- Press Releases
(SeeNews) - Dec 10, 2014 - The worldwide offshore wind installation vessel market is expected to expand to USD 2.93 billion (EUR 2.4bn) in 2020 from around USD 560 million this year, achieving a compound annual growth rate (CAGR) of 30%.
In a new report, research company GlobalData said that the rise in annual offshore wind capacity will be the main reason for the growth of the turbine and foundation installation vessels market. Globally, wind turbine installations at sea are forecast to stand at 1.78 GW this year and rise to 7.85 GW of fresh annual capacity by the end of the decade.
Prasad Tanikella, senior analyst covering power for GlobalData pointed out that in the future, offshore wind installation vessels will have greater crane capacity and additional deck space. This will allow them to transport more turbines in a single trip and reduce installation times. In addition, the design of new-build vessels is seen to allow them to operate in harsher conditions at sea, thus reducing weather downtime for offshore wind projects, Tanikella noted.
Currently, Europe is the leading offshore wind market and it is no surprise it was responsible for more than 90% of global turbine installation vessel revenue in 2013. GlobalData projects that this market will witness “substantial future growth”.
The market researcher noted that the number of operational offshore wind-specific installation vessels will exceed 40 at end-2014, up from only two in 2005.