UK-based professional services firm Ernst & Young carried out the study, which highlighted four important actions to reduce costs.
The study says installing larger turbines to increase energy capture can result in 9% cost reduction.
Fostering competition between industrial players is anticipated to save 7% from costs while commissioning of new projects will result in 7% savings.
Tackling supply chain challenges like construction facilities and installation equipment is expected to save 3%.
EWEA chief executive officer Thomas Becker said: "This study shows that offshore wind power in Europe will be a major contributor to the continent’s energy security now and over the course of the next decade.
"As much as we need politicians to come on board, it is also up to the industry to deliver on our commitments. It is no secret that cost reduction is a great challenge that we face in the offshore business; but as we continue to work together, innovate and compete, the sector will face down its trials in the years ahead.
"We must not forget the jobs, trade and growth that offshore wind is contributing to Europe."
Dong Energy, MHI Vestas and Siemens Wind Power and Renewables have issued a joint declaration, dubbed United Industry, as part of a commitment to reduce costs in the offshore sector.
The companies have agreed to carry out joint and individual actions throughout the value chain for long-term and tangible advancements.
Image: The study says installing larger turbines to increase energy capture can result in 9% cost reduction. Photo: Courtesy of European Wind Energy Association.
