Europe Floating Offshore Wind Energy Market Size - By Axis (Horizontal, Vertical), By Component (Blades, Tower and Others), By Depth (≤ 30 m, >30 m to 50 m, > 50 m), By Turbine Rating (≤ 2 MW, >2 to 5 MW, >5 to 8 MW, >8 to 10 MW, >10 to 12 MW, > 12 MW), & Forecast, 2024 – 2032

Europe Floating Offshore Wind Energy Market Size

Europe Floating Offshore Wind Energy Market was valued USD 168.3 million in 2023 and is anticipated to grow at a CAGR of 49.4% from 2024 to 2032. It involves the installation of wind turbines on floating platforms anchored to the seabed, allowing for the deployment of wind farms in deeper waters where fixed-bottom foundations are not feasible. These floating structures enable the harnessing of wind energy resources in offshore areas with strong and consistent winds, expanding the potential for offshore wind development.
 

Increasing demand for technology facilitating the installation of wind turbines in deeper waters, where wind speeds are generally stronger and more consistent will enhance the industry outlook. Growing advancements in floating offshore wind technology, including innovative floating platforms, mooring systems, and turbine designs, are driving down costs and improving the efficiency of installations, thereby strengthening the growth prospects. Furthermore, rising focus on enhancing energy security and achieving decarbonization targets to reduce dependence on fossil fuels, and mitigate climate change will have a positive impact on the business outlook
 

Rising emergence of strategic collaborations and partnerships among industry players driven by the recognition of the complex challenges and significant investment required for the development of wind projects will accelerate the market growth. Shifting focus towards multi-use projects that integrate floating offshore wind with other offshore activities including aquaculture, marine transportation, or hydrogen production will stimulate the business statistics.
 

Europe Floating Offshore Wind Energy Market Trends

Increasing focus on technology innovation including floating platform design, mooring systems, and installation methods and cost reduction strategies to make the industry more competitive with the conventional energy sources will create market opportunities. Additionally, supportive government policies, regulatory framework and incentives for technology innovation have played a crucial role in strengthening the business landscape.
 

Europe Floating Offshore Wind Energy Market Analysis

Based on component, the tower segment is anticipated to reach more than USD 2 billion by 2032. Rising advancements in tower design and construction, utilizing high-strength materials including steel and composites to enhance durability, reduce maintenance needs, and improve overall performance and reliability in harsh offshore environments will drive the product demand.
 

Additionally, rising cost reduction initiatives focus on optimizing manufacturing processes, reducing material usage, and streamlining installation procedures to lower the overall cost of wind projects will fuel its adoption over other components. Improving adoption of innovative tower designs incorporates features including low-impact foundations, noise-reducing technologies, and wildlife deterrent systems to mitigate potential environmental risks and ensure project sustainability will augment the market growth.
 

Based on axis, the vertical segment is set to grow at a CAGR of more than 78% through 2032. The axis offers advance features including compact footprint, omnidirectional wind capture, and scalability, making them suitable for various offshore environments, including deep waters and complex seabed conditions. Furthermore, the axis configuration results in a lower visual profile compared to traditional HAWTs, making them less obtrusive and more visually appealing in scenic coastal areas thereby fueling the market expansion.
 

Germany floating offshore wind energy market is projected to surpass USD 337.9 million by 2032. Country supportive policy environment and regulatory framework for offshore wind energy will strengthen the product penetration. In addition, government initiatives including Contracts for Difference (CfD) auctions provide financial support and incentives for renewable energy projects, driving investment in the market. Rising technology research, development, and demonstration projects through programs like the Floating Offshore Wind Centre of Excellence will continue to drive the business momentum.
 

Ambitious renewable energy targets in California, Hawaii, and Maine, along with federal goals, will accelerate offshore wind deployment in the U.S. Additionally, collaborative funding initiatives aim to bolster the offshore wind industry by amplifying research and development efforts, fostering innovation and driving industry growth.
 

Europe Floating Offshore Wind Energy Market Share

Eminent market players are prioritizing technology innovation to develop advanced floating offshore wind solutions that offer competitive advantages in terms of performance, efficiency, and cost-effectiveness. Key players are strategically collaborating through partnerships, joint ventures, and consortia to access expertise, resources, and funding. These alliances accelerate project development, technology deployment, and market expansion, enhancing operational efficiency and scalability for companies in the industry.
 

Europe Floating Offshore Wind Energy Market Companies

Eminent players operating in the Europe floating offshore wind energy industry are:

• Blue Gem Wind
• Diamond Offshore Wind
• Equinor ASA
• Flotation Energy
• General Electric
• IberBlue Wind
• Nexans
• Ørsted A/S
• Prysmian Group
• Principle Power Inc.
• RWE
• Sumitomo Electric Industries, Ltd
• Simply Blue Group
• Siemens Gamesa Renewable Energy
• Vestas Wind Systems A/S
   

Europe Floating Offshore Wind Energy Market News

• In April 2024, Flotation Energy and Vårgrønn, secured agreements for two floating offshore wind developments under Crown Estate Scotland’s INTOG leasing round. These wind farms aim to supply renewable electricity to oil and gas platforms, significantly reducing carbon emissions from these assets. These projects represent some of Europe's most advanced offshore wind initiatives for electrifying and decarbonizing oil and gas platforms.
   
• In August 2023, Norway based energy firm Equinor, and its partners launched the world's largest floating offshore wind farm. The project will supply nearby oil and gas platforms with renewable electricity, cutting their greenhouse gas emissions. This initiative aims to aligns with Norway's ambitious goal to reduce CO2 emissions by 50% by 2030.
   

This Europe floating offshore wind energy market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “MW & USD Million” from 2021 to 2032, for the following segments:

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Market, By Axis

• Horizontal
  • Up-wind
  • Down-wind
• Vertical

Market, By Component

• Blades
• Tower
• Others

Market, By Depth

• ≤ 30 m
• >30 m to ≤ 50 m
• > 50 m

Market, By Turbine Rating

• ≤ 2 MW
• >2 to 5 MW
• >5 to 8 MW
• >8 to 10 MW
• >10 to 12 MW
• > 12 MW

The above information has been provided for the following countries:

• Germany
• UK
• France
• Denmark
• Sweden