The latest market report published by Credence Research, Inc. “ Europe Offshore Wind Energy Market , By Geography Growth, Future Prospects and Competitive Analysis, 2016 – 2024,“ the Europe offshore wind energy market was 13.4 GW in 2016, and is expected to reach 29.8 GW by 2024, expanding to a CAGR of 12.0% from 2016 to 2024.
Browse the full Europe Offshore Wind Energy Market – Growth, Future Prospects and Competitive Analysis, 2016 – 2024 report at http://www.credenceresearch.com/report/europe-offshore-wind-energy-market
Market Insights
Robust growth owing to increasing investment in offshore wind energy projects. The search for a renewable energy source is as „wind and solar. Increasing investment in the offshore wind projects especially in Europe is anticipated to fuel the growth of offshore wind energy market. During the forecast period (2016-2024). The wind energy market during the forecast period (2016-2024).
UK was the largest market for offshore wind energy in 2015 among all European countries. Increasing investment in offshore wind energy projects from private sector coupled with favorable government policies as the Energy Act, 2013 and establishment of offshore Wind Cost Reduction Task Force to achieve leveled costs of offshore wind to £ 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. Wind energy is anticipated to fuel the growth of wind energy in the region. The country is anticipated to witness addition of 4.5 GW capacity of installation offshore wind energy from under construction projects in next five years. Further, approval of new projects and pipeline projects is projected to expand the installation capacity to 9.4 GW by 2020. The country also holds second largest market share on terms of installation capacity in Europe. The country is projected to gain significant market share by 2023.
Considering the competition, the Europe offshore wind energy market is looking forward to witnessing a significant increase in investment in wind energy. Further, market has witnessed strategic mergers and collaborations among Europe offshore wind energy regional and global players. Search growth strategies are focused on increasing their market penetration in consuming economies.
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