VesselsValue quoted World Energy Reports that an estimated more than 100 wind farm installation and maintenance vessels would be required over the next decade to meet the demand for new offshore projects planned over the next decade.
This demand is expected to be met largely by newly constructed vessels and retro-fits of existing offshore supply vessels. It was noted the existing fleet would largely become obsolete by 2025 due to the growing size of installations. However, smaller, existing vessels could make their way to the fast growing Chinese market.
While most installed windfarms are in Europe and the UK at present VesselValues noted the majority of under construction projects could be found in China and Vietnam.
“China is a relatively closed and busy offshore wind market with its own demand drivers. Chinese WTIVs are unlikely to operate outside of China. In fact, it is more likely to see smaller installation vessels redeployed to the Chinese market, especially as they become less technically suited to international demand,” World Energy Reports said in a synopsis of its latest offshore wind power report.
“Asia has the highest number of future planned wind farm projects with China planning 69 wind farm projects followed by Japan with 55 planned projects and South Korea with 41 projects,” VesselsValue said.
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