Offshore Wind Turbine Installation Vessels Market Set to Exceed US$13.4 Billion by 2027
The global offshore wind turbine installation vessels market is witnessing substantial growth, with an expected valuation of over US$5 billion by the end of 2022. According to a report by Fairfield Market Research, the market is forecasted to experience more than a two-fold expansion, reaching a market revenue of US$13.4 billion by the end of the forecast period in 2027.
Key Insights from the Report:
- Shortage of Installation Vessels: The consistent addition of offshore wind capacities year-on-year has led to a shortage of installation vessels. The market is currently facing limited availability of wind turbine installation vessels (WTIVs), which are crucial for the installation of offshore wind turbine foundations.
- Carbon-Neutral Initiatives: The global push towards a carbon-neutral economy is driving the demand for wind energy, particularly offshore wind power. Offshore wind is considered one of the most promising renewable energy sources to achieve climate targets.
The offshore wind turbine installation vessels market is experiencing robust growth due to increasing investments in offshore wind power projects. Offshore wind has significant growth potential and is essential for achieving climate goals.
- Growing Offshore Wind Investments: The demand for installation vessels is fueled by investments in offshore wind power. Offshore wind has substantial growth potential, and many countries view it as a key technology for meeting climate targets.
- Technological Advancements: Continuous technological advancements in offshore wind turbine installation services have enabled the safe installation of wind turbines in deep offshore areas. The expansion of offshore wind farms further into the sea is expected to drive market growth.
- Complexity of Future Projects: Larger turbines, deeper waters, and longer distances from the shore are increasing the complexity of future offshore wind projects, which may lead to higher costs and risks for developers and construction companies.
- Impact of COVID-19: The COVID-19 pandemic resulted in delayed funding for offshore wind projects in 2019-2020 and disrupted service, maintenance, and repair activities due to shortages of spare parts and labor.
Key Market Segments:
- Vessel Types: The market includes self-propelled jack-up vessels, normal jack-up vessels, and heavy-lift vessels. Normal jack-up vessels dominated the market in 2021, primarily due to their utilization for installing 2-8 MW turbines. However, heavy-lift vessels are expected to grow at a higher rate due to increasing demand for high-capacity turbines.
- Regional Growth: Europe held the largest share of the global offshore wind turbine installation vessels market in 2021, with Asia Pacific following closely. Europe’s potential to generate significant offshore wind energy and Asia Pacific’s growing investments in offshore wind projects are key growth drivers.
Key players in the global offshore wind turbine installation vessels market include CADELER, Eneti Inc., Fred. Olsen Windcarrier, Seafox, Van Oord, JACK-UP BARGE, A-2-Sea Solutions Limited, MPI Offshore, and Seajacks. These players are focused on innovation and expanding their market presence.
Browse Global Offshore Wind Turbine Installation Vessels Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2027 – [2023 UPDATE Available – Forecast 2023-2030*] (By Vessel Type, By Geography, Leading Companies): https://www.fairfieldmarketresearch.com/report/offshore-wind-turbine-installation-vessels-market
Wind Power Market: https://www.fairfieldmarketresearch.com/report/wind-power-market
Direct Drive Wind Turbine Market: https://www.fairfieldmarketresearch.com/report/direct-drive-wind-turbine-market
Fairfield Market Research
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This press release first seen on Brilad