Europe Fixed Offshore Wind Energy Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032

Europe Fixed Offshore Wind Energy Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032

Europe Fixed Offshore Wind Energy Market was valued at USD 8.6 billion in 2023. Projections indicate a robust growth trajectory, with an anticipated CAGR of 16.5% from 2024 to 2032. Fixed offshore wind energy pertains to the generation of wind energy via offshore turbines, firmly anchored to the seabed.

Key drivers shaping the industry's trajectory include ongoing technological advancements, supportive government policies, and a surging demand for renewable energy. The sector's appeal is further heightened by advantages like superior efficiency, enhanced energy output per unit, and a reduction in overall project costs.

Moreover, innovations in foundation technologies, such as monopile and jacket foundations, are facilitating projects in deeper waters, amplifying the industry's potential. Nations like the U.K., Germany, and the Netherlands, with their robust climate policies, are bolstering the sector through subsidies, auctions, and ambitious offshore wind capacity targets.

The overall industry is divided into turbine rating, axis, component, depth, and country.

The market segments based on turbine ratings include ≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, and > 12 MW. The segment >2≤ 5 MW is projected to surge by over USD 6.5 billion by 2032, driven by its deployment in smaller or nearshore projects. As turbine technology evolves, there is a marked preference for larger turbines in new installations, further propelling market growth.

Depth-based segmentation of the Europe fixed offshore wind energy market includes >0≤30m, >30≤50m, and >50m. The >50m segment is poised for a remarkable growth rate of over 40.5% through 2032, spurred by advancements in floating offshore wind technology. Leading the charge in early adoption, European nations like Norway, the U.K., and France have either operational pilot projects or those in the developmental phase. Countries with deeper coastal waters, notably France and Norway, are set to benefit from supportive policies, subsidies, and auction schemes, enhancing the industry's landscape.

Germany fixed offshore wind energy market is on track to exceed USD 2 billion by 2032. This growth is fueled by the nation's ambitious renewable energy targets, a pressing need for decarbonization, and the adoption of next-gen wind turbines boasting larger rotor diameters and enhanced output. Additionally, the emergence of floating offshore wind energy projects further energizes the industry's prospects.