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Offshore Wind Turbine Installation Vessels Market Size, Business Revenue Forecast, Leading Competitors And Growth Trends 2025
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Rapid Recovery Post-COVID-19 to Benefit Offshore Wind Turbines Installation Market
In 2019, the cost of generating offshore wind power plunged to record levels due to intense competition, increased economies of scale, and rapid technological developments. Therefore, several companies have shifted from onshore to offshore wind energy generation. The surging demand for offshore wind power has led to a shortage of wind turbine installation vessels, forcing companies to purchase new ones. Although COVID-19 lockdowns have undoubtedly had an impact, the offshore wind turbine installation vessels market is predicted to demonstrate a V-shaped recovery curve.
Presence of Large Companies Makes Europe Most Mature Offshore Wind Turbines Installation Market
An emphasis on clean energy generation and a greater awareness of climate change explains Europe's dominance of the offshore wind turbines installations market. The continent has thousands of integrated wind turbines spread across 12 countries with the majority located in the North Sea and Baltic Sea. Walney Extension, the world's largest wind farm is located in Europe and it is also home to the first floating offshore farm in Scotland. Spanish giant Iberdrola is leading a consortium that seeks to construct a large offshore wind turbine in the North Sea. Construction is expected to begin in Q2 2021 with installation in Q1 2022.
Versatility of Self-propelled Jack-ups Explains Their Popularity in Offshore Wind Turbines Installation Market
The self-propelled jack-up is the leading vessel type in the offshore wind turbines installations market. Self-propelled jack-up vessels are designed for installing small wind turbines with a capacity below 8 MW. Self-propelled jack-up vessels can be equipped with onboard cranes, welfare facilities, inclined access ladders, or safety boats. Self-propelled jack-ups find widespread application in decommissioning, construction, and maintenance tasks. A recent trend in the offshore wind turbine installation vessels market has been the shift towards larger turbines such as heavy lift vessels. Heavy lift vessels are ideal for lifting and fitting high capacity turbines in the oil & gas industry.
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Consolidation Makes it Impossible to Break Incumbent Stranglehold of Offshore Wind Turbines Installation Market
The five largest companies currently hold more than half of the offshore wind turbine installation vessels market by market share. In 2020, Swire Blue Ocean signed a contract for the installation and transportation of wind turbines in Hollandse Kust Zuid with its Pacific Osprey wind turbine installation vessel. Later that same year, A2Sea's Sea Installer completed the installation of all wind turbines at the Rentel offshore farm in Belgium. Other companies playing a prominent role in the offshore wind turbine installation vessels market include Van Oord, MPI-Offshore, Seajacks, Scorpio Bulkers Inc., Fred. Olsen Windcarrier, Geosea, Jack-Up Barge, and SEAFOX.
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