A report recently added to the vast database of Market Research Reports Search Engine (MRRSE) states that the rising significance of unconventional sources of energy and the growing contribution of wind energy in the production of energy has greatly boosted the global wind turbine operations and maintenance market. The 132-page research publication is titled “Wind Turbine Operations and Maintenance Market, by Application (Onshore and Offshore) - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 - 2023” and provides readers a broad analysis of the workings and contribution of the overall market from 2015 to 2023.
Browse Full Global Wind Turbine Operations and Maintenance Market
The report offers an in-depth evaluation of the market dynamics such as drivers, challenges, and opportunities impacting the wind turbine operations and maintenance market, with each dynamic supported by graphs and tables that are easy to understand and interpret. A comprehensive industry assessment has also been provided with the help of the Porter’s Five Forces model, which analyzes the bargaining power of suppliers and buyers, threat of substitutes and new entrants, and the degree of rivalry within the wind turbine operations and maintenance market.
According to the report, the value of the global wind turbine operations and maintenance market is projected to increase from US$9.3 bn in 2014 to US$20.6 bn in 2023, at a strong CAGR of 8.80% from 2015 to 2023. This growth can be attributed to a number of factors such as rise in the number of gearbox and generator failures, increasing presence of financial institutions and private investors as owners of wind farms, surge in the number of aging wind turbines, and expanding share of offshore turbines in the wind energy mix. In contrast, escalating cost of logistics and lack of skilled labor threaten to hamper the development of the global wind turbine operations and maintenance market.
On the basis of application, the market is bifurcated into offshore wind turbines and onshore wind turbines. Onshore turbines accounted for a whopping 93.98% share in the wind turbine operations and maintenance market in 2014, making them the leading application segment. However, the operations and maintenance of offshore wind turbines is gaining momentum in recent years owing to rising complexities involved in servicing offshore turbines and the rising number of offshore wind farms.
By geography, the wind turbine operations and maintenance market is divided into four major segments: North America, Europe, Asia Pacific, and Rest of the World. Europe dominates the overall market with a share of 40.55% in 2014. The Rest of the World region is projected to be the most rapidly developing segment during the forecast period.
Leading players competing in this space include Siemens Wind Power GmbH, Suzlon Group, GE Wind Turbine, Gamesa Corporación Tecnológica, Upwind Solutions, Inc., Vestas Wind Systems A/S, Xinjiang Goldwind Science & Technologies, Co. Ltd., Nordex SE, and Enercon GmbH.