Offshore wind in our view remains the most attractive part of the wind sector. We see policy visibility post 2025 in Europe and rising commitments in markets such as Taiwan and the US as anchors for robust growth. In MW terms, offshore wind rises to 10 per cent of global wind installations by 2019e and to 16 per cent by 2025 from 4 per cent in 2016. In USD terms, we forecast a 10 per cent market CAGR reaching USD48 billion by 2025e. 13-14GWof tenders in 2018/19 should support near-term strength.

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