grow six-fold, boosting turbine makers, HSBC says

|By:, SA News Editor

Offshore wind power is set to grow six-fold by 2020, benefiting turbine makers including Vestas Wind Systems (VWDRY, VWSYF) and Gamesa Tecnologica (GCTAF), HSBC says.

Total global installed capacity of wind turbines at sea is forecast to rise to 43 gw by 2020 from 6.5 gw at the end of 2013, with the U.K., China and Germany the biggest offshore wind markets, according to HSBC.

The opportunity for manufacturers justifies a strategic long-term focus on the offshore segment, the firm advises; after 2015, “the rapid growth in offshore installations becomes a key to driving growth in wind technology."