The global market value for offshore wind turbine and foundation installation vessels will increase more than fivefold, from an estimated US$ 0.56 billion in 2014 to approximately US$ 2.93 billion by 2020, representing a Compound Annual Growth Rate (CAGR) of 30%, says research and consulting firm GlobalData.
The company’s latest report, Offshore Vessels and Cables Market – Market Size, Competitive Landscape and Key Country Analysis to 2020, states that increasing installations will be the primary driver of market growth, as annual global offshore wind power capacity is forecast to rise rapidly from 1.78GW in 2014 to approximately 7.85GW by 2020. Despite the many projects currently planned or under construction in Europe, a limited number of offshore wind-specific installation vessels are operating at present, although this number will have increased from just two in 2005 to more than 40 by the end of 2014. Furthermore, new vessels are increasingly making installations more efficient.