3 September 2014 | Renewable Energy | 3146 views

The Offshore Wind Installation Market

The high growth rates in offshore wind energy have led to an influx of new installation ships and new concepts being considered as turbine and park designs get bigger. According to a recent Rabobank report, a more radical redesign of these vessels - dedicated to either installing turbines or foundations - is needed in the long-term to lower installation costs and realise projected capacity growth. While financiers prefer multi-purpose vessels with a scope that goes beyond offshore turbine installation, dedicated vessels are likely to remain in use as new installations in Europe are expected to slow down around 2023. Companies building dedicated vessels can expect a cost upwards of EUR 150 million and rising, but by doing so could quickly become leaders in an immature, but innovative and fast-growing, market. These companies must carefully weigh the risks to future growth created by current policy uncertainty.