UK SOV Manufacture Business Case Development - ORE/24/101

Description

The offshore wind industry is growing rapidly, with over 850GW of capacity expected to be installed globally by 2050. This is underpinned by global commitments to reduce carbon emissions and by improving the cost efficiency of wind as an energy source. In line with this rapid expansion, the number of vessels required to support offshore wind developments throughout their operational life will also require major growth. Here at ORE Catapult, we have conducted analysis to determine the size of the market for operations and maintenance (O&M) vessels, based on global installed capacity targets. Up to 2050, strategies centred on Crew Transfer Vessels (CTVs) and Service Operation Vessels (SOVs) are expected to be employed. Globally, this could equate to up to 2325 CTVs and 423 SOVs in operation by 2050. This presents a huge opportunity for UK Shipbuilding, however, none of the UK’s currently operating SOVs have been built in the UK. This project aims to develop the business case for establishing this production.