| Abstract: |
The offshore wind energy sector has witnessed unprecedented global expansion, with cumulative installed capacity reaching 83 GW by the end of 2024, yet lifecycle inefficiencies in project management and asset stewardship continue to erode financial returns and operational performance. This paper proposes an integrated project management framework that synthesizes asset management principles with lifecycle optimization strategies tailored specifically for offshore wind assets. The primary objectives are to identify critical lifecycle cost drivers across the development, construction, operation, and decommissioning phases, and to evaluate how integrated project management methodologies can enhance asset performance over the standard 25-year lifecycle. A mixed-methods research design was adopted, combining secondary quantitative data from global industry databases (GWEC, IRENA, NREL) with systematic literature analysis of peer-reviewed publications from 2018 to 2025. The hypothesis posits that a holistic, asset-management-driven project management framework significantly reduces lifecycle costs and improves turbine availability compared to conventional phase-segregated approaches. Results demonstrate that operation and maintenance expenditures constitute 23–30% of total lifecycle costs, and that integrated frameworks incorporating predictive maintenance, digital twin technologies, and reliability-centered strategies can elevate availability to 97–98% while reducing unplanned downtime by up to 35%. The study concludes that embedding asset management principles into project management from the design phase onward creates measurable improvements in lifecycle value, and recommends policy and industry-level adoption of such integrated frameworks. |
