London, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The worldwide carbon neutral targets are likely to receive strong tailwinds from the offshore wind power sector. There has thus been remarkable increase in the overall offshore wind power capacity through rocketing installations of high, and ultra-high capacity wind turbines over the recent past. A recently published report of Fairfield Market Research deep dives into the global offshore wind turbine installation vessels market and offers growth forecast for the same over the course of 2022 – 2027. The approximately US$5.3 Bn market (2022) is expected to reach the valuation of US$13.4 Bn by the end of 2027. While the market revenue is poised to more than double between the years of forecast, the report also expects growth to exhibit a solid double-digit rate. Deepening penetration of offshore wind turbines into deep offshore areas and widening expansion of offshore wind farms across coasts and into the sea are boosting investments in offshore wind sector. The offshore wind turbine installation vessels market will largely gain from this, says the report.
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Key Research Insights
- Normal jack-up rig recorded more than 66% revenue share in 2021 and will remain the leading vessel type through 2027
- Europe was the top-ranking market in 2021 with over 48% market share, opportunities will flock key Asian markets
- The top five players currently account for a collective revenue share of around 45% in offshore wind turbine installation vessels market
Insights into Segmental Analysis
With rise in demand for high-capacity turbines, heavy lift vessels are expected to witness greater traction through the end of 2027. A growing shift of the global offshore wind power industry’s shift to large turbine is rapidly broadening the scope of growth for heavy lift vessels. Mounting investments in high-capacity offshore wind farms further encourage adoption of heavy lift vessels. Analysis of the offshore wind turbine installation vessels market by the vessel type reveals primacy of normal jack up rig that currently accounts for nearly 66.7% market share. The report attributes this dominance to consistently rising installations of 2-8 MW turbines across the offshore wind power sector.
Key report Highlights
- To meet the 2030 carbon neutral targets, the worldwide wind energy sector would have to display around 4x growth. This is where high and ultra-high-capacity turbine installations would play an instrumental role
- The total offshore wind turbine installation vessels had reached beyond 1,100 by 2021 end. Global offshore wind turbine installation vessels market size will experience more than twofold expansion in revenue between 2022 and 2027
- In 2021, the market witnessed over 25 new build order placements for wind turbine installation vessels and the utilization rate was an average of 85-90%. The same year, the world added over 6.0 GW of new offshore wind power capacities, spearheaded by China, and Europe
Insights into Regional Analysis
While Europe will most likely realize around 3,400 TWh of offshore wind energy toward the end of 2030, the region registered a dominant revenue share of over 48% in global offshore wind turbine installation vessels market in 2021. Europe’s renewables sector, especially wind power, is continuously witnessing shooting investments over the recent past. This will remain a constant booster to the region’s offshore wind turbine installation vessels market. The report clearly projects continued dominance of Europe, as well as a glowing spot developing across Asia Pacific, and the US markets. The US market for offshore wind turbine installation vessels is anticipated to gain from amplifying investments, and emerging opportunity for several offshore wind turbine installation vessel fleet owners. In Asia Pacific, China, and India will reportedly remain the leading markets on account of a growing number of ongoing offshore projects. Moreover, the Global Wind Energy Council (GWEC) estimates 100 GW offshore wind capacity for Asia Pacific by the end of 2030. This is likely to create a strong ground for growth of the region’s offshore wind turbine installation vessels market.
Key Participants in Global Offshore Wind Turbine Installation Vessels Market Competition
Eneti Inc., Seafox, A-2-Sea Solutions Limited, Seajacks, CADELER, Fred. Olsen Windcarrier, Van Oord, JACK-UP BARGE, MPI Offshore
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2027 | |
| Market Size in 2022 | US$5.3 Bn | |
| Estimated Market Size in 2027 | US$13.4 Bn | |
| CAGR | 20% | |
| Key Players | Eneti Inc., CADELER, Seafox, Fred. Olsen Windcarrier, Van Oord, A-2-Sea Solutions Limited, JACK-UP BARGE, MPI Offshore, Seajacks | |
Market Segmentation
Vessel Type Coverage
- Self–propelled jack up
- Normal jack up
- Heavy lift vessel
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
- Asia Pacific
Leading Companies
- CADELER
- Eneti Inc.
- Fred. Olsen Windcarrier
- Seafox
- Van Oord
- JACK-UP BARGE
- A-2-Sea Solutions Limited
- MPI Offshore
- Seajacks
- Others
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Vessel Type-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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