Europe Fixed Offshore Wind Energy Market Analysis

Fixed Offshore Wind Energy Market Analysis

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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.