Global Wind Turbine Operations and Maintenance Market: Demand from Offshore Projects to Report Strong Growth, Says TMR
With the presence of a large pool of companies, such as GE Wind Turbine, Suzlon Group, Siemens Wind Power GmbH, Upwind Solutions Inc., and Guodian United Power Technology Co. Ltd., the global wind turbine operations and maintenance market demonstrates a fragmented and a highly competitive landscape, finds a study by Transparency Market Research (TMR).
Hitherto, a majority of players in this market were operating within a specified geography. However, in a bid to increase their visibility in the global market, many of them have begun to venture into other geographies via mergers, acquisitions, and strategic collaborations. This, as a result, is likely to intensify the competition within this market significantly in the forthcoming years.
Supported by the increased investments by wind farm owners, the opportunity in the global market for wind turbine operation and maintenance is likely to expand at a CAGR of 8.80% during the period from 2015 to 2023, increasing from US$10.4 bn to US$20.6 by the end of the forecast period, states the research report. The demand for onshore wind turbine operation and maintenance services has been higher than offshore services. Although the scenario is expected to remain same, offshore wind turbine operations and maintenance services are projected to witness a significant surge over the next few years.
Increasing Investments in Renewable Energy Sector to Ensure Europe’s Dominance
The report also presents a study of the worldwide market for wind turbine operations and maintenance on the basis of geography. According to the study, the global market is spread across Asia Pacific, North America, Europe, and the Rest of the World. With a share of more than 40% in 2014, Europe has emerged as the leading contributor to this market and it is anticipated to remain so throughout the forecast period. This rise can be attributed to the increase in investments from Italy, Spain, Germany, and The U.K. in the European renewable energy sector, notes the study.
Asia Pacific has also been a prominent market for wind turbine operations and maintenance across the world. It held a share of nearly 37% in 2014. Thanks to the expanded role of financial investors as wind farm owners, analysts expect this regional market to witness a strong rise in the demand for wind turbine operations and maintenance services over the forecast period.
Increasing Number of Aging Wind Turbines to Boost Demand for Operations and Maintenance Services
Of late, a significant rise has been noticed in the average age of installed wind turbines across the world. “With wind turbines getting older, the need for their repair and maintenance has increased considerably in order to make them operate efficiently and maintain utilization factors. The need for operations and maintenance services, together with the demand for automated remote monitoring systems, has increased substantially due to the rising reports of equipment failure in aging wind turbines,” says an analyst at TMR.
The increasing cases of generator assembly and gearbox failure are also expected to fuel the demand for wind turbine operations and maintenance services over the forthcoming years, reports the research study.
Rising Cost of Logistics to Limit Adoption of Wind Turbine Operations and Maintenance Service
Although the worldwide market for wind turbine operations and maintenance looks flourishing currently, the rise in the cost of logistics may limit the adoption of these services to some extent during the forecast period
Apart from this, the dearth of skilled workforce around the world is also projected to hamper the growth of this market considerably in the years to come, states the research report.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Wind Turbine Operations and Maintenance Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015–2023.”
The global wind turbine operation and maintenance market is segmented into:
- North America
- Asia Pacific
- Rest of World (RoW)
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