Market Size of United Kingdom Offshore Wind Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 13.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
UK Offshore Wind Energy Market Analysis
The United Kingdom offshore wind energy market is expected to grow at a CAGR of more than 13.5% in the forecast period of 2022-2027. Covid-19 has affected the overall economy of the United Kingdom in the last two years. The pandemic COVID-19 hit the United Kingdom in early 2020 and disrupted the energy sector manufacturing, supply chains, and mobility due to lockdown and cross-border restrictions, which had a significant impact on the offshore wind energy market. The government's supportive policies and a significant rise in investment in offshore wind energy projects are expected to propel the offshore wind energy market in the near future. However, till 2019, the year-on-year growth of new offshore wind energy integration was more than 15%, but in 2020 it dropped to around 4%. This fall can be ascribed to the stringent restrictions imposed by the government to stop the spread of Covid-19. This led to a lack of funding, workforce, and spare parts, resulting in project completion delays. Thus, the adverse effects of Covid-19 are expected to negatively impact offshore wind energy investment.
- The floating foundation segment is expected to dominate the market during the forecast period. The floating foundation wind projects can harness higher wind energy from the deep waters, as deep waters have high wind speed, which creates a much more favorable environment for wind turbine operation. Thus, higher productivity is expected to boost the demand for the floating foundation segment in the forecast period.
- According to the International Renewable Energy Agency, the United Kingdom is expected to provide excellent opportunities for the offshore wind energy market shortly. With the rise in electricity demand and to achieve the net-zero target by 2050, the country needs more than 125 GW of offshore wind energy. This presents a great opportunity in the offshore wind energy market.
- The United Kingdom is one of the leading countries in the offshore wind energy project market in Europe and the world. The government's supportive policies for the research and development of next-generation wind turbines coupled with an increase in private companies' investment in offshore wind energy projects are expected to drive the market in the country.
