Europe Fixed Offshore Wind Energy Market Size & Share 2024 to 2032
Market Size by Axis (Horizontal, Vertical), by Component (Blades, Tower), by Depth (≤ 30 m, >30 m to 50 m, >50 m), by Turbine Rating (≤ 2 MW, >2 to 5 MW, >5 to 8 MW, >8 to 10 MW, >10 to 12 MW, >12 MW) & Forecast.
Report ID: GMI11425
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Published Date: September 2024
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Report Format: PDF
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Authors:
Ankit Gupta, Srishti Agarwal
Europe Fixed Offshore Wind Energy Market Size
Europe Fixed Offshore Wind Energy Market size was valued at USD 8.6 billion in 2023 and is anticipated to grow at a CAGR of 16.5% between 2024 and 2032. Fixed offshore wind energy refers to wind energy generated by offshore wind turbines that are mounted on fixed structures attached to the seabed. These turbines are installed in relatively shallow waters, typically up to depths of 50-60 meters, using various types of foundations such as monopiles, jacket structures, or gravity-based foundations.
Europe Fixed Offshore Wind Energy Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
The European Union’s goal of achieving carbon neutrality by 2050 has created a favorable environment for offshore wind growth, with fixed projects playing a critical role. Ongoing policies are accelerating the deployment of fixed offshore wind projects and ensuring long-term investment stability. Introduction of strict government mandates, norms and plans to address the rising greenhouse gas emissions along with significant measures to reduce the dependency on fossil based energy supply will stimulate the industry dynamics. Furthermore, Lower costs are making offshore wind more competitive with other forms of energy, leading to increased adoption which will accelerate the industry dynamics.
Governments and private developers are investing in grid infrastructure to accommodate the growing offshore wind capacity. High-voltage direct current (HVDC) transmission systems are being used to transport electricity from offshore farms to onshore grids, particularly for projects located far from the coast which will positively impact the industry statistics.
Furthermore, economies such as the UK and Germany, offshore wind hubs are created to integrate multiple projects into shared grid infrastructure, thereby enhancing efficiency which will complement the product penetration. Additionally, corporations are increasingly signing power purchase agreements (PPAs) to procure electricity from fixed offshore wind farms which will boost the industry statistics.
Fixed Offshore Wind Energy Market Trends
Ongoing technological advancements, government policies & mandates, along with increasing demand for renewable energy are some key factors which will influence the industry statistics. Major advantages including higher efficiency, capability of producing more energy per unit, along with reducing overall project costs will positively impact the business dynamics.
Additionally, advancements in foundation technology, such as monopile and jacket foundations, are enabling projects to move into deeper waters which will boost the business scenario. Countries with strong climate policies, such as the UK, Germany, and the Netherlands, are providing significant policy support through subsidies, auctions, and targets for offshore wind capacity which will enhance the industry growth.
Fixed Offshore Wind Energy Market Analysis
Based on turbine rating, the market is segmented into ≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW and > 12 MW. >2≤ 5 MW is anticipated to grow by more than USD 6.5 billion by 2032, owing to enhanced deployment across employed in smaller or nearshore projects. As turbine technology has improved, new installations have tended to favor larger turbines which will foster the market growth.
Further, these turbines can help countries build experience in offshore wind deployment before moving toward larger capacities, which will positively impact the technology adoption. Moreover, increasing adoption of retrofitting the existing wind farms is set to augment the product demand.
Based on depth, the Europe fixed offshore wind energy market is segmented into >0≤30m, >30≤50m and >50m. >50m is anticipated to grow more than CAGR 40.5% by 2032 on account of advancements in floating offshore wind technology. European countries including Norway, the UK, and France are leading early adoption efforts, with pilot projects already operational or under development.
Supportive policies, subsidies and auction schemes primarily across countries with deeper coastal waters, such as France and Norway will boost the business scenario. Additionally, deeper water offshore wind farms tend to have lower visual and environmental impacts in comparison to nearshore fixed-bottom projects which will significantly fuel the industry statistics.
Germany fixed offshore wind energy market is set to grow more than USD 2 billion by 2032, driven by the country’s ambitious renewable energy targets and the need for decarbonization. Ongoing adoption of next-generation wind turbines equipped with larger rotor diameters and higher output capacity along with emerging floating offshore wind energy projects will stimulate the industry statistics.
Increasing auctions for offshore wind capacity in line with ongoing investments in upgrading and expanding grid infrastructure will positively impact the market growth. In addition, Major utilities like RWE, EnBW, and international players such as Ørsted and Equinor are actively developing offshore wind projects which will strengthen the business landscape.
Europe Fixed Offshore Wind Energy Market Share
Europe fixed offshore wind energy industry is competitive and rapidly evolving, driven by the increasing demand for clean energy solutions. It is characterized by a mix of established energy companies, turbine manufacturers, project developers, and new entrants focused on leveraging renewable energy technologies. Major companies often collaborate with financial institutions and governments to secure funding for large-scale projects, leading to strategic partnerships and joint ventures.
Europe Fixed Offshore Wind Energy Market Companies
Eminent players operating in the Europe fixed offshore wind energy industry are:
Europe Fixed Offshore Wind Energy Industry News
Europe fixed offshore wind energy market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & MW” from 2021 to 2032, for the following segments:
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Market, By Turbine Rating
Market, By Axis
Market, By Component
Market, By Depth
The above information has been provided for the following countries:
Research methodology, data sources & validation process
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Verified data sources
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