As the first ever U.S. offshore wind farm goes into construction off of Cape Cod later this year, it will spark the beginning of a growing sector of the energy market. Research firm SBI Energy has predicted that by 2012 we could see as much as a 2,600% in offshore wind power. The data was compiled and released in a report titled “Offshore Wind Farm Manufacturing Worldwide“.
Most of the growth will be from government backed initiatives and also are a result of decreasing costs to setup such farms. In the next fives years the total MW output will grow from the current 3,000 to a staggering 79,700. It is also estimated that the market could be worth nearly $62 billion by that time as well. As a note, the report itself costs $4,800 to purchase so we’re hoping that the money is well spent and their predictions are accurate.