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Offshore Wind Market will Hit $30 Billion by 2020

Original Source: http://www.sustainablelifemedia.com
Original Publication Date: January 5, 2010

Emerging Energy Research, an energy consulting firm which focuses on emerging technologies, predicts that the offshore wind energy industry will explode to $30 billion over the next decade from just $10 billion today.

Offshore wind projects are significantly more expensive to build than onshore wind farms, and today only a handful of countries have invested significantly in them (Britain and Denmark, most notably). Keith Hays, the research director of wind energy at Emerging Energy Research, told Green, Inc. that offshore wind projects are starting to pop-up across Europe, and we will start to see more in unlikely countries such as Germany and Belgium.

In the second half of this decade, the report predicts that the United States will become a prime target for these offshore wind projects. The technology will only be embraced once government officials realize the power of this market – “A 500- to 1,000-megawatt project can support thousands of homes”, Mr. Hays said.

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