Wind Turbine Operations and Maintenance Market Research Review 2015/2016 & Outlook to 2023 - Transparency Market Research

Apr 26, 2016, 08:30 ET from Transparency Market Research

ALBANY, New York, April 26, 2016 /PRNewswire/ --

Transparency Market Research has released a new market research report titled Wind Turbine Operations and Maintenance Market, by Application (Onshore and Offshore) - Global Industry Analysis, Size, Share, Growth Trends and Forecast, 2015-2023. According to the report, the global wind turbine O&M market stood at US$9.3 bn in 2014 and is likely to reach US$ 20.6 bn by 2023, expanding at a CAGR of 8.8% between 2015 and 2023.

The global wind turbine O&M market has been segmented into four different regions: North America, Europe, Asia pacific, and Rest of World (RoW). The market was dominated by Europe in 2014. Demand for wind turbine O&M is anticipated to be high in the region due to increasing share of wind energy in the total energy mix. Wind turbine O&M services are important as they reduce the number of wind turbine breakdowns and losses caused due to the shutdown of production at wind farms. Countries such as Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Romania, Spain, Sweden, Turkey, and the U.K have observed substantial increase in demand for wind turbine O&M services. The offshore wind turbine O&M services are being availed at a faster rate in European countries such as the U.K., Germany, Denmark, Belgium, Sweden, and the Netherlands owing to increasing share of offshore wind energy in total wind energy mix of these countries.

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Asia Pacific was the second-largest market globally in terms of revenue for wind turbine O&M services in 2014. Onshore wind turbine O&M services accounted for the major share of the wind turbine O&M market in Asia Pacific in 2014. Increasing adoption of wind energy has boosted the demand for wind turbine O&M services in Asia Pacific. Australia, China, India, Japan, New Zealand, South Korea, and Taiwan are some of the countries which have a major share of wind turbine O&M market in the region. China is the market leader in terms of wind turbine O&M services demand in Asia Pacific. Factors such as government incentives and strict environmental laws are anticipated to boost the wind energy market in Asia Pacific. This, in turn, would augment the demand for wind turbine O&M services in the near future.

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Demand for wind turbine O&M services in North America is increasing due to rising awareness about benefits of timely wind turbine O&M services. Onshore wind turbine O&M was the largest application segment of the wind turbine O&M market in North America, accounting for approximately 99% of the market share in 2014. Growth in the demand for wind turbine O&M services in North America is primarily driven by increasing share of wind energy in the total energy mix and government support for wind energy projects. Rest of the World (RoW) accounted for the least share of the global wind turbine O&M market in 2014.

Research Article: http://www.transparencymarketresearch.com/article/wind-turbine-operations-maintenance-market.htm

Key participants in the global wind operation O&M market include Enercon GmbH, Gamesa Corporación Tecnológica, GE Wind Energy, Nordex SE, Xinjiang Goldwind Science & Technology Co. Ltd., Vestas Wind Systems A/S, Siemens Wind Power GmbH, Suzlon Group, Guodian United Power Technology Company Ltd., and UpWind Solutions Inc. The report provides an overview of these companies, followed by their financial revenues (on availability), business strategies, and recent developments. The global wind turbine O&M market has been segmented as follows:

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 Blog: http://www.tmrblog.com/2016/04/wind-turbine-operations-and-maintenance.html

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