Marketed utilisation for wind turbine installation vessels (WTIVs) engaged in transport and installation work moderated to 64% at the end of 2025, down from 70% in 2024, before rebounding to around 79% in 2026, according to London based energy market research firm Westwood. The recovery is being driven primarily by a step up in turbine and foundation installation activity, with installation volumes in 2026 expected to almost double year on year.
Major offshore wind markets in the UK, Europe and APAC, excluding mainland China, are tightening their policy frameworks to support project execution, creating a more stable backdrop than the US, where regulatory uncertainty continues to weigh on market momentum. Cumulative installed offshore wind capacity is forecast to exceed 236GW by 2030, and although the near term project pipeline has softened marginally, the medium and longer term outlook remains structurally robust.
At the end of 2025 the global operational fleet outside mainland China comprised 38 WTIVs, 51 heavy lift vessels and 87 CSOVs. The order book is uneven. Only five WTIVs and seven heavy lift units are on order, while the CSOV segment is in a pronounced build cycle with 58 firm orders. Westwood expects the WTIV segment to remain structurally undersupplied based on the currently visible fleet, with the heavy lift market also showing signs of tightening.
In 2025 a greater share of heavy lift vessel activity was driven by offshore wind projects than in 2024. Looking ahead, Westwood believes demand will be supported by a resurgence in oil and gas work, with utilisation for that segment projected to reach roughly 78%. Some incremental capacity could be unlocked by retrofitting mainland China units or redeploying vessels from the oil and gas sector, but the company cautioned that such measures will provide only limited relief and depend on vessel suitability and regulatory compliance.