Europe’s Offshore Wind Slowdown Is Squeezing Manufacturers

AI Summary

Europe's offshore wind industry is facing a slowdown with weak factory utilization due to project delays and slower investment decisions despite significant capacity expansions by manufacturers. This trend impacts the supply of XXL monopiles required for next-generation offshore wind turbines.

Europe’s offshore wind monopile market is moving from concerns over insufficient manufacturing capacity to a period of weak factory utilization coming from offshore wind projects skewing to the right on the timeline. European producers have invested heavily in larger facilities capable of supplying the XXL foundations required for the latest generation of offshore wind turbines, but project delays and slower investment decisions mean that demand is not arriving as quickly as the new capacity. Rystad Energy estimates that European XXL+ monopile…