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.
