Global installed offshore wind capacity reached 27,064 MW in 2019 — a 19% increase from the previous year. Industry analyst projections indicate that offshore wind costs will continue to decline globally over the next decade.
In its annual World Energy Outlook, the International Energy Agency (IEA) reported that renewables are expected to overtake coal as the primary means of producing electricity by 2025.
According to the International Energy Association, the global growth of renewable energy capacity reached historic levels in 2015.
The cost of building solar plants has declined by 25 percent in just five months, according to two recent bids in China and Dubai. The reduction in price follows a broader trend of solar affordability brought on by cheaper solar panels.