Global Wind Turbine Operation and Maintenance Market Overview
The key driver impacting the wind turbine operation and maintenance market is the increased investment in offshore and onshore wind turbines, with an increase in government support of several countries leads to growth in wind turbine installation. For instance, Global installed wind-generation capacity onshore and offshore has raised by a factor of about 75 in the last two decades, climbing from 7.5 gigawatts (GW) in 1997 to some 564 GW by 2018, as per the IRENA's recent report. Asia is perched to become the globally dominant wind market, as it accounts for over 60% of offshore and 50% of onshore wind installations by 2050. Asia’s onshore wind capacity is estimated to grow from 230 GW in 2018 to about 2 600 GW by 2050. Moreover, the rise in offshore exploration and production activities leading to an increase in the number of wind turbine installations in offshore areas worldwide contribute to wind turbine operation and maintenance market demand in the later years.
According to Value Market Research, the global Wind turbine operation and maintenance market size was valued at USD 13.9 billion in 2020 and is estimated to grow at a CAGR of about 11.5% during the forecast period 2021 to 2027.
The growing focus on reducing environmental impacts in the power generation industry and the favorable government policies and attractive incentives were executed to develop a zero-emission power system fueled annual installation capacity in the past few years. Thus, likely augment the need for wind turbine operation and maintenance in the forecast period. The high electricity consumption and an increasing number of aging turbines are stimulating the call for wind turbine operation and maintenance solutions. However, the high cost related to the maintenance and installation of wind turbines hampers the market in the long run. In addition, the lack of a skilled workforce to operate the systems acts as a challenge to the market. Nevertheless, the market trends, such as technological advancement and growing offshore activities, might provide considerable opportunities to the market's leading players.
The Wind turbine operation and maintenance market are widespread, with many local and international players. The market leaders follow different strategies to improve their market position, such as extending product portfolio, amalgamation, acquisitions, research and development, awareness programs, and product upgrades. The key players in the report are Enercon GmbH, Siemens Wind Power GmbH, GE Wind Turbine, Suzlon Group, Inoxwind, Gamesa Corporation, juwi AG, Mingyang Smart Energy Group Co., Ltd., Sinovel Wind Group Co., Ltd., AEROVIDE GmbH, and Inoxwind.
In this research report, the Wind turbine operation and maintenance market is segmented by application and region.
Analysis by Application:
By application, the report is divided into onshore and offshore. The Onshore segment dominates with a significant market share in 2020. It is due to the growing focus of major players such as the U.S., France, Spain, Portugal, Italy, and India focus on onshore projects for renewable energy generation. Moreover, the growing need to enhance patient care and outcomes is contributing to the high demand from onshore segment growth.
Analysis by Region:
In the regional outlook of the global Wind turbine operation and maintenance market, the Europe region dominates with over 40% market share in 2020. The UK is the major country driving the market growth in the region as it has the highest offshore capacity globally, with Spain, Germany, Italy, France, and Denmark being the additional key contributors to high market demand in the Europe region. Moreover, the strong government supportive schemes contribute to the tremendous market growth across Europe.
Market Segmentation covered in the Report:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.