Analysis and forecast of global wind turbine installation vessel (WTIV) market

Background

• The client approached Drewry to submit a proposal to conduct a comprehensive market study on the offshore wind turbine installation vessel (WTIV) market, with particular focus on WTIV demand–supply dynamics and their implications for future market development.

Client objectives

• To develop a comprehensive understanding of global offshore wind demand, with a specific focus on fixed-bottom turbine installations.

• To assess global WTIV supply covering major shipowners, vessel types, fleet structure and chartering arrangements.

• To analyse supply–demand balance, including unmet demand and vessel utilisation trends.

• To evaluate asset market conditions, including newbuild prices, second-hand values and resale market liquidity.

• To assess the impact of geopolitical developments and key regulatory frameworks, particularly the Jones Act and Section 301, on WTIV deployment and competitiveness..

Drewry approach

• Developed a bottom-up offshore wind demand model using global fixed-bottom project pipelines to project WTIV demand over a 10-year horizon.
• Made a profile of the global WTIV fleet by MW capability, ownership and delivery schedule to assess effective supply and future fleet growth.
• Analysed supply–demand balance and utilisation by vessel category to quantify backlog and capacity tightness across markets.
  Evaluated newbuild prices and second-hand values, vessel availability, and shipyard build locations to define the asset market trend of WTIVs.
• Assessed regulatory and policy impacts, with a focus on the Jones Act and US Section 301, to determine implications for WTIV deployment and competitiveness.

Results achieved

• Drewry delivered an in-depth offshore wind market report, outlining the global WTIV industry landscape.
• Established a robust analytical framework for assessing WTIV demand–supply dynamics across global offshore wind markets.
• Strengthened the client’s understanding of regulatory-driven market distortions, focusing on the US offshore wind vessel market.
• Identified regional challenges and operational considerations affecting WTIV development.
• Equipped decision-makers with clear insights, supporting capital allocation and market-entry decisions.