In line with a recent study published by the firm GlobalData, the market value for offshore wind turbine and foundation installation vessels is due to increase more than fivefold, from an estimated 560 M$ in 2014 to approximately 2.93 Bn$ by 2020, representing an impressive Compound Annual Growth Rate of 30%. These new vessels, dedicated to the construction of offshore wind farms, allow developers to shorten installation times, thanks to the incorporation of cranes with increased capacity and the availability of greater deck space.
According to figures published in the report, increasing numbers of installations are the primary driver of market growth as annual global offshore wind power capacity is forecast to rise rapidly from 1.78 GW in 2014 to 7.85 GW by 2020.
Offshore wind power has the potential to become a major source of energy and, with a significant number of large projects in the construction and planning stages, is expected to register substantial growth between 2014 and 2020. The UK government has announced tenders for 32.2 GW of offshore wind power, scheduled for 2020, and the U.S. envisages the production of around 54 GW of electricity from offshore wind power, a target that should be achieved by 2030. China produced 428.6 MW from offshore wind power in 2013 and, within the framework of its 12th Five-Year Plan (2011-2015), has announced objectives of 5 GW for 2015 and 30 GW by 2020.
Article published in: FuturENERGY January-February 2015