The global wind turbine operations and maintenance market offers with services such as maintenance, troubleshooting, and repair of wind turbines installed at onshore or offshore wind farms. Over the past few years, the increased focus on research and development in the field of sustainable and environment-friendly power sources, termed as green energy sources, has led to significant development in the fields of solar energy, wind power, hydropower, geothermal power, and nuclear power. Wind power, one of the most reliable sources of these green energy, has emerged at the forefront as a mighty contender in the global power generation scene and countries are increasingly adopting technologically advanced wind energy solutions to make wind power a bigger part of their energy-mix.
Being highly complex machineries, which have to withstand extreme climatic conditions and operational environments, wind turbines require effective and timely maintenance to ensure that they work up to their potential. This makes the wind turbine operations and maintenance market a critical segment of the wind power generation industry. A recent market research report published by Transparency Market Research pegs the valuation of the global wind turbine operations and maintenance market at US$9.3 bn in 2014. The report states that the market will expand at a favorable 8.8% CAGR from 2015 through 2023, rising to a valuation of US$20.6 bn by 2023.
Heightened Demand from Onshore Segment to Boost Market’s Growth Prospects
The global wind turbine operations and maintenance market caters to two key segments of the wind power industry: onshore wind turbines and offshore wind turbines. Of these, the segment of onshore wind turbines accounts for over 90% of the global market in current times. The demand from this segment is projected to remain high in the near future as well, with the rapid expansion of the onshore wind power generation industry across the globe. Nevertheless, the rising focus on vast untapped offshore wind resources across the globe is expected to bolster demand for operations and maintenance services from this sector as well.
RoW Regional Segment to Dominate Global Wind Turbine Operations and Maintenance Market
China, being the country with largest global wind energy installations, is one of the most lucrative countries for enterprises operating in the global wind turbine operations and maintenance market. From a regional perspective, however, Europe is the largest regional market for wind turbine operations and maintenance on a global front, accounting for a 40% share in the global market in 2014. Among the other key regional markets for wind turbine operations and maintenance, viz. North America, the Rest of the World (RoW) and Asia Pacific, RoW is projected to expand at the fastest pace over the next few years.
Some of the major vendors operating in the global wind turbine operations and maintenance market are Xinjiang Goldwind Science & Technologies Co. Ltd., Enercon GmbH, Nordex SE, Gamesa Corporación Tecnológica, Vestas Wind Systems A/S, GE Wind Turbine, Suzlon Group, Siemens Wind Power GmbH, Guodian United Power Technology Company Ltd., and Upwind Solutions, Inc.
Browse Full Global Wind Turbine Operations and Maintenance Market Research Report With Complete TOC @ http://www.transparencymarketresearch.com/wind-turbine-operations-maintenance-market.html