Market Size of Germany Offshore Wind Energy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Germany Offshore Wind Energy Market Analysis
The Germany Offshore Wind Energy Market is expected to register a CAGR of over 4% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market is likely to reach pre-pandemic levels.
- Over the medium term, the growing demand for clean energy sources is expected to stimulate market growth. Furthermore, supportive government programs and advancements in renewable energy technologies are also expected to drive the growth of the market studied.
- On the other hand, the increasing adoption of alternate clean power sources, such as solar, and the availability of fossil fuels is expected to restrain Germany Offshore Wind Energy Market during the forecast period.
- Nevertheless, the ambitious plans to expand wind energy to 40 GW by 2035 and 70 GW by 2045 are likely to create lucrative growth opportunities for the Germany Offshore Wind Energy Market in the forecast period.
Germany Offshore Wind Energy Industry Segmentation
Offshore wind energy is clean and renewable energy obtained by taking advantage of the force of the wind that is produced on the high seas, where it reaches a higher and more constant speed than on land due to the absence of barriers.
The Germany Offshore Wind Energy Market is segmented by foundation type and capacity. By foundation type, the market is segmented into fixed and floating foundations. By capacity, the market is segmented into less than 5 WW, greater than or equal to 5 MW. The market sizing and forecasts for each segment have been based on the gigawatts (GW) for all the above segments.
Germany Offshore Wind Energy Market Size Summary
The Germany Offshore Wind Energy Market is poised for growth, driven by the increasing demand for clean energy and supportive government initiatives. Despite the initial setbacks due to the COVID-19 pandemic, the market is expected to recover and expand, bolstered by advancements in renewable energy technologies. Germany's commitment to significant wind energy expansion, with plans to reach substantial capacity by 2035 and 2045, presents lucrative opportunities for market participants. However, the market faces challenges from the growing adoption of alternative clean energy sources like solar power and the continued availability of fossil fuels, which may restrain its growth trajectory.
Germany's offshore wind energy sector benefits from the country's vast and high-quality wind resources, making it a key player in the European region. The market is characterized by substantial investments and strategic partnerships, as evidenced by major projects and corporate power purchase agreements involving prominent companies like RWE, BASF, Google, and √òrsted. The installation of offshore wind farms is becoming increasingly attractive due to higher wind speeds compared to onshore locations, contributing to significant capacity growth. The market's moderately fragmented nature sees major players such as Nordex SE, Enercon GmbH, Vestas Wind Systems A/S, and Siemens Gamesa Renewable Energy actively participating in the sector's development.
Germany Offshore Wind Energy 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 Offshore Wind Energy Installed Capacity and Forecast in GW, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
Germany Offshore Wind Energy Market Size FAQs
What is the current Germany Offshore Wind Energy Market size?
The Germany Offshore Wind Energy Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Germany Offshore Wind Energy Market?
Nordex SE, Enercon GmbH, Siemens Gamesa Renewable Energy, S.A., Vestas Wind Systems A/S and Orsted A/S are the major companies operating in the Germany Offshore Wind Energy Market.
