(Yicai) June 12 -- The global offshore wind power market is about to enter a period of rapid growth, with newly installed capacity likely to double this year amid more than 50 gigawatts of offshore wind projects being under construction worldwide, according to a new report.

The market will grow at a compound annual rate of 24 percent from this year through 2030, according to the latest Global Offshore Wind Report released recently by the Global Wind Energy Council. The newly installed capacity of offshore wind power worldwide is expected to exceed 327 GW over the next 10 years, bringing the total to 420 GW by the end of 2035.

The new grid-connected capacity of offshore wind power rose 16 percent to 9.3 GW last year from the previous year, the report said. The global offshore wind power market had an average annual growth rate of 10 percent over the last decade, with the installed capacity reaching 92.5 GW, accounting for 7.1 percent of the total installed wind capacity.

China has ranked first worldwide in newly installed offshore wind capacity for eight consecutive years, adding 6.6 GW last year. Its total has reached 48.4 GW to make up 52 percent of the global offshore wind power market, followed by Europe with 38 GW.

Editor: Martin Kadiev