The global market value for offshore wind turbine and foundation installation vessels will increase more than fivefold, from an estimated $0.56 billion in 2014 to approximately $2.93 billion by 2020, representing an impressive Compound Annual Growth Rate (CAGR) of 30%, says research and consulting firm GlobalData.

The company’s latest report states that increasing installations will be the primary driver of market growth, as annual global offshore wind power capacity is forecast to rise rapidly from 1.78 Gigawatts (GW) in 2014 to approximately 7.85 GW by 2020.