Offshore Wind Turbine Installation Vessels Market

Offshore Wind Turbine Installation Vessels Market

Global Industry Analysis (2019 - 2021) - Growth Trends and Market Forecast (2022 - 2027)

Published Date: Jul 2022 | Format: | No. of Pages: 106

Industry: Energy & Natural Resources | Author Name: Harshad

“Expected to exceed the valuation of US$5 Bn by 2022 end, the global offshore wind turbine installation vessels market size is anticipated to experience more than 2x expansion through 2027. The Fairfield Market Research report forecasts the market revenue to surpass US$13.4 Bn by the end of forecast period.”

Installation Vessel Service Providers to Add New Fleets to Get New Orders as Demand Escalates

Year-on-year additions of offshore wind capacities has resulted in shortage of installation vessels. In 2021, more than 6.0 GW of new offshore winds were added. Currently, there are limited offshore wind turbine installation vessels in operation. Wind turbine installation vessels (WTIVs) are essentially designed to lift, load, transport and install the offshore wind turbine foundations. With investments in offshore wind power projects heightening each year, it will fuel the growth of global offshore wind turbine installation vessels market.  

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Race to a Carbon-neutral Economy to Boost Demand for Wind Energy

Demand in global offshore wind turbine installation vessels market is driven by offshore wind power investments. Offshore wind today is only 2% of what the world needs to get to net zero by 2050. Offshore wind has the biggest growth potential of any renewable energy technology as majority of countries have identified offshore wind as a key technology for reaching climate targets. Furthermore, technological advancements in offshore wind turbine installation services, have aided in safe installation of the wind turbines in the deep offshore areas. Expansion of the offshore wind farms from the coast far towards into the sea is likely to be incremental in the coming years.

The key challenges such as offshore wind policies, investment scale-up, government support and fundings, etc. Increasing complexity of future projects due to larger sizes, deeper waters, and longer distances from shore will continue to put pressure on costs, creating new risks for developers and engineering, procurement, and construction (EPC) companies. The COVID-19 outbreak has resulted in delayed funding for several offshore wind power projects between 2019-2020. Moreover, service, maintenance, and repair activities of several offshore wind turbines were delayed due to unavailability of spare parts and labour.

Increasing Orders of Large Capacity-based Wind Turbines to Trigger Demand for Heavy-lift Vessels for Installation Services

Based on vessel type, the market is divided into self-propelled jack up, normal jack-up, and heavy-lift vessel. In terms of vessel type, normal jack up rig dominated and constituted 66.7% of the global offshore wind turbine installation vessels market in 2021. High market share is attributed to growing utilization of normal jack up vessels for 2-8 MW turbine installation for offshore wind power. In terms of CAGR, heavy lift vessel is expected to grow at a higher rate when compared to other types. Growing demand for high-capacity turbine in the offshore wind industry is expected to witness surge in the utilization for heavy lift vessels for turbine installation. In the offshore wind power industry, the trend is shifting toward large turbines due to growing investments in high capacity based offshore wind farms. This is expected to shift demand from self-propelled jack-up vessels to heavy lift vessels for offshore wind turbine installation activities soon. Heavy lift vessel is utilised for lifting and installing high and ultra-high-capacity turbine in the offshore wind industry as well as in oil and gas industry.

Europe, and Asia Pacific to Register Strong Growth in Offshore Wind Turbine Installation Vessels Market by 2027

In 2021, Europe dominated the global offshore wind turbine installation vessels market and constituted 48.7% share. Asia Pacific follows behind Europe. Europe has the potential to realise up to 3,400 TWh of offshore wind energy within its waters in 2030. The ongoing Russia-Ukraine war is expected to hamper Europe’ energy supply as the region is highly dependent on crude oil/natural gas imports from Russia. Investment surge in renewable energies, especially wind power is expected to minimize demand-supply gaps. This is likely to benefit the overall demand for installation vessels. In North America, the US is planning a significant investment in offshore wind development in the next few years. The Biden administration plans to thousand of offshore wind turbines by 2030. The Departments of Energy, Interior and Commerce US wants to expand offshore wind capacity to 30 gigawatts (GW) by 2030. Majority of offshore wind turbine installation vessel fleet owners are beginning to target U.S. to increase their market share.

