Page 15: of Offshore Engineer Magazine (Jan/Feb 2023)

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MARKETS WIND TURBINE INSTALLATION VESSELS

WTIV BOOM LOOMS © alpegor/AdobeStock

Up to $8bn forecast to be invested in new wind turbine and foundation installation vessels to meet ofshore wind demand in the international segment.

By Philip Lewis, Research Director of Intelatus Global Partners ver the last few years, many statements have ter the middle of the decade, inferring an investment of been made concerning growth in wind tur- $4-8 billion.

bine and foundation installation demand. Offshore wind activity was until recently centered in

These statements have been followed, in some northwest Europe and China, driven by government sub-

O cases, by ?rm orders for high-speci?cation vessels, mainly sidies provided to support energy transition targets. Going from established players. However, many of the announce- forward, new European markets will emerge off the coasts ments remain unconverted into shipyard orders. of the Baltic, Atlantic and Mediterranean. Activity will be

We forecast that close to 30,000 increasingly large tur- seen in the wider Asian region including Taiwan, Japan, bines and foundations will be installed in the internation- South Korea, Australia and India. The US will emerge as al bottom-?xed segment between 2022 and 2035. At least one of the largest bottom-?xed installation markets during 10 WFIVs and/or six additional WTIVs will be required the forecast period. Several of the new offshore wind mar- to meet international demand in the forecast perform af- kets are shaped by local content preferences impacting, to january/february 2023 OFFSHORE ENGINEER 15