Pune, India, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The global wind turbine operation and maintenance market has experienced significant growth, with a value of USD 33.61 billion in 2021. The market size for wind turbine operation and maintenance industry is expected to grow USD 63.82 billion by 2029, with a CAGR of 8.4% during the forecast period. This growth can be attributed to the increasing focus on renewable energy and the need for efficient and cost-effective maintenance of wind turbines. The market is expected to continue to grow as the demand for renewable energy sources increases. Despite the challenges presented by the COVID-19 pandemic, wind turbine operation and maintenance has seen higher-than-anticipated demand across all regions. In 2020, the market grew by 8.2% compared to 2019.
Key Industry Development:
March 2022: Naturgy Renovables SLU, Spain got an offer from Nordex SE to set 49.5 MW wind project to provide clean source of energy.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 8.4% |
| 2029 Value Projection | USD 63.82 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 33.61 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 214 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Growing Demand for Sustainable Energy to Stimulate Product Demand |
| Feasible Cost Structure of Offshore Segment will Favor Market Development |
Drivers and Restraints:
Growing Demand for Sustainable Energy to Stimulate Product Demand
The growing demand for sustainable, clean, and cheap power energy increases the need for a wind turbines, acting as a prominent driving factor for the market. Furthermore, rising government initiatives to promote renewable energy to curb carbon emissions have considerably stimulated the global community.
The global wind turbine operation and maintenance market has experienced significant growth over the years, driven by various factors. One of the major growth factors is the increasing focus on renewable energy sources, such as wind power. Governments and businesses worldwide are recognizing the need to reduce carbon emissions and shift towards sustainable energy sources, and wind power is a key component of this transition.
Another growth factor for the wind turbine operation and maintenance market is the need for efficient and cost-effective maintenance of wind turbines. The effective operation of wind turbines is essential to maximize their power output and reduce downtime. This has led to the development of advanced maintenance and repair services, which have become increasingly important in ensuring the reliability and longevity of wind turbines.
The adoption of advanced technologies, such as predictive maintenance and condition monitoring, is also a significant growth factor for the wind turbine operation and maintenance market. These technologies enable early detection of potential issues and proactive maintenance, reducing the risk of unexpected downtime and costly repairs.
The increasing number of wind power installations worldwide has also contributed to the growth of the wind turbine operation and maintenance market. As the number of wind turbines increases, the demand for maintenance and repair services also grows, creating new opportunities for market growth.
Meanwhile, the high maintenance and service costs associated with it could impede the global market growth. One of the major restraints is the high cost associated with wind turbine maintenance and repair services. The high cost of spare parts, labor, and transportation can make it difficult for small and mediu-sized businesses to afford these services, limiting the market growth.
The high level of competition in the wind turbine operation and maintenance market is also a significant restraint. The market is highly fragmented, with numerous small and large players competing for market share. This can lead to price wars and reduced profit margins, making it challenging for companies to sustain their operations.
The variability of wind resources is another restraint for the wind turbine operation and maintenance market. Wind speed and direction can vary significantly, which can impact the performance and efficiency of wind turbines. This variability can make it difficult to predict the maintenance needs of wind turbines, resulting in unexpected downtime and costly repairs.
COVID-19 Impact:
Rising Digital Technologies Trend Offers New Opportunities for Market Players
A notable impact of the COVID-19 pandemic is observed on the wind turbine operation & maintenance market growth. The market experienced a significant loss of sales during the initial phase of the outbreak due to a halt in the manufacturing of wind turbines. Meanwhile, the rising digital technologies trend, such as remote monitoring, operational planning platforms, and analytics for failure forecasting, benefited asset owners to get back on track.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/wind-turbine-operation-and-maintenance-market-102757
Segments-
Feasible Cost Structure of Offshore Segment will Favor Market Development
On the basis of location, the market is classified into offshore and onshore. The offshore segment will dominate due to its feasible cost structure compared to its onshore counterparts offshore wind turbine segment is expected to experience significant growth during the forecast period, driven by the increasing demand for renewable energy sources and the need for wind turbines to be installed in areas with higher wind speeds and capacity.
Unexpected Wind Turbine Operation & Maintenance will Result in Unscheduled Segment Domination
Scheduled and unscheduled maintenance are the two types of maintenance performed on wind turbines. Scheduled maintenance is conducted at regular intervals to prevent potential failures and increase the lifespan of wind turbines, while unscheduled maintenance is performed when a fault or failure occurs, and immediate repair is required.
Report Coverage
The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.
Regional Insights
Growing Demand for Offshore Wind Farms across European Market will Favor Market Development
Europe held the prominent global wind turbine operation & maintenance market share and is expected to lead the market during the estimated period due to higher number of offshore wind farms across the region. Asia Pacific is expected to hold the second position during the forecast period due to the rising government encouragement to expand renewable infrastructure.
Latin America is expected to showcase significant growth due to the radical energy shift from fossil fuels to clean energy sources.
Competitive Landscape
Key Industrial Players Enter into Partnerships to Install Green Energy Projects
Key wind turbine operation & maintenance firms, such as ENERCON GmbH, Vestas, Siemens Gamesa Renewable Energy S.A., GE Renewable Energy, Suzlon Energy Limited, Goldwind, and Nordex SE, will probably invest in innovative technologies to make maintenance tasks more effective. Alfanar collaborated with GE Renewable Energy to supply and install 15 wind turbines at wind farms near the Berbinzana and Miranda de Arga across the Navarre region in Spain.
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Companies Profiled in the Report:
- GE (U.S.)
- Siemens Gamesa (Spain)
- Vestas (Denmark)
- NORDEX SE (Germany)
- Deutsche Windtechnik (Germany)
- Suzlon Energy Limited (India)
- Enercon GmbH (Germany)
- B9 Energy Group (Ireland)
- Fred. Olsen Windcarrier (Norway)
- GoldWind (China)
- REETEC (Norway)
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Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on Wind Turbine Operation & Maintenance Market
- Global Wind Turbine Operation & Maintenance Market Analysis (USD Billion), Insights, and Forecast, 2018-2029
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Scheduled
- Unscheduled
- Market Analysis, Insights and Forecast – By Location
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Wind Turbine Operation & Maintenance Market Analysis (USD Billion), Insights, and Forecast, 2018-2029
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Scheduled
- Unscheduled
- Market Analysis, Insights and Forecast – By Location
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Country
- US Market Analysis, Insights and Forecast – By Type
- Scheduled
- Unscheduled
- Canada Market Analysis, Insights and Forecast – By Type
- Scheduled
- Unscheduled
- US Market Analysis, Insights and Forecast – By Type
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