An expanding market
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.
Article published in: FuturENERGY January-February 2015