Major offshore wind markets in the UK, Europe, and the Asia-Pacific region (excluding mainland China) are tightening policy frameworks to support project implementation. The market environment in these regions is more stable than in the US, where regulatory uncertainty continues to dampen market momentum.
According to data from Westwood, a UK energy market research company, the utilization rate of wind turbine installation vessels engaged in transportation and installation activities has fallen from 70% at the end of 2024 to 64% at the end of 2025, but is expected to rebound to about 79% in 2026.
The rebound in demand for offshore wind power is mainly driven by a surge in the installation of offshore wind turbines and foundations. Global offshore wind power installations are expected to nearly double year-on-year in 2026, and the installed capacity is projected to exceed 236 gigawatts (GW) by 2030. Although the project pipeline has slowed slightly recently, the medium- to long-term outlook remains structurally strong due to continued capacity expansion and policy support.
In 2025, offshore wind power projects are expected to contribute a higher percentage to the heavy-lift crane vessel (HSOV) business volume than in 2024. With the gradual recovery of the oil and gas business, the HSOV fleet utilization rate is projected to reach approximately 78%. The current fleet status aligns with this utilization expectation; as of the end of 2025, the global operating fleet (excluding mainland China) includes 38 wind turbine installation vessels, 51 HSOVs, and 87 offshore wind turbine commissioning and maintenance (CSOVs).
In the newbuilding market, new orders for wind turbine installation vessels and HSOVs are extremely scarce, with only 5 and 7 vessels currently under construction, respectively. In contrast, CSOVs are experiencing a peak in orders, with 58 vessels under construction.
It is understood that from 2022 to 2023, the market saw several wind turbine installation vessel orders, totaling over 10 vessels. However, since then, orders for this vessel type have become extremely scarce, with almost no new orders announced in 2025.
The most recent order for a wind turbine installation vessel was placed in February 2026 by a subsidiary of Hanwha Ocean, costing approximately $520 million. Delivery is expected in the first half of 2028, and it is reportedly South Korea’s first wind turbine installation vessel capable of installing large 15 MW offshore wind turbines.
The order situation in the heavy crane vessel market is very similar to that of the wind turbine installation vessel market. New vessel orders are mainly concentrated in 2022 and 2023, with relatively few orders placed so far from 2024 to 2026. The vast majority of these new vessels are under construction or already delivered by Chinese shipyards.
Westwood stated that in the medium to long term, based on the current fleet size, the wind turbine installation vessel sector is expected to continue to face a structural supply shortage, while the heavy crane vessel market is also showing signs of tightening.