Across the sector, CTVs are an integral part of wind farm logistics and are essential for transporting personnel and cargo to and from offshore wind farms. Although the vessels themselves are relatively small in size, a shortage of crew transfer vessels (CTVs) would have a big impact on the growing offshore wind industry.
Colebrook Offshore, a chartering, sale and purchase, and market intelligence brokerage, specialising in offshore renewables, analyses the current trends and availability in Europe’s CTV Market.
Growth of the wind industry
The offshore wind energy industry is growing rapidly. According to Polaris Market Research, the global offshore wind energy market size is expected to register a CAGR of 12.1% growth. Industry revenue is projected to grow from $33.53 billion in 2021 to $89.76 billion by 2030.
The major drivers of this growth are increasing demand for clean energy, technological advancement in wind turbine design and installation, and government policies and initiatives on carbon emission reduction.
