The Offshore Wind Turbine Installation Vessels (WTIV) market is currently experiencing significant growth, driven by the global shift towards renewable energy sources and the increasing demand for offshore wind farms. As countries and regions strive to reduce their carbon footprint and meet renewable energy targets, offshore wind power has emerged as a crucial component of their sustainable energy strategies. This has led to a surge in offshore wind projects and, consequently, a rising need for specialized vessels capable of efficiently installing and maintaining wind turbines in challenging offshore environments.
However, the industry also faces challenges, including high initial investments, weather-dependent operations, and competition for vessel capacity. Despite these constraints, the future of the WTIV market looks promising as it continues to play a crucial role in the global transition towards a more sustainable energy landscape.
As countries around the world continue to grapple with the urgent need to address climate change, they are increasingly turning their attention to the potential of the offshore wind sector. Governments across the globe are setting ambitious climate goals to reduce greenhouse gas emissions, transition away from fossil fuels, and achieve carbon neutrality. These goals are often part of broader commitments outlined in international agreements such as the Paris Agreement.
The offshore wind sector has captured the imagination of policymakers and energy planners due to its vast potential. Unlike onshore wind farms, which may face limitations in land availability and opposition from local communities, offshore wind farms are typically situated in waters where wind resources are abundant and consistent. This positioning offers several advantages, including stronger and more consistent winds, reduced visual impact, and the potential to build larger, more powerful turbines.
Post-COP26, there's been a surge in offshore wind ambition worldwide. Many governments are setting new targets or increasing existing ones in response to the energy crisis triggered by the Ukraine-Russia war, particularly in Europe. Offshore wind is seen as a key solution to enhance energy security and combat climate change. Advances in technology and public demand are driving this rapid expansion.
For instance, the European Commission's REPowEU plan aims to liberate Europe from Russian fossil fuels before 2030. The Esbjerg Declaration, embraced by Denmark, the Netherlands, Belgium, and Germany, sets an ambitious target of achieving 150 GW of offshore wind capacity by 2050. Additionally, the UK Government has raised its offshore wind target by 10 GW, targeting 50 GW by 2030. Even beyond Europe, countries like Vietnam are actively pursuing significant offshore wind expansions in their Power Development Plan 8 (PDP8).
In 2022, global offshore wind capacity witnessed a significant increase of 9.4 GW, primarily propelled by China's impressive growth of 6.8 GW. Although the new capacity added in 2022 was slightly lower than in 2021, mainly due to the expiration of the Chinese feed-in tariff, it still surpassed the capacity added in 2020.
Notably, the average size of newly added offshore wind farms in 2022 was 225 MW, which was smaller compared to the average size of 296 MW recorded in 2021.
To foster the growth of the offshore wind sector, governments are implementing supportive policies, offering incentives, and streamlining regulatory processes. They are also investing in research and development to drive technological advancements and make offshore wind energy even more cost-effective and efficient.
For instance, In January 2022, a significant milestone was achieved in the Brazilian power generation industry with the approval and publication of Decree No. 10,946/2022 by the President of the Republic. This regulatory innovation establishes a framework for the exploration of offshore wind energy in Brazil.
According to Blackridge Research and Consulting, increasingly large turbine installations are expected to occur during the forecast period, and the offshore wind energy market is expected to experience a shortage of wind turbine installation vessels in the coming years.
Until recently, the need for larger wind turbines has been met by wind turbine installation vessels (WTIVs), heavy lift vessels, and semi-submersibles designed for the oil and gas and port/salvage markets. However, with the average turbine capacity growing from three megawatts in 2010 to 6.5 megawatts now and offshore wind projects increasingly requiring 15-megawatt turbines, only a few vessels worldwide can presently install turbines over ten megawatts. Hence, there is an urgent need for more advanced new vessels.
The new report from Blackridge Research on the Global Offshore Wind Turbine Installation Vessel Market comprehensively analyses the offshore wind turbine installation vessel Market and provides deep insight into the current and future state of the industry.
The study examines the drivers, restraints, and regional trends influencing Global Offshore Wind Turbine Installation Vessel Market demand and growth.
The report also addresses present and future market opportunities, market trends developments, and the impact of COVID-19 on the offshore wind turbine installation vessels market, important commercial developments, trends, regions, and segments poised for fastest growth, the competitive landscape, and the market share of key players.
Further, the report will also provide offshore wind turbine installation vessel market size, demand forecast, and growth rates.
The study covers all the major underlying forces that help the market develop and grow and the factors that constrain growth.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.
This report discusses an overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.
This section provides an assessment of COVID-19's impact on Offshore Wind Turbine Installation Vessel Market demand.
The report provides Global Offshore Wind Turbine Installation Vessel Market size and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.
The report examines the critical elements of offshore wind turbine installation vessel industry supply chain, its structure, and participants.
Using Porter's five forces framework, the report covers the assessment of the Offshore Wind Turbine Installation Vessel industry's state of competition and profitability.
The report dissects the global offshore wind turbine installation vessel market into various segments.
A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.
Further, market size and demand forecasts will be presented, along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for "bespoke" market segmentation to better align the research report with your requirements.
The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies and regulations, and market outlook.
In addition, market size, demand forecasts, and growth rates will be provided for all regions.
Following are the notable countries covered under each region.
North America: United States, Canada, Mexico, and the Rest of North America
Europe: Germany, France, the United Kingdom (UK), Russia, and the Rest of Europe
Asia-Pacific: China, India, Japan, South Korea, Australia, and the Rest of APAC
Rest of the world: Middle East, Brazil, South Africa, and other countries
This report presents detailed profiles of Key companies in the Offshore Wind Turbine Installation Vessel industry, such as Deme Group, Jan De Nul Group, Van Oord, Eneti Inc., Dominion Energy, Inc., etc. In general, each company profile includes - overview of the company, relevant products and services, a financial overview, and recent developments.
The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.
The study also discusses the strategies adopted by leading players in the industry.
Executive summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.
The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.
Get a free sample copy of the Global Offshore Wind Turbine Installation Vessel Market report by clicking the "Download a Free Sample Now!" button at the top of the page.
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
9. Conclusions and Recommendations
List of Tables & Figures
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