![The offshore wind power industry is set to experience rapid growth in the next few years](https://iims-media-library.s3.eu-west-2.amazonaws.com/wp-content/uploads/2017/03/12151333/windfarm-1.png)
Offshore wind power is on the cusp of exponential growth, with installed capacity set to nearly triple between 2015 to 2020 reveals a new joint industry report.
This growth is being accompanied by marked cost reduction, with recent auction tenders suggesting that costs have fallen by 60 percent compared to 2010 levels. As a result, a new International Energy Agency’s Renewable Energy Technology Deployment report REWind Offshore highlights that industry cost targets for 2025 have been surpasses eight years ahead of schedule.
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