Europe Offshore Wind Energy Market Size & Share 2024 to 2032
Market Size by Turbine Rating (≤ 2 MW, >2 to 5 MW, >5 to 8 MW, >8 to 10 MW, >10 to 12 MW, > 12 MW), by Component (Turbine, Support structure, Electrical Infrastructure), by Installation, by Depth & Forecast.
Report ID: GMI6165
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Published Date: July 2023
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Report Format: PDF
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Authors:
Ankit Gupta, Srishti Agarwal
Europe Offshore Wind Energy Market Size
Europe Offshore Wind Energy Market size was valued at more than USD 33.88 billion in 2023 and is expected to register at 19.9% CAGR from 2024 to 2032. The global market for offshore wind energy is anticipated to cross a valuation of USD 266.8 Billion during the forecast period.
Europe Offshore Wind Energy Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
COVID- 19 Impact
The COVID- 19 pandemic has made a significant impact on the worldwide economy causing delays and disruptions in the development and construction of offshore wind projects. Various supply chain disruptions along with temporary shutdowns of manufacturing facilities have affected the project timelines and led to many construction delays. Many European governments have recognized the offshore wind sector as a key driver for economic recovery and green transition. Stimulus packages and government support programs have been introduced to accelerate offshore wind development, creating opportunities for project pipelines and investment.
Europe Offshore Wind Energy Market Trends
Rising investments by both private and public sectors to encourage the growth of offshore wind energy market growth in Europe along with growing reliance on the fossil fuel imports along with increasing volatility of the energy sector will strengthen the industry landscape. Offshore wind energy provides a domestic, renewable energy source that reduces dependence on fossil fuel imports, contributing to greater energy independence for European countries. Moreover, modern technological advancements supporting the steady decline in the costs of the offshore wind energy will complement the business statistics.
Europe Offshore Wind Energy Market Analysis
>12 MW offshore wind energy market is expected to exceed USD 3.8 billion by 2032. Growing advancement in the turbine design, materials, along with manufacturing processes will support the development of larger, efficient and reliable turbines coupled with larger economies of scale leading to decrease in the per unit cost of energy produced will contribute to the market outlook. Rising investment for grid expansion and interconnection projects to accommodate the growing installation of offshore wind energy projects will augment the business landscape. Moreover, availability of robust grid infrastructure enables the connection of larger turbines, thereby facilitating the transmission of renewable electricity to the consumers.
Support structure offshore wind energy market in Europe is projected to expand at 18% growth rate between 2023 and 2032. It refers to the foundation and substructure that provides stability and structural integrity and are designed to withstand the dynamic loads imposed on the turbine, comprising wind, waves, and currents. Further, they include transition pieces that connect the foundation to the turbine tower. These provide a smooth transition between the foundation and the tower and often house the electrical and control equipment. The selection of the support structure depends on various factors including water depth, seabed conditions, wind conditions, along with project-specific requirements.
Floating offshore wind turbines industry is set to depict 49% growth through 2032. Significant advancements in the technology including floating platform design, mooring systems, and dynamic control mechanisms will support enhance the efficiency, reliability, and cost-effectiveness of wind turbines, thereby strengthening the market landscape. Learning curves, economies of scale, and technology advancements are likely to drive down the costs of floating wind projects, making them increasingly competitive with other energy sources and help diversify the energy mix and reduce dependence on the traditional fuels.
Europe >0 ≤ 30 m floating offshore wind energy market is estimated to amass USD 64.7 billion by 2032 due to increasing public and private mergers and contracts accompanied by growing investments across floating offshore wind energy for the project deployment. The capability to offer higher potential along with competitive energy transition has enhanced the development of offshore wind projects at ≤ 30 m depth levels. The developed projects in this water depth offers huge prospective for grid connectivity and are economical as compared to the high-water depth’s projects developed, thereby augmenting the product penetration.
Europe offshore wind energy industry is poised to attain 18% gains during 2023 to 2032. Ambitious renewable energy targets to reduce the greenhouse gas emissions and combat climate change and growing technological advancements including larger & more efficient turbines will foster the industry statistics. For instance, Denmark set a target to have 7.7 GW of offshore wind capacity by 2030, reaching 100% renewable energy consumption by 2050. Further, implementation of supportive policies and regulatory frameworks to incentivize the development of these projects comprising of feed in tariff, tax incentives and competitive auctions among others will accompaniment the market expansion in the region.
Europe Offshore Wind Energy Market Share
Operating manufacturers across the European offshore wind energy market are actively involved in inorganic strategic ventures & mergers to capture business share. Eminent players operating in the business landscape comprise of:
Europe Offshore Wind Energy Industry News
This Europe offshore wind energy market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & USD Million’ from 2023 to 2032 for the following segments:
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Market, By Turbine Rating
Market, By Component
Market, By Installation
Market, By Depth
The above information has been provided for the following countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →