Navigating the Offshore Wind Vessel Market
SOV and CSOV Market Forecast

As the offshore wind market expands, demand for SOVs and CSOVs has surged. The global Tier 1 and Tier 2 fleet is expected to grow from 63 vessels in 2024 to 115 in 2026, and further to 123 vessels by 2028. However, forecasted vessel demand will not keep pace with this rapid expansion, leading to an oversupplied market for much of this decade.

The new 110-page report from Intelatus Global Partners provides an in-depth analysis of the Service Operation Vessel (SOV) and Commissioning Service Operation Vessel (CSOV) market, revealing an imminent oversupply of vessels that could disrupt the offshore wind sector between 2025 and 2030.

What You'll Discover:

The Intelatus Global Partners report provides a comprehensive analysis of the offshore wind vessel segment, including:

• Forecasts for offshore wind activity, broken down by region and market, including potential downside risks.

•  Technical trends and fleet analysis, identifying differences within the SOV/CSOV fleet.

• Charter commitments and vessel utilization data from 2024, offering insights into real-world operations.

• Supply & demand projections, detailing the anticipated oversupply in this decade and potential undersupply beyond 2031.

•  Workforce challenges, including the need for a skilled and experienced crew to operate the expanding fleet.

•  Financial analysis of key vessel owners/operators, highlighting the profitability challenges faced by many in the early growth phase.
  

Key findings from the report

• Vessel Oversupply & Market Impact: The offshore wind industry will see a significant oversupply of vessels between 2025-2030, leading to increased competition for utilization and volatile day rates in the CSOV sector.

• Limited Absorption by Oil & Gas: While some of the surplus vessels may find employment in the oil & gas sector, this shift will not be sufficient to offset the excess supply.

• Financial Pressures on Vessel Operators: Companies expanding into this segment will likely face cash flow constraints, balance sheet pressure, and bottom-line challenges, making M&A activity a key theme in the coming years.

• Future Vessel Demand: Despite the current oversupply trend, new vessel orders will likely be needed post-2031 to meet longer-term offshore wind demand.

Get your Report Today!

This comprehensive report delivers critical insights essential for strategic planning and risk assessment, market opportunity identification, investment decision-making, and regional market entry strategies.  

Download the Table of Contents and Exhibits Preview below for a look at the information displayed in this critical report.