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Europe Fixed Offshore Wind Energy Market Trends

Report ID: GMI11425
Published Date: Sep 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size for fixed offshore wind energy in Europe reached USD 8.6 Billion in 2023 and will register a 16.5% CAGR during 2024-2032, driven by the lower costs, making offshore wind more competitive with other forms of energy.

The >2 to 5 MW segment is anticipated to cross USD 6.5 billion by 2032 owing to enhanced deployment across smaller or nearshore projects, to help countries build experience in offshore wind deployment.

Germany market is set to grow more than USD 2 Billion by 2032, led by the country’s ambitious renewable energy targets and the need for decarbonization.

LS Cable & System, Nexans, Orsted, Prysmian Group, and Siemens Gamesa Renewable Energy, among others.