Electrical Equipment / Components & Telecoms

The demand for offshore wind power installation continues to rise, and the offshore wind power installation vessel industry is also booming. How will the new “entrants” change the global offshore wind power installation industry structure? Can the offshore wind power installation ship industry, which has seen a surge in investment, meet the global demand for offshore wind power installation?

Recently, European bulk carrier giant Eneti announced that it will acquire Seajacks, an old British offshore wind power installation vessel operator, with millions of shares and tens of millions of dollars in cash. Once the transaction is completed, Eneti is expected to become the world's largest offshore wind power installation. Boat operator.

It is understood that Seajacks is the world's largest operator of self-propelled wind power installation vessels, with 5 offshore wind power installation vessels and one offshore wind power installation vessel under construction.

Industry "extraordinarily prosperous"

According to Eneti's official website, the acquisition of the offshore wind power installation vessel operator is an important step in the company's business transformation. In July last year, Eneti announced that it would completely abandon its dry bulk transportation business and turn to vigorously develop renewable energy-related businesses including offshore wind power installation vessels. This acquisition makes it the latest participation in the offshore wind power installation vessel industry. By.

It is understood that the total value of this acquisition is more than US$500 million, and the two parties have signed an acquisition agreement. From the perspective of the industry, the conclusion of this transaction means that the attractiveness of the offshore wind power installation vessel industry is also greatly increasing as the demand for offshore wind power installation, operation and maintenance continues to rise.

According to statistics from the industry research organization "World Energy Report", in 2020, the total investment of global offshore renewable energy projects surpassed the offshore oil and gas industry for the first time, with a total investment of more than 56 billion U.S. dollars. The offshore renewable energy market is rapidly expanding. As of this year, the global installed capacity of offshore wind power has reached 25 GW. It is expected that by 2030, this figure will increase several times to 235 GW. By 2040, the installed capacity of offshore wind power will even reach 520 GW by 2050. It is expected to reach 1,000 GW annually.

Many industry research institutions stated that the extremely prosperous offshore wind power industry will drive the development of the entire industry chain. Among them, the demand for offshore wind power installation vessels will continue to be strong. Up to now, offshore engineering service providers in South Korea, the United States, Denmark and other countries have indicated that they will increase the layout and investment of offshore wind power installation vessels. According to statistics from energy consultancy Westwood, in the past 18 months, eight new orders for offshore wind power installation vessels have been added globally, and another three orders for the transformation of offshore vessels have increased at an unprecedented rate.

Capacity is difficult to keep up in the short term

It is understood that at present, Europe and Asia are still the main markets for offshore wind power in the world. Among them, the United Kingdom, Germany, China, Denmark, Belgium and other countries are the countries with a large amount of offshore wind power installed capacity.

According to statistics on projects under construction by industry organizations, it is estimated that by 2030, the installed capacity of offshore wind power in Asia is likely to reach 126 GW, which is much higher than the 78 GW currently planned by European countries. By 2050, the industry predicts that the installed capacity of offshore wind power in Asia will reach 613 GW, the installed capacity of offshore wind power in Europe is expected to be 215 GW, and that in North America is 164 GW.

According to the forecast of the "World Energy Report", to meet the installation needs of planned or under construction offshore wind power projects, more than 60 offshore wind power installation vessels are needed worldwide, with a total investment demand of up to 14 billion U.S. dollars. In the next 10 years, the world is likely to need more than 100 offshore wind power installation operation and maintenance vessels.

However, judging from the current situation, the global offshore wind power installation vessel's under-construction or planned production capacity is not enough to meet the growth target of offshore wind power installed capacity. According to data compiled by VesselsValue, an information service provider for the shipbuilding industry, as of 2021, countries around the world have ordered a total of 16 new offshore wind power operation and maintenance mother ships and offshore wind power installation ships, mainly for the European and Asian markets.

In order to solve the problem of the shortage of offshore wind power installation ships, offshore wind power construction contractors are "showing their magic." In July of this year, the Korea Electric Power Corporation announced that it has specially built a new type of offshore work vessel specifically for the installation of 5 MW offshore wind turbines. In August of this year, China Zhengli Offshore Engineering Co., Ltd. also announced that it had successfully transformed the semi-submersible barge "Zhengliqian 1900" into an offshore wind power installation vessel for the installation of Fujian offshore wind power projects.

Previously, the industry research organization Ruizide Energy has analyzed and pointed out that the shortage of supply in the offshore wind power installation vessel market is likely to be a key factor driving up the cost of future offshore wind power development projects, and may even limit the deployment of newer and larger offshore wind turbines. .

Industry development still has hidden worries

The global energy low-carbon transition trend is clear, and the market has great potential for development. Why are offshore wind power installation vessels still not enough?

Westwood analysis believes that although the vigorous development of the offshore wind power industry has brought a new industry cycle to the offshore wind power installation vessel industry, the issue of idle construction vessels caused by the rapid expansion of the offshore oil and gas industry during the booming period of the offshore oil and gas industry but due to fluctuations in oil prices is also in the shipping industry. As the "learning from the past", marine operators are also considering possible potential risks, and worries about "overbuilding" are permeating the shipping industry.

At the same time, the offshore wind power industry is mainly driven by national development policies. Shipowners of offshore wind power installations need to pay special attention to the ship transportation regulations between countries. In the case of protectionist policies in some countries, the activities of offshore wind power installation ships are likely to be affected. limit.

In addition, the rapid update and iteration of offshore wind power technology has also become a major concern for offshore wind power installation ship owners. The "World Energy Report" pointed out that by 2025, the global single-unit capacity of offshore wind turbines will continue to grow, the base size of offshore wind turbines will also be larger, and offshore wind farms will enter deeper and farther offshore areas. It may lose its usefulness. It is reported that most of the new orders for offshore wind power installation vessels this year require hoisting heights of more than 180 meters and capable of installing wind turbines with a single unit capacity of 14 MW and above, while traditional jack-up vessels cannot install wind turbines of 14 MW and above. The competitive market for future offshore wind power installation methods and technical routes is still unclear, which also allows more investors to enter the wait-and-see stage.

In this regard, Westwood suggested that the investment in the new offshore wind power installation ship is huge, and the ship contractor should carefully consider and understand the dynamics of ship supply and demand in various regions around the world, and have a broader understanding of the nuances of the offshore wind power industry in different countries, and then determine a new construction plan. .