Market Size of Europe Floating Offshore Wind Power Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 72.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Floating Offshore Wind Power Market Analysis
The European floating offshore wind power market is expected to reach 256.6 MW by the end of this year. It is projected to register a CAGR of over 72.8% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.
Over the long term, the growing demand for offshore wind power is expected to stimulate the market growth of the Europe floating offshore wind power market. Furthermore, increasing the water depth of offshore wind power projects is considered a game-changing technology to exploit abundant wind potential in deeper waters and is also expected to drive the growth of the market studied.
On the other hand, the adoption of alternate sources of clean power generation, mainly gas and solar power, is increasing. As power generation from solar and gas resources are cleaner modes of energy production, the growing adoption of the same is expected to hamper the demand for wind power.
Nevertheless, the growing interest in offshore wind energy from developing and untapped markets is expected to create lucrative growth opportunities for the European floating offshore wind power market in the forecast period.
The United Kingdom is expected to dominate the market. It is also expected to witness the highest CAGR during the forecast period. This growth is attributed to the increasing investments coupled with the adoption of government policies.
Europe Floating Offshore Wind Power Industry Segmentation
Floating wind power refers to the electricity generated on an offshore wind turbine mounted on a floating structure that allows the turbine to generate electricity in water depths where fixed-foundation turbines are not feasible. Floating wind farms may significantly increase the sea area available for offshore wind farms, especially in countries with limited shallow waters.
The European floating offshore wind power market is segmented by water depth and geography. By water depth, the market is segmented into shallow water (less than 30 m depth), transitional water (30 m to 60 m depth), and deep water (higher than 60 m depth). The report also covers the market size and forecasts for the floating offshore wind power market across major countries, such as the United Kingdom, Norway, France, Denmark and Rest of Europe. The report offers the market size and forecasts in installed capacity (MW) for all the above segments.
| By Water Depth (Qualitative Analysis Only) | |
| Shallow Water ( less than 30 m Depth) | |
| Transitional Water (30 m to 60 m Depth) | |
| Deep Water (higher than 60 m Depth) |
| Geography | |
| United Kingdom | |
| Norway | |
| France | |
| Denmark | |
| Rest of Europe |
Europe Floating Offshore Wind Power Market Size Summary
The European floating offshore wind power market is poised for significant growth, driven by the increasing demand for renewable energy sources and advancements in technology that allow for wind power generation in deeper waters. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19, and it is expected to continue expanding rapidly over the forecast period. The United Kingdom is anticipated to lead this growth, supported by substantial investments and favorable government policies aimed at achieving ambitious offshore wind energy targets. Norway and France are also key players, with Norway focusing on transitioning from oil and gas to renewable energy and France planning to enhance its offshore wind capacity significantly.
Despite the promising outlook, the market faces challenges from the rising adoption of alternative clean energy sources like solar and gas, which could potentially dampen the demand for wind power. However, the interest in offshore wind energy from developing markets presents lucrative opportunities for expansion. The European market is characterized by a moderate level of fragmentation, with major companies such as Equinor ASA, General Electric Company, and Siemens Gamesa Renewable Energy actively participating in the sector. As countries like the UK, Norway, and France continue to invest in and develop floating offshore wind projects, Europe is expected to remain a leading region in the global floating offshore wind power market.
Europe Floating Offshore Wind Power Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Floating Offshore Wind Power Potential Installed Capacity Forecast in MW, until 2027
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1.3 Offshore Wind Energy Installed Capacity in MW, until 2021
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraints
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1.7 Supply Chain Analysis
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1.8 Porter's Five Forces Analysis
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1.8.1 Bargaining Power of Suppliers
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1.8.2 Bargaining Power of Consumers
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1.8.3 Threat of New Entrants
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1.8.4 Threat of Substitute Products and Services
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1.8.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Water Depth (Qualitative Analysis Only)
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2.1.1 Shallow Water ( less than 30 m Depth)
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2.1.2 Transitional Water (30 m to 60 m Depth)
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2.1.3 Deep Water (higher than 60 m Depth)
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2.2 Geography
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2.2.1 United Kingdom
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2.2.2 Norway
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2.2.3 France
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2.2.4 Denmark
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2.2.5 Rest of Europe
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Europe Floating Offshore Wind Power Market Size FAQs
What is the current Europe Floating Offshore Wind Power Market size?
The Europe Floating Offshore Wind Power Market is projected to register a CAGR of 72.80% during the forecast period (2024-2029)
Who are the key players in Europe Floating Offshore Wind Power Market?
Equinor ASA, General Electric Company, Siemens Gamesa Renewable Energy, BW Ideol SA and Vestas Wind Systems AS are the major companies operating in the Europe Floating Offshore Wind Power Market.
