This report, titled “Europe Offshore Wind Energy Market: Growth, Future Prospects, and Competitive Analysis, 2016–2024,” offers strategic insights into the trends in the offshore wind energy market in Europe along with the market size and forecast for the duration of 2013–2024. The said research study incorporates an in-depth analysis of the market based on country.
The European offshore wind energy market is becoming increasingly competitive with a growing number of mergers and collaborations among market players to reach full capabilities and gain an international footprint. In addition, several players are also focused on developing their niche in the market. The rapid growth of this market has also resulted in the creation of further skilled job opportunities in major hubs spread across the U.K., Germany, Denmark, Belgium, the Netherlands, and other European countries.
The Europe offshore wind energy market is divided into the United Kingdom, Germany, Denmark, Belgium, the Netherlands, Sweden, and the Rest of Europe. In addition, offshore wind turbine-producing companies, energy and utility companies, government organizations, and academic organizations form the major client types for offshore wind energy. The market size (US$ Bn) and forecast for all the considered segmentations are presented in this report for the period 2013–2024, along with their respective CAGRs (%) for the forecast period 2016–2024.
In terms of geographical distribution, the Europe Offshore Wind Energy study covers seven major regions, namely, Germany, the U.K., Denmark, Belgium, the Netherlands, Sweden, and the Rest of Europe. Market size and forecasts for each country-level market are included in the report for the considered periods.
To further elucidate, the geographical distribution of the European offshore wind energy market is described as follows:
- Rest of Europe
Along with quantitative data sets, this report also includes qualitative data for the Europe offshore wind energy market, such as market dynamics and an executive summary. The report also includes tools to help readers with competitive mappings, such as competition assessment and appealing investment propositions. This study concludes with a company profile section. This section includes major information about the key companies engaged in the development and provision of offshore wind energy systems.
The European offshore wind energy market is projected to witness robust growth owing to increasing investment in offshore wind energy projects. Rising energy demand and growing concerns over the emission of greenhouse gases are influencing governments to promote the adoption of renewable energy sources such as wind and solar. Increasing investment in offshore wind projects, especially in Europe, is anticipated to fuel the growth of the offshore wind energy market.
The U.K. was the largest market for offshore wind energy in 2015 among all European countries. Increasing investment in offshore wind energy projects from the private sector, coupled with favorable government policies such as the Energy Act of 2013, and the establishment of the Offshore Wind Cost Reduction Task Force to achieve Levelized costs of offshore wind at £100 per MW/h by 2020, represent high growth for the offshore wind energy market during the forecast period (2016–2024).
Germany is projected to be the fastest-growing segment among all European countries during the forecast period. A high number of approved pipeline projects coupled with increasing investment from the private sector in offshore wind energy is anticipated to fuel the growth of offshore wind energy in the region. Over the next five years, the country is expected to gain 4.5 GW of installed offshore wind energy capacity from under-construction projects.
Further, approval of new projects and pipeline projects is projected to expand the installed capacity to 9.4 GW by 2020. The country also holds the second-largest market share in terms of installed capacity in Europe. The country is projected to gain significant market share by 2023. Other regions, such as Denmark and the Netherlands, are also anticipated to witness high growth during the forecast period (2016–2024).