Wilmington, Delaware, United States, May 22, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The Global Wind Turbine Operations and Maintenance Market was being likely to garner a robust CAGR of 9% from 2021 to 2031. In 2020, the market for operations and maintenance of wind turbines was estimated at US$ 15.4 billion, and by the end of 2031, it is anticipated to reach US$ 39.8 billion.
The need for power is always increasing owing to the growing population. Countries are expanding their current energy facilities or building new ones to meet increasing demand for power. Businesses are embracing renewable energy sources due to environmental rules, primarily wind and solar energy, to create electricity, which eventually accelerates market growth.
Any procedure intended to keep wind turbines in an unstable operational condition is considered wind turbine operation and maintenance. The parts of a wind turbine are costly, and lubrication is necessary for the turbine to operate at its best efficiency and production. Wind turbine operations and maintenance used to be done manually by plant personnel.
The operator used cranes to do the turbine check. The manual method was unable to identify the component failure at an early stage, which may have prevented the turbine from ever functioning again. This raises operating and maintenance expenses and reduces wind turbine efficiency.
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Market Scope:
| Market Revenue | USD 15.4 Bn | |
| Estimated Value | USD 39.8 Bn | |
| Growth Rate – CAGR | 9% | |
| Forecast Period | 2021 – 2031 | |
| No. of Pages | 132 Pages | |
| Market Segmentation | By Application | |
| Regions Covered | North America, Europe, Asia Pacific, Rest of World | |
| Key Players | Enercon GmbH, Gamesa Corporación Tecnológica, GE Wind Turbine, Nordex SE, Xinjiang Goldwind Science & Technologies Co. Ltd., Vestas Wind Systems A/S, Siemens Wind Power GmbH, Suzlon Group, Guodian United Power Technology Company Ltd., Upwind Solutions, Inc. | |
Key Findings of Market Report
- The wind turbine operations and maintenance market has been divided into onshore and offshore based on application.
- In 2020, the market for wind turbine operations and maintenance on land accounted for 94.12% of the total market.
- With a 59.37% share of the worldwide wind turbine operations and maintenance market in 2020, Asia Pacific dominated.
- The wind turbine operations and maintenance market in Asia Pacific is primarily driven by the rapid expansion of wind turbine installations and favorable legislation.
Global Market for Wind Turbine Operations and Maintenance: Key Trends
- In 2020, the onshore market sector was the dominant one. There is a limit quantity for onshore wind turbine installation since onshore services demand relatively lower investments than the offshore segments owing to the economic cost architecture.
- The GWEC Wind Turbine Market Research Report 2020 projects that onshore wind will grow at a 6.2% CAGR over the next five years, with a median annual installation of 93.3 GW. 466 GW will most likely be constructed between 2021 and 2031.
- During the projection period, a stronger rate of growth is anticipated for the offshore category. The offshore industry confronts a number of difficulties that have an adverse effect on segment growth due to their offshore sites’ inaccessibility for maintenance and repairs as well as their high installation costs.
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Global Wind Turbine Operations and Maintenance Market: Regional Outlook
- The record deployment in the United States is what fuels the operation and maintenance of wind turbines in North America. In addition, in the upcoming years, the Production Tax Credit (PTC) will continue to be the key factor supporting the expansion of onshore wind in the United States.
- Wind energy pricing were already quite competitive in Latin America. Government auctions have been replaced by private auctions or multilateral PPAs as a method for promoting growth. It is crucial to take into account the systematic and drastic energy shift away from fossil fuels and toward renewable energy as well as low-carbon alternatives
Some developments by the key players in the global market for wind turbine operations and maintenance are:
- In March 2022, Naturgy Renovables SLU in Spain placed an order with Nordex SE for a 49.5 MW turbine project. 11 N155/4.X turbines from the Delta4000 series were provided by Nordex Group, and installation is anticipated to begin in the spring of 2023.
- For the MFW Baltyk II and MFW Baltyk III wind turbines, Siemens Gamesa secured two preferred supplier contracts with Equinor and Polener in February 2022. In the nascent Polish offshore wind sector, the signature of the agreement designates a preferred provider. The SG 14-236 DD offshore turbine turbine’s first conditional agreement was also signed at the event.
- In February 2022, Deutsche Windtechnik and the Cieki Wind Farm agreed to a 15-year service agreement. The new arrangement enables Deutsche to upgrade its technical, rational, and people service facilities in Poland.
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Global Wind Turbine Operations and Maintenance Market Segmentation
By Application
- Onshore
- Offshore
By Region
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa
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