In Asia Pacific, China dominates the offshore wind turbine installation vessels market. India has 17 offshore wind farm projects of which none currently operating. However, India can generate 127 GW of offshore wind energy with its 7,600 km of coastline. As per Global Wind Energy Council (GWEC), the Asian offshore market is expected to have installed nearly 100 GW of offshore wind capacity by 2030. In Middle East & Africa, and Latin America, offshore wind turbine installation vessels market is expected to remain moderate. Columbia, Brazil, and UAE are key nations beginning to invest in offshore wind power. In May 2022, the Colombian Government launched the country’s Offshore Wind Roadmap. BlueFloat Energy revealed it has seven offshore wind projects under development in the country. This is just half of what the company plans in South America since there are also seven projects the Spanish developer is planning offshore Brazil.

Global Offshore Wind Turbine Installation Vessels Market: Competitive Landscape

The top five players constitute more than 45% of offshore wind turbine installation vessels market. Some of the key players involved in 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.

  • On May 2022, Van Oord awarded contract for large-scale USA offshore wind project. The consortium between Van Oord and Great Lakes Dredge & Dock (GLDD) has been selected by Empire Offshore Wind, a joint venture between Equinor and bp, as main contractors for subsea rock installation works related to the development of Empire Wind I & II.

  • In August 2021, Eneti Inc. announced its acquisition of Seajacks to become the leading owner and operator of WTIV’s. Seajacks operates as a stand-alone company within Eneti, and the existing Seajacks management team remains in place.

The Global Offshore Wind Turbine Installation Vessels Market is Segmented as Below:

By Vessel Type Coverage

  • Self–propelled jack up
  • Normal jack up
  • Heavy lift vessel

By Geographical Coverage

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • Denmark
    • Belgium
    • Netherlands
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Rest of the World (RoW)
    • Columbia
    • Brazil
    • Others

Leading Companies

  • CADELER
  • Eneti Inc.
  • Olsen Windcarrier
  • Seafox
  • Van Oord
  • JACK-UP BARGE
  • A-2-Sea Solutions Limited
  • MPI Offshore
  • Seajacks
  • Others

Inside this Report you will find:

1. Executive Summary
2. Market Overview
3. Macro & Micro Trends
4. Global Offshore Wind Turbine Installation Vessel Market Outlook, 2019 - 2027
5. North America Offshore Wind Turbine Installation Vessel Market Outlook, 2019 - 2027
6. Europe Offshore Wind Turbine Installation Vessel Market Outlook, 2019 - 2027
7. Asia Pacific Offshore Wind Turbine Installation Vessel Market Outlook, 2019 - 2027
8. Rest of the World (RoW) Offshore Wind Turbine Installation Vessel Market Outlook, 2019 - 2027
9. Competitive Landscape
10. Appendix

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1. Executive Summary
     1.1. Global Offshore Wind Turbine Installation Vessel Market Snapshot
     1.2. Future Projections
     1.3. Key Market Trends
     1.4. Analyst Recommendations

2. Market Overview
     2.1. Market Definitions and Segmentations
     2.2. Market Dynamics
            2.2.1. Drivers
            2.2.2. Restraints
            2.2.3. Market Opportunities
            2.2.4. Economic Trends
     2.3. Value Chain Analysis
     2.4. Porter’s Five Forces Analysis
     2.5. Covid-19 Impact
            2.5.1. Supply Chain
            2.5.2. End-user Customer Impact Analysis

3. Macro & Micro Trends
     3.1. Strategic Deals
     3.2. Current & Future Trends of Offshore Wind Power Industry

4. Global Offshore Wind Turbine Installation Vessel Market Outlook, 2019-2027
     4.1. Global Offshore Wind Turbine Installation Vessel Market Outlook, by Vessel Type, Value (US$ Mn), 2019-2027
            4.1.1. Key Highlights
                    4.1.1.1. Self –propelled Jack up
                    4.1.1.2. Normal Jack up
                    4.1.1.3. Heavy Lift Vessel
            4.1.2. BPS Analysis/Market Attractiveness Analysis, by Vessel Type
     4.2. Global Offshore Wind Turbine Installation Vessel Market Outlook, by Region, Value (US$ Mn), 2019-2027
            4.2.1. Key Highlights
                    4.2.1.1. North America
                    4.2.1.2. Europe
                    4.2.1.3. Asia Pacific
                    4.2.1.4. Rest of the World
            4.2.2. BPS Analysis/Market Attractiveness Analysis, by Region

