The global offshore renewables market will be worth £3.1 billion by 2007, with the European market accounting for 90% of that sum, according to a report published by the UK's Department of Trade and Industry. Total expenditure over the period could be as high as £8 billion if all projects currently under consideration are realised. The World Offshore Renewable Energy Report 2002-2007 predicts that globally, 900 MW of new offshore wind capacity will be added each year by 2007. Denmark has the current lead, with a forecast of 300 MW over the period 2001-2003. The UK will be the next major growth market. Between 2002 and 2007 it is likely to install 907 MW, equivalent to 21% of total global offshore capacity. Germany will follow in 2005 with combined 1295 MW, making it the largest market at that time with a 37% share. And from 2005 the report expects to see the beginnings of offshore wind activity in the US and Canada. The report was commissioned from energy industry analysts Douglas-Westwood Limited by Renewables UK, the Aberdeen-based agency set up by the government to help British businesses capture a share of the renewables market.
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