Global Wind Turbine Operations and Maintenance Market is expected to foresee significant growth. Asia-Pacific to lead the growth!
Global Wind Turbine Operations and Maintenance Market is expected to robust growth rate of ~12% during the forecast period (2021-2027). Factors that are driving the market share of offshore wind such as surging government investment in renewable energy across various regions coupled with benefitting from rapid technology improvements, supportive government policies and continuous cost reductions are expected to be the main drivers of wind turbine deployment.
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Wind turbine operations and maintenance refer to the services of maintaining the smooth working of the wind turbines. Wind energy means a renewable form of energy, which is widely available on the surface of earth. Wind power is one of the fastest-growing renewable energy technologies and owing to the decrease in the cost of wind power technology had positively influence its usage of wind power worldwide. According International Renewable Energy Agency, global installed wind-generation capacity onshore and offshore has increased by a factor of almost 75 in the past two decades, jumping from 7.5 gigawatts (GW) in 1997 to some 564 GW by 2018. In addition, In 2020, record growth was driven by a surge of installations in China and the US – the world’s two largest wind power markets – who together installed nearly 75 per cent of the new installations in 2020 and account for over half of the world’s total wind power capacity. However, offshore wind power plants need to install at higher rate by 2050 in order to stay on a net zero pathway and avoid the worst impacts of climate change.
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The outbreak of Coronavirus pandemic had adversely impacted the world economy. The government took various measure to stop the spread of virus by implementing lockdown has halt all the industrial, commercial and other ongoing activities across the world. The economies of the countries worldwide had been negatively affected and slowed down the growth as well. Moreover, along with global pandemic condition, world has faced drastic climate changes as well. Hence, escalated the strategies and development plans of renewable resources that helps in achieving zero net emission goals in the coming years.
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With increasing electricity demand, wind energy is growing at an influential rate owing to its high efficiency and declining cost component. In addition to this as compared to other renewable power sources it has low maintenance cost. Further, reaching net zero will require bold actions by a large number of sectors, wind power is placed to be one of the cornerstones of green recovery to play an important role in accelerating the global green energy transition. For instance, Green Wind Energy Council (GWEC) expects that over 469 GW of new onshore and offshore wind capacity will be added in the next five years that is until 2025..
Based on Type, the market is bifurcated into offshore and onshore. Currently, offshore structure expected to captured considerable market growth during the forecast period. It is mainly owing to a rising scope for relishing the projects in deep water, where the high wind speed creates a much favorable environment for operation, thereby driving the installation of offshore wind turbines. The expected increase in the deployment of wind turbines in more complex and challenging environments, such as farther offshore, coupled with the growing capacity of the wind turbine capacity, has put additional pressure on the operating components of the wind turbine. Therefore, it requires regular maintenance for smooth operations of the turbines..
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For a better understanding of the market adoption of offshore wind , the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World. APAC region is expected to witness fastest growth during the forecast period mainly due to the surging offshore wind technology adoption and wind farm development in the region. Furthermore, with explosive growth of wind turbine installations in China, Asia Pacific continues to take the lead in global wind power development during the forecast period.
Some of the major players operating in the market include Nordex SE, Enercon GmbH, Siemens Gamesa Renewable Energy SA, GE Renewable Energy, Xinjiang Goldwind Science & Technology Co. Ltd., Vestas Wind Systems A/S, Suzlon Energy Ltd., ABB Ltd., Mistras Group, and Integrated Power Services LLC.
Global Wind Turbine Operations and Maintenance Market Segmentation
Market Insight, by Type
- · Offshore
Market Insight, by Region
- North America Wind Turbine Operations and Maintenance Market
- United States
- Rest of North America
- Europe Wind Turbine Operations and Maintenance Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Wind Turbine Operations and Maintenance Market
- Rest of Asia-Pacific
- Rest of World Wind Turbine Operations and Maintenance Market
Top Company Profiles
- Nordex SE
- Enercon GmbH
- Siemens Gamesa Renewable Energy SA
- GE Renewable Energy
- Xinjiang Goldwind Science & Technology Co. Ltd.,
- Vestas Wind Systems A/S
- Suzlon Energy Ltd
- ABB Ltd
- Mistras Group
- Integrated Power Services LLC