November 21, 2023
By 2050 it’s estimated that more than 60% of all global offshore wind capacity will be installed in Asia. More projects are getting the green light. Advancements in technology mean turbine sizes are increasing, helping the industry push further offshore into windier waters.
That means there’s going to be a huge demand for vessels that are up to the task of installing 15MW+ turbines. Currently there are 22 wind turbine installation vessels (WTIVs) working globally (excluding China): most of these are in Europe, and less than half of the existing fleet can install a turbine larger than 12MW.
So where does that leave APAC? As we see it: with a strong business case for investment in newbuild WTIVs that will be snapped up by developers working in the regional market. Our new white paper Getting ready for offshore wind: the missing marine assets lays out the demand picture, the next generation WTIV specs, touches on similar demand for cable lay vessels, and the timeline to hit the key demand sweet spot. It’s coming sooner than you might think!