Europe Offshore Wind Energy Market Analysis

Europe Offshore Wind Energy Market Analysis

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>12 MW offshore wind energy market is expected to exceed USD 3.8 billion by 2032. Growing advancement in the turbine design, materials, along with manufacturing processes will support the development of larger, efficient and reliable turbines coupled with larger economies of scale leading to decrease in the per unit cost of energy produced will contribute to the market outlook. Rising investment for grid expansion and interconnection projects to accommodate the growing installation of offshore wind energy projects will augment the business landscape. Moreover, availability of robust grid infrastructure enables the connection of larger turbines, thereby facilitating the transmission of renewable electricity to the consumers.
 

Support structure offshore wind energy market in Europe is projected to expand at 18% growth rate between 2023 and 2032. It refers to the foundation and substructure that provides stability and structural integrity and are designed to withstand the dynamic loads imposed on the turbine, comprising wind, waves, and currents. Further, they include transition pieces that connect the foundation to the turbine tower. These provide a smooth transition between the foundation and the tower and often house the electrical and control equipment. The selection of the support structure depends on various factors including water depth, seabed conditions, wind conditions, along with project-specific requirements.
 

Floating offshore wind turbines industry is set to depict 49% growth through 2032. Significant advancements in the technology including floating platform design, mooring systems, and dynamic control mechanisms will support enhance the efficiency, reliability, and cost-effectiveness of wind turbines, thereby strengthening the market landscape. Learning curves, economies of scale, and technology advancements are likely to drive down the costs of floating wind projects, making them increasingly competitive with other energy sources and help diversify the energy mix and reduce dependence on the traditional fuels.
 

Europe >0 ≤ 30 m floating offshore wind energy market is estimated to amass USD 64.7 billion by 2032 due to increasing public and private mergers and contracts accompanied by growing investments across floating offshore wind energy for the project deployment. The capability to offer higher potential along with competitive energy transition has enhanced the development of offshore wind projects at ≤ 30 m depth levels. The developed projects in this water depth offers huge prospective for grid connectivity and are economical as compared to the high-water depth’s projects developed, thereby augmenting the product penetration.
 

Europe offshore wind energy industry is poised to attain 18% gains during 2023 to 2032. Ambitious renewable energy targets to reduce the greenhouse gas emissions and combat climate change and growing technological advancements including larger & more efficient turbines will foster the industry statistics. For instance, Denmark set a target to have 7.7 GW of offshore wind capacity by 2030, reaching 100% renewable energy consumption by 2050. Further, implementation of supportive policies and regulatory frameworks to incentivize the development of these projects comprising of feed in tariff, tax incentives and competitive auctions among others will accompaniment the market expansion in the region.