Market Size of Europe Offshore Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 15.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Offshore Energy Market Analysis
The European offshore energy market is projected to register a CAGR of over 15% during the forecast period.
The COVID-19 pandemic negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.
- Over the medium term, factors such as increasing demand for renewable energy sources, the rise in demand for sustainable energy sources, and the high efficiency of wind energy are driving the market's growth.
- However, the high cost of the offshore wind power system due to the movement of heavy and oversized equipment to the offshore location is a significant factor that will restrain the market growth during the forecast period.
- Nevertheless, in an effort to fine-tune wind turbines for maximum efficiency, the integration of sophisticated software that monitors wind and weather patterns, sea level, tides, and load patterns on the electrical grid is under process. Furthermore, incorporating big data and the Internet of Things (IoT) will also create an excellent opportunity for the offshore energy market during the forecast period.
- The United Kingdom is expected to be the largest market during the forecast period. This projection is based on increased offshore wind and tidal energy activities and new pipeline projects that will drive the demand for offshore energy in the coming years.
