Offshore Wind Turbine Installation Vessels Market - Global Industry Analysis (2019 - 2021) - Growth Trends and Market Forecast (2022 - 2027)

The latest published report of the publisher forecasts a promising growth outlook for global offshore wind turbine installation vessels market between 2022 and 2027. While the global market revenue is estimated to reach US$5 Bn by the end of 2022, it will most likely exhibit more than double expansion by the end of 2027. Global estimations indicate that the wind energy sector will require to exhibit around 4x growth to meet the carbon neutral targets by the end of 2030. As the offshore wind power will play a vital role through the journey toward carbon neutral targets through the installation of high and ultra-high-capacity turbines, there has been a notable rise in offshore wind power capacity over the recent past. In 2021 alone, the world has added over 6.0 GW of new offshore wind power capacities, a majority being in China, and European nations. This is likely to predominantly drive the growth of offshore wind turbine installation vessels market.

Key Insights and Trends Across Global Offshore Wind Turbine Installation Vessels Market

• The worldwide number of offshore wind turbine installation vessels exceeded 1,100 in 2021
• The year 2021 witnessed over 25 new build order placements for wind turbine installation vessel
• The utilisation rate if offshore wind turbine installation vessels in 2021 averaged between 85-90%
• Normal jack-up rig dominant vessel type, whereas Europe remains the top-ranking market
• The top five players account for a collective revenue share of around 45%

Heavy-lift Vessels Poised for Robust Demand Growth, Normal Jack up Rig Continues to Dominate

The report highlights higher growth rate in demand for heavy lift vessels on account of the surge in demand for high-capacity turbines. The global offshore wind power industry’s shift toward large turbines has widened the scope of growth for heavy lift vessels, which is attributable to soaring investments in high capacity-based offshore wind farms. This scenario is likely to shape offshore wind turbine installation vessels market. In terms of the vessel type, normal jack up rig that dominated offshore wind turbine installation vessels market in 2021 will continue to surge ahead. The report projects around 66.7% revenue share for normal jack up rig in the market valuation, majorly attributing to escalating demand for 2-8 MW turbine installations in the offshore wind power sector.

Europe Retains Dominant Market Positioning, Opportunities Flock at the US, and Asian Offshore Sectors

With over 48% share in market valuation, Europe will continue to dominate global offshore wind turbine installation vessels market throughout the period of forecast. Europe will reportedly realise up to 3,400 TWh of offshore wind energy within its waters, which indicates a strong growth outlook for the region. As the renewables sector continues to garner greater investments, especially wind power, it will remain the key factor reducing the demand-supply gaps created amidst the Russia-Ukraine unrest. This is expected to contribute toward the soaring demand for installation vessels, in turn boosting the performance of offshore wind turbine installation vessels market. On the other side, the US offshore wind development sector has also been witnessing a surge in investments, bolstering North America’s offshore wind turbine installation vessels market. Business opportunities are thus about in the US market. Additionally, the report highlights growing market attractiveness of Asia Pacific, predominantly China, and India.

Key Market Players in Global Offshore Wind Turbine Installation Vessels Market

Eneti Inc., CADELER, Seafox, Fred. Olsen Windcarrier, Van Oord, A-2-Sea Solutions Limited, JACK-UP BARGE, MPI Offshore, and Seajacks constitute some of the key companies steering competition in global offshore wind turbine installation vessels market.