London (CNN Business) Offshore wind turbines could generate enough electricity to power every home and business on Earth, according to a report published on Friday.

The Paris-based International Energy Agency published the results of what it describes as the "most comprehensive global study" of offshore wind ever undertaken, an effort that involved analyzing hundreds of thousands of miles of coastline.

The report says $1 trillion could be invested in the industry by 2040 as lower costs and government support encourage the installation of larger turbines and floating foundations that allow for deep water operations.

Fatih Birol, executive director of the IEA, said in a statement that offshore wind has the potential to join shale oil and gas and solar power as energy sources that have enjoyed a boom in production following a sharp fall in costs.

"Offshore wind currently provides just 0.3% of global power generation, but its potential is vast," Birol said. "More and more of that potential is coming within reach, but much work remains to be done by governments and industry for it to become a mainstay."

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