Total installed offshore wind capacity will reach 330GW by 2031, up from 34GW in 2020, according to a new report by Wood Mackenzie.
By 2030, Wood Mackenzie expects 24 countries to have large-scale offshore wind farms, up from nine today.
Cumulative global capex spend in the sector is expected to hit US$1 trillion (€0.95 trillion) by 2031, the report forecasts.
However, investors will no longer only be competing on price alone.
Wood Mackenzie head of offshore wind research Soeren Lassen said: "Companies are now jostling to bag a share of the trillion-dollar offshore wind industry.
"The pipeline of proposed projects grew 66% last year and is now nearly three times as high as our projected forecast offshore wind capacity in 2030.