Offshore Wind Turbine Installation Vessels Market is Poised to Reach US.4 Bn By 2027

Posted by aartimurkute on August 24th, 2022

In the past few decades, the climate crisis has become more critical than ever. World leaders, along with environmental agencies, and other institutions are pacing to reverse the effects of climate change. One of the leading actions in this quest is a complete tectonic shift in terms of energy consumption and generation. The majority of energy generated by humans has been from fossil fuels such as coal and petroleum. Their consumption is one of the leading causes of climate change. Against this backdrop, renewable sources of energy such as wind have gained tremendous traction. Offshore wind energy production holds immense potential as it allows a steady generation of electricity cleanly. Wind turbine installation vessels are used to set up wind turbines in the ocean. The growing necessity to adopt renewable energy and reverse the effects of climate change is facilitating the growth of global offshore wind turbine installation vessels market expansion.

For the projection period of 2022-2027, Fairfield Market Research has observed that the global offshore wind turbine installation vessels market is projected to attain a valuation of US.4 Bn by 2027. Considering this figure was just over US Bn in 2022, the two-fold increase in value indicates that the business landscape will be extremely fertile in the forthcoming years.

For More Industry Insight, Read: https://www.fairfieldmarketresearch.com/report/offshore-wind-turbine-installation-vessels-market

Paced Adoption of Renewable Energy to Translate into Global Offshore Wind Turbine Installation Vessels Market Expansion

Several developed and developing economies are eyeing renewable energy generation with the goal of achieving net zero by 2050. Offshore wind turbines have a huge potential in terms of generating large amounts of clean energy. As stronger and more consistent winds in the sea allow better power output, the demand for wind turbine installation vessels has increased massively. Wind turbine installation vessels (WTIVs) refer to a variety of ships designed specifically to lift, load, transport, and install offshore wind turbine foundations. Currently, the energy generation from offshore wind turbines is only 2% of the targetted energy output in order to achieve net zero emissions by 2050. To this end, the number of offshore wind turbine plants is set to proliferate at an increased pace. The global offshore wind turbine installation vessels market is projected to grow rapidly under such conditions.

Europe to Reign Supreme Amidst Paced Adoption of Renewable Energy Sources

The offshore wind turbine installation vessels market in Europe is forecasted to exhibit tremendous promise in the study period of 2022-2027. The region had a market share of 48.7% in 2021. Favourable government norms, efforts to adopt renewable sources of energy, and higher awareness among consumers are some of the reasons behind Europe’s market dominance. With the potential to produce 3,400 TWh worth of offshore wind energy, the market region is set to grow at a staggering CAGR of 20.8%. On the other hand, Asia Pacific region is expected to be the second biggest offshore wind turbine installation vessels market in the foreseeable future.

The most competitive market entities participating in the global offshore wind turbine installation vessels market include Seajacks, MPI Offshore, Seafox, Van Oord, JACK-UP BARGE, Fred. Olsen Windcarrier, A-2-Sea Solutions Limited, Eneti Inc., and CADELER.

Request for PDF Sample Copy: https://www.fairfieldmarketresearch.com/report/offshore-wind-turbine-installation-vessels-market/request-sample

About Us

Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.