5. North America Offshore Wind Turbine Installation Vessel Market Outlook, 2019-2027
     5.1. North America Offshore Wind Turbine Installation Vessel Market Outlook, by Vessel Type, Value (US$ Mn), 2019-2027
            5.1.1. Key Highlights
                    5.1.1.1. Self –propelled Jack up
                    5.1.1.2. Normal Jack up
                    5.1.1.3. Heavy Lift Vessel
     5.2. North America Offshore Wind Turbine Installation Vessel Market Outlook, by Country, Value (US$ Mn), 2019-2027
            5.2.1. Key Highlights
                    5.2.1.1. U.S. Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027
                    5.2.1.2. Canada Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027
                    5.2.1.3. Mexico Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027

6. Europe Offshore Wind Turbine Installation Vessel Market Outlook, 2019-2027
     6.1. Europe Offshore Wind Turbine Installation Vessel Market Outlook, by Vessel Type, Value (US$ Mn), 2019-2027
            6.1.1. Key Highlights
                    6.1.1.1. Self –propelled Jack up
                    6.1.1.2. Normal Jack up
                    6.1.1.3. Heavy Lift Vessel
     6.2. Europe Offshore Wind Turbine Installation Vessel Market Outlook, by Country, Value (US$ Mn), 2019-2027
            6.2.1. Key Highlights
                    6.2.1.1. Germany Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027
                    6.2.1.2. U.K. Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027
                    6.2.1.3. Denmark Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027
                    6.2.1.4. Belgium Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027
                    6.2.1.5. The Netherland Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027
                    6.2.1.6. Rest of Europe Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027

7. Asia Pacific Offshore Wind Turbine Installation Vessel Market Outlook, 2019-2027
     7.1. Asia Pacific Offshore Wind Turbine Installation Vessel Market Outlook, by Vessel Type, Value (US$ Mn), 2019-2027
            7.1.1. Key Highlights
                    7.1.1.1. Self –propelled Jack up
                    7.1.1.2. Normal Jack up
                    7.1.1.3. Heavy Lift Vessel
     7.2. Asia Pacific Offshore Wind Turbine Installation Vessel Market Outlook, by Country, Value (US$ Mn), 2019-2027
            7.2.1. Key Highlights
                    7.2.1.1. China Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027
                    7.2.1.2. Japan Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027
                    7.2.1.3. India Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027
                    7.2.1.4. ASEAN Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027
                    7.2.1.5. Rest of Asia Pacific Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027

8. Rest of the World (RoW) Offshore Wind Turbine Installation Vessel Market Outlook, 2019-2027
     8.1. Rest of the World (RoW) Offshore Wind Turbine Installation Vessel Market Outlook, by Vessel Type, Value (US$ Mn), 2019-2027
            8.1.1. Key Highlights
                    8.1.1.1. Self –propelled Jack up
                    8.1.1.2. Normal Jack up
                    8.1.1.3. Heavy Lift Vessel
     8.2. Rest of the World (RoW) Offshore Wind Turbine Installation Vessel Market Outlook, by Country, Value (US$ Mn), 2019-2027
            8.2.1. Key Highlights
                    8.2.1.1. Columbia Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027
                    8.2.1.2. Brazil Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027
                    8.2.1.3. Others Offshore Wind Turbine Installation Vessel Market, Value (US$ Mn), 2019-2027

