Europe Fixed Offshore Wind Energy Market Size

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.

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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.