Major offshore wind markets across the UK, Europe, and the Asia-Pacific region continue to strengthen policy support for renewable energy projects, creating a more stable environment for offshore development compared to the United States, where regulatory uncertainty continues to affect market dynamics.
According to London-based energy research company Westwood, utilization rates for wind turbine installation vessels (WTIVs) declined to 64% by the end of 2025, down from 70% in 2024, before recovering to approximately 79% in 2026.
The recovery is being driven primarily by increased offshore turbine and foundation installation activity. Installation volumes in 2026 are expected to nearly double compared to the previous year.
Westwood also forecasts that total global offshore wind capacity will exceed 236 GW by 2030.
Although the short-term project pipeline has softened slightly, medium- and long-term market fundamentals remain strong due to continued capacity expansion and government support.
The company noted that offshore wind projects accounted for a larger share of heavy-lift vessel activity in 2025 compared to 2024, while additional demand is also expected to come from renewed offshore oil and gas operations.
As of the end of 2025, the global offshore fleet outside mainland China included:
- 38 WTIVs;
- 51 heavy lift vessels;
- 87 CSOV vessels.
At the same time, the orderbook for new WTIVs and heavy lift vessels remains limited, with only five WTIVs and seven heavy lift vessels currently on order. In contrast, the CSOV segment is experiencing a strong construction cycle with 58 confirmed orders.
Westwood believes the WTIV market will remain structurally undersupplied in the coming years, as the current fleet is insufficient to meet growing offshore wind demand.
The company added that some additional capacity could come from upgraded vessels from mainland China or the redeployment of ships from the offshore oil and gas sector, though such measures are expected to provide only limited relief due to technical and regulatory constraints.
