Wind Turbine Installation Vessel Market Size, Share and Global Trend By Construction Type (Foundation, Cable Laying, Others), By Vessel Type (Self-Propelled Jack-up Vessel, Normal Jack-Up Vessel, Heavy-Lift Vessel) and Regional Forecast, 2024-2032

Renewable energy is one of the cleanest forms of energy, which is very important in mitigating the severe threats to the environment such as rising pollution, GHG emission, and many more. Wind energy is one of the forms of renewable energy which is very significant in generating electricity. But in the recent period, the unavailability of sufficient land and complications involved in the acquisition of land has turned many countries to invest in offshore wind energy.

The installation cost of the offshore wind energy is much higher than onshore, but the offshore wind has the highest potential to generate higher energy yields. North American and European countries are interestingly investing in building the offshore wind energy project to meet the clean energy target.

In offshore wind turbine installation vessels are very important to carry out the construction of the project. It is a self-propelled unit that is specially designed as per the requirement of the industry.

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The cargo capacity of the wind turbine installation vessels varies from 1300 to 8000 tons while the deck area for placing cargo varies from 900m² to 3750m². Determined research has improved the offshore wind turbine technologies that subsequently reduces the installation cost.

The wind turbine installation vessel market is segmented on the basis of construction type and vessel type. The construction type segment is further bifurcated into foundation, cable laying, and others. Based on vessel type, the market is classified into self-propelled jack-up vessel, normal jack-up vessel, and heavy-lift vessel. In this category, the majority of the vessels are a heavy lift and cable-lay vessels due to the rapid installation of the offshore wind turbine.

The offshore wind has vast potential to generate sufficient energy that would help to mitigate rising pollution. Many countries pledged to install the mega projects of offshore wind energy. Consequently, the companies and government agency are working on research and development of offshore wind technologies to reduce the overall cost of the installation. These factors would accelerate the growth of the offshore wind turbine installation vessels market growth. 

Offshore wind energy installation requires enormous deck space and large ships that able to work in harsh weather condition. The complications involved in the construction of offshore energy project as it requires high capital investment and transportation of wind turbine component requires huge ships that increase the overall cost of the project. These aspects threaten the growth of the offshore wind turbine installation vessels market.

Key Players Covered

The major players in the wind turbine installation vessel market are A2SEA A/S, MPI Offshore, Seajacks, Fred. Olsen Windcarrier, Jan De Nul Group, Van Oord, Jack-Up Barge BV, Seajacks Ltd., Swire Blue Ocean A/S, Seafox, Gaoh Offshore, DEME Group, DNV GL – Maritime, and Lamprell

SEGMENTATION 

Regional Analysis

The wind turbine installation vessel market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America has vast offshore wind energy resource that can provide enough electricity required in this region. The United States is playing a significant role in developing offshore wind project by funding research program to allow the development and deployment of offshore wind technologies. Europe is the largest market for offshore wind turbine vessel installation owing to ongoing, and upcoming installation. The offshore wind energy is expected to become one of the major segment in renewable energy. The UK government is pledged to invest in offshore wind energy and announced tenders for 32.2GW that would have expected to be completed by 2020. Also, the government has intended to install around 54GW of offshore wind energy by 2030. In the Asia Pacific, China is expected to lead the wind turbine installation vessel market due to a rise in the installation of offshore wind projects. It anticipated that China would install 2GW per year and rising to 4GW by 2025 that accelerates the market growth of wind turbine installation vessels in the Asia Pacific.

Key Industry Developments

• In August 2019, Jan De Nul has bagged a contract from Vattenfall to deliver a wind turbine installation vessel for the 605MW Kriegers Flak offshore wind project in the Danish Baltic Sea. Under this contract, the company will provide a vessel to transport wind turbine components and the support of installation works of the wind turbine contractor on Kriegers Flak.


• In July 2019, Seajack International has awarded a contract with Siemens Gamesa Renewable Energy to transport and install wind turbines at the Formosa 2 offshore wind farm.


• In May 2019, DEME Offshore secured a contract for the transportation and installation of 165 foundations at Ørsted’s Hornsea Two offshore wind farm in the UK. The company will transport and install the 165 monopile foundations and carry out scour protection.