Press release
Offshore Wind Turbine Installation Vessel Market Is Valued at USD 1.24 Billion in 2022
Offshore Wind Turbine Installation Vessel
The global offshore wind turbine installation vessel market is valued at USD 1.24 billion in 2022 and is projected to reach a value of USD 2.62 billion in 2030 expanding at a CAGR of 9.8% during the forecast duration of 2022-2030.
Global offshore wind turbine installation vessel market- overview
The offshore wind turbine installation vessel (WTIV) is defined as an installation vessel for setting up wind turbines that are situated at sea some distance from the shore. These vessels are self-elevating and self-propelled similar to jack-up rigs. It consists of hull a watertight body of a ship or a flying boat, to enable fast turnaround time required to carry several foundations wind turbines each time. Azimuth thrusters a combination of marine propellers are used to position the vessels, during lifting-up operation.
The installation of offshore wind turbines is done away from the shore in order to generate electricity. The installation usually is done on the edge of a mainland that lies below the ocean. Other than transportation of the wind turbines, these vessels are also suitable for other facilities such as accommodation, tidal wind turbines, wave energy generators, oil & gas infrastructure etc.
Because of the rise in preference for renewable and alternate energy source due to global warming and high pollution, the market is expected to witness a high growth.
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Key market trends- Growth determinants and Challenges
The global offshore wind turbine installation vessel market is being fuelled by many factors. One of the major factors is the growing need for renewable and alternate energy and rising pollution. Several countries are implementing new ideas to control the green gas effect. Wind energy is more effective offshore than onshore and thus, offshore vehicles have higher growth potential.
On the flipside, government initiative towards employing greener sources of energy to restrict the global warming is expected to be lucrative for the market growth. But, with altering weather conditions it acts as a hinder to the market growth.
Also, the high installation costs can hamper the market growth of the global offshore wind turbine installation vessel market.
Segmental analysis of the market
Based on type
• Self-propelled Jack-up Vessel
• Normal Jack-up Vessel
• Heavy Lift Vessel
Self-propelled jack-up vessel is dominating the market share. This is because it is used for the installation of offshore wind turbulence. Also, it enables quick relocation in the wind farm.
Based on application
• Onshore wind
• Offshore wind
Offshore wind segment has dominated the market. This is because it is usually done on continental shelf. Also, these vessels are suitable for the installation of other offshore facilities.
North America is expected to amplify at a considerable CAGR during the forecast period
North America, Europe, Asia Pacific, Middle East and Africa are the major regions of the market. Among these, North America has dominated the regional segment of the market. This is because of the increase in demand for clean and renewable energy sources.
Competitive Landscape
The prominent players influencing the competitive hierarchy of the market are Jack-Up Barge, A2SEA, Fred. Gaoh Offshore, Geosea, MPI-Offshore, SEAFOX, Seajacks, Olsen Windcarrier, Swire Blue Ocean, and Van Oord. Of which A2SEA, MPI-Offshore, Seajacks, Fred. Olsen Windcarrier and Geosea are top five players holding 56% of market shares.
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Major questions answered in this report
• What is the growth rate of the global offshore wind turbine installation vessel market?
• What are the primary growth determinants of the market?
• Which are the major regions constituting the geographical landscape of the market?
• Which are the prominent companies operating in the market?
Key takeaways from the report
• Global offshore wind turbine installation vessel market is anticipated to register a CAGR of 9% over the forecast period of 2022-2030.
• The growing need for renewable and alternate energy and rising pollution are aiding market progression.
• Offshore wind segment is poised to expand significantly in the market.
• North America is anticipated to record notable gains because of the exponential rise of online shopping.
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