The study found the value of the turbine and foundation installation vessel business is likely to rise from $560 million in 2014 to $2.93 billion by 2020, amounting to a compound annual growth rate of 30%.
However, the prediction relies on a rapid increase in annual offshore installations, from 1.78GW this year to 7.89GW by the end of the decade.
GlobalData also highlights the limited number of offshore wind-specific installation vessels operating at present in Europe. There are currently only 40 specialist vessels available, although this is a significant increase on the two vessels operating in 2005.
But the number of boats is not expected to grow proportionally with installations due to the use of greater efficiency in operations, the report found.
"Future vessels will allow developers to shorten installation times with increased vessel crane capacity and additional deck space, enabling them to carry more turbines and reduce the number of trips from the onshore port to the offshore site," said Prasad Tanikella, GlobalData's senior power analyst.
"The new-build vessels are also expected to reduce weather downtime, as their design will allow them to operate in harsher conditions," he added.
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