Investing in wind power should prove to be lucrative, if a survey is to be believed.

The global offshore wind market is expected to deliver a several-fold increase in capacity on today’s levels by 2030.

That is one of the major findings of a report by advisory firm Grant Thornton.

More than 100 offshore wind experts including lawyers, funders and consultants were surveyed to understand their views on the risks and future development of the market.

Lyndsay Brew, associate director at Athol Street-based Grant Thornton, says the report contains research the Isle of Man could find useful.

The report highlights that, over the next five years, offshore wind investment is expected to shift away from Europe.

While Europe will continue to be at the forefront of investment and innovation in the sector, Chinese, North, Central and South American investment is closing the gap.

One in five respondents identified the role of governments, either in providing incentives or as guarantors of regulatory stability, as one of the principal reasons for investing in offshore wind projects.

In 2015, Orsted, formerly DONG energy, reached an agreement with the Isle of Man Government to explore the feasibility of constructing a renewable energy plant.

The firm has since built the world’s largest offshore wind farm off Cumbria. An area stretching to 12 nautical miles around the Isle of Man is controlled by the Manx government, which has responsibility for marine planning.

Mrs Brew said: ’There is no doubt the balance of activity in offshore investment is tilting.

’The global offshore wind sector was one of the fastest-growing clean energy markets in 2018 and size and scalability will become increasingly important to the development of wind farms.

’Turbine size has increased by almost a quarter and wind farm size by over a third since 2016.’

The report finds that at a time of increasing focus on the finite level of carbon resources and a need to reduce human impact on the environment, offshore wind offers the greatest investment opportunity to deliver the power required in a sustainable manner with an ever-increasing rate of technological change.

Mrs Brew added: ’The extensive international research which went into this report will be extremely valuable to all those with an interest in the offshore wind market.

’It provides insights for all offshore wind stakeholders on what’s changing and details the benefits and risk of investing in offshore wind.’