Pune, India, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Wind Turbine Installation Vessel Market Size
The global wind turbine installation vessel market will derive growth from recent advancements in the equipment associated with the system. According to a report by Fortune Business Insights, titled “Wind Turbine Installation Vessel Market Size, Share and Global Trend By Construction Type (Foundation, Cable Laying, Others), By Vessel Type (Self-Propelled Jack-up Vessel, Normal Jack-Up Vessel, Heavy-Lift Vessel) and Geography Forecast till 2030,” the market will benefit from the increasing efforts taken to maximize the use of wind energy.
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Wind Turbine Installation Vessel Industry Developments:
May 2019: DEME Offshore secured a contract for the installation of 165 foundations at Orsterd’s Hornsea Two offshore wind farm in the UK.
Wind Turbine Installation Vessel Market Drivers & Restraints -
Increasing Investments in Product R&D to Aid Growth
The increasing efforts taken to enhance optimized usage of wind energy will emerge in favor of market growth. In August 2019, Jan De Nul bagged a contract from Vattenfall for the development of a 605 MW Kriegers Flak offshore wind project in the Danish Baltic Sea. Similarly, Seajack International was awarded a contract from Seimens Gamesa Renewable Energy for transportation and installation of wind turbines at a major offshore wind project. Such contracts will not help the companies grow, but will also have a direct impact on the growth of the market in the coming years. The report highlights activities similar to the aforementioned investments and gauges the impact of these contracts on the global market.
COVID-19 Impact
The COVID-19 pandemic has led to severe repercussion owing to its widespread effects across several economies. Several industries are facing unprecedented losses owing to the lockdown announced by several governments across the globe that has resulted in the complete shutdown of the businesses. The crippling economy, however, is being revived through collective efforts from the government as well as the industries and is expected to bounce back in the coming years.
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Industry Highlights:
The demand for energy has risen dramatically in the past two decades. Depletion of conventional resources have led to a subsequent need for harnessing non-renewable energy. The increasing demand for energy will open up a huge potential for the companies operating in the market. Wind energy is one of the cleanest forms of energy, as a result of which numerous efforts are being taken to maximize its use to generate electricity. Recent advancements in offshore wind energy harnessing have created several opportunities for growth. As a result, there has been a rise in the dramatic rise in the demand for the equipment in the wind turbine installation vessel market.
Wind Turbine Installation Vessel Market Segmentation
The demand for energy has risen dramatically in the past two decades. Depletion of conventional resources have led to a subsequent need for harnessing non-renewable energy. The increasing demand for energy will open up a huge potential for the companies operating in the market. Wind energy is one of the cleanest forms of energy, as a result of which numerous efforts are being taken to maximize its use to generate electricity. Recent advancements in offshore wind energy harnessing have created several opportunities for growth. As a result, there has been a rise in the dramatic rise in the demand for the equipment in the wind turbine installation vessel market.
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Wind Turbine Installation Vessel Market Regional Insights
North America to Exhibit Considerable Growth; Presence of Several Offshore Regions to Provide Impetus to Growth
The report segments the market into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. The market in North America will exhibit high growth in the coming years owing to the presence of large offshore areas in several countries across the region. Growing efforts taken to develop and deploy offshore wind projects will contribute to the growth of the market in this region. Besides North America, Europe will witness considerable growth owing to the ongoing plans and initiatives taken to promote wind energy harnessing.
Wind Turbine Installation Vessel Companies Analzyed:
- A2SEA A/S
- MPI Offshore
- Seajacks
- Fred. Olsen Windcarrier
- Jan De Nul Group
- Van Oord
- Jack-Up Barge BV
- Seajacks Ltd.
- Swire Blue Ocean A/S
- Seafox, Gaoh Offshore
- DEME Group
- DNV GL – Maritime
- Lamprell
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Impact of COVID-19
- Continued…
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