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Global Wind Turbine Installation Vessel (WTIV) Market Report 2022: Increasing need for Dry Bulk Shipping Bolsters Growth
Global Wind Turbine Installation Vessel (WTIV) Market
Dublin, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The "Global Wind Turbine Installation Vessel (WTIV) Market - Analysis By Vessel Type, By Turbine Size, By Region, By Country (2022 Edition): Market Insights and Forecast with Impact of COVID-19 (2023F-2028F)" report has been added to ResearchAndMarkets.com's offering.
According to a research report, the Global Wind Turbine Installation Vessel (WTIV) Market was valued at around USD 2834 Million in the year 2021. The need for dry bulk shipping as part of the building of offshore wind farms is expected to increase, leading to an increase in the number of vessels used to install wind turbines (WTIV).
Many shipping corporations from a variety of industries have expanded into new markets and industries, making investments in everything from ports and terminals to logistics and technology. The wind turbine installation vessel (WTIV) has had difficulty keeping up with the offshore turbines' fast growth in size and height. Vessels that were delivered at the beginning of the decade are now either being pushed to the edge of the market, undergoing extensive maintenance, or needing to improve their cranes and decks significantly in order to remain competitive.
The first generation of WTIVs had a short lifespan, which had previously discouraged vessel builders from investing in newbuilds. However, the impending shortage of WTIVs that can support the largest turbines currently available, along with the globalisation of the offshore wind market and the opening up of new markets in Taiwan, Japan, and the US, has finally resulted in a surge of newbuild orders.
Based on the Vessel Type, the market is segmented into Self-Propelled Jack-Up Vessel, Heavy Lift Vessel. The Heavy Lift Vessel segment is expected to grow at a higher CAGR during the forecast period as the high share of this segment can be attributed to the high popularity as the demand for specialized installation vessels has increased over the past year in response to the growth of the offshore wind energy market, as turbines get larger and project size increases in scale and scope.
The Europe region holds the major Wind Turbine Installation Vessel (WTIV) Market share. In addition, the movement of several of these vessels into the Asia/Pacific wind market has also narrowed the pool of available WTIVs for wind turbine installation. Demand for 11+ MW segment is expected to grow in coming years as wind turbines are an increasingly important source of intermittent renewable energy. The many innovative solutions in specific design detail demonstrate again our technical leadership.
Scope of the Report
The report presents the analysis of Global Wind Turbine Installation Vessel (WTIV) Market for the historical period of 2018-2021, the estimated year 2022 and the forecast period of 2023-2028.
The report analyses the Global Wind Turbine Installation Vessel (WTIV) Market By value (USD Million).
The report analyses the Global Wind Turbine Installation Vessel (WTIV) Market By Vessel Type (Self-Propelled Jack-Up Vessel, Heavy Lift Vessel).
The report analyses the Global Wind Turbine Installation Vessel (WTIV) Market By Turbine Size (0-5 MW, 6-11 MW, 11+ MW)
The Global Wind Turbine Installation Vessel (WTIV) Market has been analysed by Countries (United States, United Kingdom, Germany, Belgium, Denmark, Netherlands, China, South Korea).
The key insights of the report have been presented through economic factors. Also, the attractiveness of the market has been presented by region, By Vessel type, By Turbine Size.
Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
The report tracks competitive developments, strategies, mergers and acquisitions, new product development. The companies analysed in the report include - Jan De Nul Group, Van Oord, Cadeler, DEME Group, DNV, Lamprell plc, Shanghai Zhenhua Heavy Industries Company Limited (ZPMC), A2SEA, MPI Offshore, Fred. Olsen Windcarrier.
Key Target Audience:
Global Wind Turbine Installation Vessel (WTIV) Companies
Power and Energy Companies
Financial and Non-Financial Corporates, Retailers etc.
Government and Policy Makers
Regulatory Authorities
Report Attribute | Details |
No. of Pages | 155 |
Forecast Period | 2023 - 2028 |
Estimated Market Value (USD) in 2023 | $3.52 Billion |
Forecasted Market Value (USD) by 2028 | $6.04 Billion |
Compound Annual Growth Rate | 11.4% |
Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/j0h26n-wind?w=12
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ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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