Wind Turbine Operations and Maintenance Market to Grow at CAGR of 9% During Forecast Period: TMR Study

• The wind turbine operations and maintenance market in Asia Pacific is driven by rapid growth in wind turbine installations and favorable legislation
• Growing public awareness regarding the utilization of renewable energy sources is proving to be a major growth driver for the global market

ALBANY, N.Y., March 23, 2022 /PRNewswire/ -- The value of global wind turbine operations and maintenance market stood at US$ 15.4 Bn in 2020. The market is anticipated to rise at a CAGR of 9% during the forecast period, from 2021 to 2031. The global wind turbine operations and maintenance market is anticipated to attain the valuation of US$ 39.8 Bn by 2031. Firms in the global wind turbine operations and maintenance market are partnering with their partners, clients, and customers to offer after-sales services throughout the product lifespan, in addition to delivering products. This process involves BoP (Balance of Plant) construction, maintenance support, and turbines assembly to achieve optimal performance in onshore as well as offshore sites.

Wind turbine operations and maintenance firms are concentrating on providing global technical services. They are pursuing attractive prospects in Europe, North and Latin America, and Asia Pacific where they will collaborate with customers to help them expand their services globally.

Scheduled and unplanned maintenance services are available for wind turbine operations and maintenance. Maintenance services are performed on a regular basis. In the event that a wind turbine or any of its parts fail unexpectedly, unscheduled maintenance is performed. Brake, inverter, tower, gearbox, generator, and rotor blades are all parts of a wind turbine that require regular servicing to function properly. Gearbox assemblies, brakes, and rotor blades are some of the parts that are more prone to failure and require frequent inspection and repair.

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Key Findings of Market Report

• Due to the world's rapidly growing population, the demand for energy is likely to increase rapidly. Electricity is generated using fossil fuels, which are limited in supply. These factors are projected to pressure governments throughout the world to utilize renewable energy sources to create excess electricity. The market for wind turbine operations and maintenance is expected to benefit as a result of this.
• Wind turbine operations and maintenance are critical in lowering failure rates and reducing outage duration. Wind turbines have several elements that are likely to fail. As a result, if any piece of equipment fails unexpectedly, the turbine as a whole is damaged. As a result, frequent wind turbine operations and maintenance are critical in avoiding these issues. This bodes favorably for the expansion of global wind turbine operations and maintenance market.

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• Firms in the global wind turbine operations and maintenance market, on the other hand, are leveraging the benefits of offshore wind, such as less visual impact, more wind constancy, and higher energy output. Despite difficulties of offshore wind technology, due to the global expansion of clean and renewable energy, both onshore and offshore wind are poised for rapid growth.
• The global market is likely to benefit from rise in the number of outdated wind turbines, as well as increasing number of generator assembly and gearbox failures. Furthermore, rising presence of private investors and financial institutions as wind farm owners has raised demand for wind turbine operations and maintenance services.

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Global Wind Turbine Operations and Maintenance Market: Growth Drivers

• Advantages of onshore wind turbines over offshore wind turbines, such as faster installation, lower initial investment costs, and shorter cables are drawing interest of players in the global wind turbine operations and maintenance market
• In 2020, Asia Pacific held almost 60% of the global market. The market for wind turbine operations and maintenance in the Rest of the World, on the other hand, is likely to grow at a rapid pace during the forecast period. Asia Pacific is projected to emerge as another rapidly expanding regional market in the years to come.

Global Wind Turbine Operations and Maintenance Market: Key Players

Some of the key market players are

• Suzlon Group
• Xinjiang Goldwind Science & Technology Co. Ltd.
• Guodian United Power Technology Company Ltd.
• Nordex SE
• Siemens Wind Power GmbH
• Vestas Wind Systems A/S

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Global Wind Turbine Operations and Maintenance Market: Segmentation

Application

• Onshore
• Offshore

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