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Evolving Market Trends In The Offshore Wind Turbine Installation Vessel Industry: Next-Generation Vessels Tackle Harsh Marine Environments
Offshore Wind Turbine Installation Vessel
What Is the Expected Offshore Wind Turbine Installation Vessel Market Size During the Forecast Period?
The market for installing offshore wind turbines has seen a swift expansion in recent years. This value is expected to increase from $2.04 billion in 2024 to $2.29 billion in 2025, with a compound annual growth rate (CAGR) of 12.3%. Factors contributing to this growth during the historical period include a surge in deepwater wind projects, elevated investments by utilities, a boost in demand led by original equipment manufacturers (OEMs), governmental backing for renewable energy, along with the development of logistical and port infrastructure.
The market size for offshore wind turbine installation vessels is projected to experience a significant increase in the forthcoming years, escalating to $3.60 billion in 2029 with a compound annual growth rate (CAGR) of 12.0%. This growth during the predicted period can be credited to several factors including the rising advocacy for green energy, surge in private sector investments, expansion in offshore wind capacity, proliferation of floating wind farms, as well as enhanced cooperation between private businesses and governmental bodies. Key trends to watch out for during this forecast period encompass floating WTIV models, hydrogen and hybrid propulsion mechanisms, the incorporation of digital twins, the employment of noise and vibration reduction technology, and integrated energy storage systems.
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What Are the High-Growth Segments in the Offshore Wind Turbine Installation Vessel Market?
The offshore wind turbine installation vessel market covered in this report is segmented -
1) By Type: Self-Propelled Jack-Up Vessels, Normal Jack-Up Vessels, Heavy Lift Vessels, Other Types
2) By Capacity: Small, Medium, Large
3) By Method: Bottom-Fixed Installation, Floating Installation, Shared Installation
4) By Application: Offshore Wind Farm Installation, Maintenance And Repair, Other Applications
5) By End-User: Utility, Private, Government, Other End-users
Subsegments:
1) By Self-Propelled Jack-Up Vessels: Autonomous Self-Propelled Vessels, Conventional Self-Propelled Vessels
2) By Normal Jack-Up Vessels: Standard Jack-Up Vessels, Enhanced Stability Jack-Up Vessels
3) By Heavy Lift Vessels: Crane-Lift Heavy Lift Vessels, Lift-and-Carry Heavy Lift Vessels
4) By Other Types: Floating Crane Vessels, Semi-Submersible Vessels, Wind Turbine Installation Barges
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What Key Drivers Are Expected to Influence Future Offshore Wind Turbine Installation Vessel Market Growth?
The offshore wind turbine installation vessel market is projected to experience significant growth due to heightened investments in renewable infrastructure. Renewable infrastructure, in this context, refers to the suite of physical systems and facilities designed to generate, house, transmit and distribute renewable energy. The rise in investments in this infrastructure is attributed to the pressing necessity to lower carbon emissions and provide a secure, long-term energy solution. Offshore wind turbine installation vessels contribute to this infrastructure by facilitating the timely transport, assembly and installation of large-scale wind turbines at sea. This accelerates the creation of offshore wind farms and augments the capacity of clean energy. For instance, a February 2024 report by Sustainable Views, a UK-based provider of expert news and analyses, indicated that the UK's investment in clean energy had risen by an impressive 84% in 2023 in comparison to 2022. This increase denotes a significant speed-up in the country's energy transition initiatives. Hence, the elevated investments in renewable infrastructure are steering the growth of the offshore wind turbine installation vessel market.
Which Companies Hold the Largest Share Across Different Offshore Wind Turbine Installation Vessel Market Segments?
Major companies operating in the offshore wind turbine installation vessel market are COSCO SHIPPING, Ørsted A/S, Siemens Gamesa Renewable Energy, S.A., Wärtsilä Corporation, Keppel Corporation Limited, Subsea 7 S.A., Aker Solutions ASA, Jan De Nul Group, Damen Shipyards Group N.V., Deme Group, Van Oord, Lamprell Energy Ltd, Sapura Energy Berhad, Seajacks International Ltd., Pella Sietas GmbH, MPI-Offshore, A-2-Sea Solutions Limited, Fred. Olsen Windcarrier AS, Ulstein Group ASA, Swire Blue Ocean A/S
What Trends Are Driving Growth in The Offshore Wind Turbine Installation Vessel Market?
The principal operators in the offshore wind turbine installation vessel industry are directing their efforts towards technological enhancements like the hybrid drivetrain technology. This advancement aims to considerably reduce carbon emissions per installed megawatt of offshore wind capacity, as well as augment fuel efficacy and operational performance in severe marine conditions. Hybrid drivetrain technology merges traditional internal combustion engines with electric propulsion systems, thereby increasing fuel efficiency, cutting down emissions and improving overall performance, especially in vehicles and vessels. Notably, in February 2025, Havfram, an offshore wind turbine installation service provider based in Norway, introduced Norse Wind, an installation vessel for wind turbines with rotor diameters exceeding 300 meters, along with XXL monopiles weighing up to 3,000 tons in water depths of about 70 meters. The special features of Norse Wind, including its unique hybrid drivetrain technology, help in drastically lowering carbon emissions per installed megawatt of offshore wind capacity. In addition to this, its heavy-lift crane capability to install XXL monopiles and large rotor diameter turbines enables efficient installation of offshore wind turbines, even in tough marine conditions.
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What Are the Emerging Geographies for The Offshore Wind Turbine Installation Vessel Market Growth?
Europe was the dominating region in the offshore wind turbine installation vessel market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the offshore wind turbine installation vessel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Offshore Wind Turbine Installation Vessel Market?
2. What is the CAGR expected in the Offshore Wind Turbine Installation Vessel Market?
3. What Are the Key Innovations Transforming the Offshore Wind Turbine Installation Vessel Industry?
4. Which Region Is Leading the Offshore Wind Turbine Installation Vessel Market?
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