9. Competitive Landscape
     9.1. Company Market Share Analysis, 2021
     9.2. Strategic Collaborations
     9.3. Company Profiles
            9.3.1. CADELER
                    9.3.1.1. Company Overview
                    9.3.1.2. Product Portfolio
                    9.3.1.3. Financial Overview
                    9.3.1.4. Business Strategies and Development
            9.3.2. Eneti Inc.
                    9.3.2.1. Company Overview
                    9.3.2.2. Product Portfolio
                    9.3.2.3. Financial Overview
                    9.3.2.4. Business Strategies and Development
            9.3.3. Fred. Olsen Windcarrier
                    9.3.3.1. Company Overview
                    9.3.3.2. Product Portfolio
                    9.3.3.3. Financial Overview
                    9.3.3.4. Business Strategies and Development
            9.3.4. Seafox
                    9.3.4.1. Company Overview
                    9.3.4.2. Product Portfolio
                    9.3.4.3. Financial Overview
                    9.3.4.4. Business Strategies and Development
            9.3.5. Van Oord
                    9.3.5.1. Company Overview
                    9.3.5.2. Product Portfolio
                    9.3.5.3. Financial Overview
                    9.3.5.4. Business Strategies and Development
            9.3.6. JACK-UP BARGE
                    9.3.6.1. Company Overview
                    9.3.6.2. Product Portfolio
                    9.3.6.3. Financial Overview
                    9.3.6.4. Business Strategies and Development
            9.3.7. A-2-Sea Solutions Limited
                    9.3.7.1. Company Overview
                    9.3.7.2. Product Portfolio
                    9.3.7.3. Financial Overview
                    9.3.7.4. Business Strategies and Development
            9.3.8. MPI Offshore
                    9.3.8.1. Company Overview
                    9.3.8.2. Product Portfolio
                    9.3.8.3. Financial Overview
                    9.3.8.4. Business Strategies and Development
            9.3.9. Seajacks
                    9.3.9.1. Company Overview
                    9.3.9.2. Product Portfolio
                    9.3.9.3. Financial Overview
                    9.3.9.4. Business Strategies and Development
            9.3.10. Others

10. Appendix
     10.1. Research Methodology
     10.2. Report Assumptions
     10.3. Acronyms and Abbreviations

BASE YEAR

HISTORICAL DATA

FORECAST PERIOD

UNITS

2021

2019 - 2020

2022 - 2027 

Value: US$ Million

 

REPORT FEATURES

DETAILS

Vessel Type Coverage

  • Self–propelled jack up
  • Normal jack up
  • Heavy lift vessel

Geographical Coverage

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • Denmark
    • Belgium
    • Netherlands
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Rest of the World (RoW)
    • Columbia
    • Brazil
    • Others

Leading Companies

  • CADELER
  • Eneti Inc.
  • Fred. Olsen Windcarrier
  • Seafox
  • Van Oord
  • JACK-UP BARGE
  • A-2-Sea Solutions Limited
  • MPI Offshore
  • Seajacks
  • Others

Report Highlights

Key Market Indicators, Macro-micro economic impact analysis, Technological Roadmap, Key Trends, Driver, Restraints, and Future Opportunities & Revenue Pockets, Porter’s 5 Forces Analysis, Historical Trend (2019-2027), Price Trend Analysis- 2019-2027, Market Estimates and Forecast, Market Dynamics, Industry Trends, Competition Landscape, Category, Region, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply Chain)

 

FAQs : Offshore Wind Turbine Installation Vessels Market

Global offshore wind turbine installation vessel market is anticipated to reach US$13.4 Bn by 2027 end.

The top five players in global offshore wind turbine installation vessel includes: CADELER, Eneti Inc., Fred. Olsen Windcarrier, Seafox, and Van Oord.

In 2021, Europe constituted 48.7% of the global offshore wind turbine installation vessel market by value. In terms of value, Europe is expected to register a CAGR of 20.8% from 2022-2027.

In terms of vessel type, normal jack up segment dominated with more than 65% share of the global submarine power cables market in 2021.

The COVID-19 pandemic has impacted in form of the delays in offshore wind power projects, thus hampering demand for installation vessels.

Our Research Methodology

Under uncertainty, traditional approaches to strategic planning can be downright dangerous. True ambiguity is no basis to forecast the future – degree of risk, the magnitude of circumstances, conditions and consequences are not known or unpredictable. To avoid dangerous binary views of uncertainty; strategic posture, moves and actions through market research is the best bet.

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