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Europe Offshore Wind Energy Market Trends

Report ID: GMI6165
Published Date: Jul 2023
Report Format: PDF

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of Europe offshore wind energy reached USD 33.88 billion in 2023 and is poised to expand at 19.9% CAGR during 2024 – 2032, on account of unexplored wind energy potential along with expansion of available wind sources.

The Europe floating offshore wind turbines sector is expected to register over 49% growth rate till 2032, owing to significant advancements in the technology including floating platform design, mooring systems, and dynamic control mechanisms.

Ambitious renewable energy targets to reduce the greenhouse gas emissions and combat climate change is propelling the demand for setting up new wind energy fields in Denmark, adding to the overall business valuation.

Envision Group, Senvion, RTS Wind AG, Suzlon Energy Limited, WEG, Global Energy (Group) Limited, Siemens Gamesa Renewable Energy, Ørsted, Prysmian Group, Nexans, Sumitomo Electric Industries, Ltd., LS Cable & System Ltd. among others.