London, Aug. 22, 2022 (GLOBE NEWSWIRE) -- The latest published Fairfield Market Research report foresees a strong growth outlook for global offshore wind turbine installation vessels market between 2022 and 2027. While the worldwide wind energy sector requires nearly 4x growth by 2030 to meet the carbon neutral targets, the offshore wind turbine installation vessels exceeded 1,100 in 2021. Offshore wind turbine installation vessels market is poised for over 2x growth by 2027, up from the revenue of US$5 Bn estimated for 2022. The report states that the offshore wind power sector will play a significant role in aiding the world meet carbon neutral goals, through installation of high and ultra-high-capacity turbines.
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Market to Benefit from Augmenting Offshore Wind Investments
Although offshore wind is currently a mere 2% of what the world needs to get to net zero by 2050, rocketing investments point to a bright outlook. Over 6.0 GW of new offshore wind power capacities were added in 2021, predominantly in China, and key European nations. The same year, the market witnessed over 25 new build orders for wind turbine installation vessels, and the global utilisation rate was averaged between 85-90%. Advent of technology has helped penetration of offshore wind turbine installation services in deep offshore areas. Moreover, offshore wind farms have been seeing rapid expansion from the coast far toward into the sea. This is expected to bolster the growth of offshore wind turbine installation vessels market.
Normal Jack up Rig Dominant, Hike Projected in Demand for Heavy-lift Vessels
Among the different vessel types, viz., self-propelled jack up, normal jack-up, and heavy-lift vessel, the normal jack up rig dominated global offshore wind turbine installation vessels market in 2021 with nearly 66.7% revenue share. These vessels have been witnessing ascending adoption for 2-8 MW turbine installation in offshore wind power sector. On the other hand, heavy lift vessels will exhibit a higher growth rate through the period of projection as they continue to witness surging demand for high-capacity turbines. The offshore wind power industry over the recent past has been observing a shift toward large turbines in line with growing investments in high capacity-based offshore wind farms. This has been boosting the demand shift from self-propelled jack-up vessels to heavy lift vessels, which is shaping offshore wind turbine installation vessels market.
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Europe Remains Dominant, Asia Pacific Poised for Healthy Growth Through 2027
Strong growth of Europe prevails, whereas market attractiveness of Asia Pacific has been on the rise. Offshore wind turbine installation vessels market in Europe dominated in 2021 with more than 48% revenue share and by the end of 2030, Europe has the potential to realise up to 3,400 TWh of offshore wind energy within its waters. There has been the severe direct impact of the recent Russia-Ukraine war on Europe’ energy supply as the region largely relies on Russian crude oil/natural gas imports. The renewables sector has thus been witnessing surging investments, especially wind power. While this is likely to slash the demand-supply gaps, demand for installation vessels will also experience a boost. On the other hand, augmenting investments by the US in offshore wind development sector will uphold the North American market in the near future. Moreover, a number of offshore wind turbine installation vessel fleet owners are eyeing the opportunities in the US. The report further indicates growing lucrativeness of Asia Pacific, especially China, and India. A notable number of ongoing offshore projects, and around 100 GW offshore wind capacity as estimated by the Global Wind Energy Council (GWEC) by 2030 warrant excellent prospects of the Asian offshore market.
Key Market Players
The report finds that over 45% of the market size is captured by the top five players. A few of the significant competitors in global offshore wind turbine installation vessels market have been covered in the competition analysis section, including CADELER, Eneti Inc., Fred. Olsen Windcarrier, Seafox, Van Oord, JACK-UP BARGE, A-2-Sea Solutions Limited, MPI Offshore, and Seajacks.
REPORT SCOPE & SEGMENTATION:
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| 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) |
Table of Contents:
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
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