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Global Market for Wind Turbine Operations and Maintenance to be Driven by Increasing Number of Aging Wind Turbines

Press Release   •   May 09, 2016 16:55 IST

The research study offers an in-depth analysis of the wind turbine O&M market, focusing on the major growth drivers, opportunities, and challenges.According to the research study, in 2014, the global wind turbine O&M market for was valued at US$9.3 bn and is estimated to reach a valuation of US$20.6 bn by the end of 2023. The market is predicted to register a progressive 8.80% CAGR between 2015 and 2023.

Wind turbine O&M services consist of the operation, repair, troubleshooting, and maintenance of wind turbines that are installed at offshore wind farms. These services also involve unscheduled maintenance, scheduled maintenance, asset administration, and remote monitoring.

The growing number of aging wind turbines and an increasing number of generator assembly and gearbox failures are the major factors fueling the growth of the overall market. In addition, the growing number of private investors and financial institutions is further anticipated to drive the global market for wind turbine O&M throughout the forecast period. However, the lack of a skilled workforce and increasing cost of logistics are projected to curb the growth of the global market for wind turbine O&M in the near future.

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By application, the global market for wind turbine O&M has been categorized into onshore and offshore. In 2014, the onshore wind turbine O&M segment dominated the market, accounting for a 93.98% share in the global market for wind turbine O&M. On the other hand, the demand for offshore wind turbines O&M segment, though currently meager, is estimated to increase due to the complications involved in servicing offshore wind turbines and growing number of offshore wind farms.

By geography, the global market for wind turbine O&M has been classified into Asia Pacific, Europe, North America, and Rest of the World. In 2014, Europe dominated the market, holding a 40.55% share in the global market for wind turbine O&M, owing to the increasing number of wind turbine O&M installations in this region. On the other hand, the Rest of the World wind turbine O&M market is projected to grow rapidly throughout the forecast period, due to developing renewable energy policies. Asia Pacific and North America are also estimated to witness substantial growth in the overall wind turbine O&M market in the next few years.

The research study further talks about the major players operating in the global market for wind turbine O&M and provides a comprehensive analysis of the competitive landscape. Detailed profiles of the leading players have been mentioned in the research study, focusing on their product portfolio, business strategies, financial overview, SWOT analysis, and major mergers and acquisitions if any.

Some of the prominent players mentioned in the research study are Suzlon Group, UpWind Solutions Inc., GE Wind Energy, Siemens Wind Power GmbH, Nordex SE, Gamesa Corporación Tecnológica, Enercon GmbH, and Vestas Wind Systems A/S.

Key Segments of the Global Wind Turbine Operation and Maintenance Market:

Global Wind Turbine Operation and Maintenance Market: By Application

  • Onshore
  • Offshore

Global Wind Turbine Operation and Maintenance Market: By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World (RoW)

Research Report: http://www.transparencymarketresearch.com/wind-turbine-operations-maintenance-market.html

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.