Europe Offshore Wind Energy Market Size By Turbine Rating (≤ 2 MW, >2 to 5 MW, >5 to 8 MW, >8 to 10 MW, >10 to 12 MW, > 12 MW), By Installation (Fixed, Floating), By Component (Turbine, Support structure, Electrical Infrastructure), Depth & Forecast

Europe Offshore Wind Energy Market Size By Turbine Rating (≤ 2 MW, >2 to 5 MW, >5 to 8 MW, >8 to 10 MW, >10 to 12 MW, > 12 MW), By Installation (Fixed, Floating), By Component (Turbine, Support structure, Electrical Infrastructure), Depth & Forecast, 2023 - 2032

Europe Offshore Wind Energy Market is poised to exhibit over 46% CAGR between 2023 and 2032. Factors such as growth in environmental awareness and favorable government policies focused on meeting Europe's renewable energy targets will stimulate industry growth over the next ten years. For instance, the European Union has set a binding target of 32% renewable energy share in final energy consumption by 2030. This target is broken down into individual targets for each EU member state. Besides, consistent technological upgrades in the clean energy space continue to drive offshore wind energy market expansion across Europe.

The overall Europe offshore wind energy market share is segregated based on turbine rating, component, installation, depth, and country.

With respect to turbine rating, the ≤ 2 MW segment could exhibit over 27% CAGR from 2023 to 2032. ≤ 2 MW turbines are gaining momentum due to their efficiency, cost-effectiveness, and suitability for various offshore projects. The market for these turbines is expected to witness multifold growth as more countries invest in offshore wind energy to meet their renewable energy goals.

In terms of installation, the fixed segment could demonstrate over 15% growth rate over 2023-2032. Fixed offshore wind installations offer increased stability and reliability, making them a preferred choice for many European countries. Besides, their ability to harness the full potential of offshore wind resources contributes to a sustainable energy future for Europe, favoring their adoption in the coming years.

Regarding components, the Europe Offshore Wind Energy Market share from the turbine segment will expand at over 17% CAGR through 2032. Turbines are at the heart of offshore wind farms, and consistent improvements in their design and technology are crucial for improving energy production and reliability. Component manufacturers are focusing on developing cutting-edge solutions to enhance the performance and longevity of offshore wind turbines, further supporting the market growth.

Germany stands out as a pivotal player in the Europe Offshore Wind Energy Market depicting over 27% CAGR between 2023 and 2032. The country has made substantial investments in offshore wind projects along its North Sea and Baltic Sea coastlines. Germany's commitment to renewable energy and ambitious targets for offshore wind capacity make it a prime market for both domestic and international industry players. For instance, Germany is a world leader in renewable energy, with over 40% of its electricity coming from renewable sources. The country also has several policies in place to support renewable energy, including a FIT, an RPS, and a generous net metering scheme. These optimistic scenarios will create a favorable growth outlook for the Germany offshore wind energy industry through 2032.