Europe Offshore Wind Turbine Expansion

under construction

Europe's offshore wind expansion is facing structural supply constraints with turbine prices rising sharply due to limited supplier diversity and increasing turbine complexity. The market is dominated by Siemens Gamesa and Vestas following GE Vernova's pause on new offshore wind orders. Turbine selling prices have increased by 40-45% since 2020, outpacing manufacturing cost increases, driven by complex components like nacelles and blades. The shift to larger turbines (14-15 MW) also contributes to higher costs. Without expanding manufacturing capacity or addressing supply constraints, Europe risks not meeting its post-2030 offshore wind targets at the required pace or cost.