Wind Turbine Operations and Maintenance Market to Reach ~US$ 50 Billion by 2027 Globally |CAGR: 12%| UnivDatos Market Insights
NOIDA, India, April 6, 2022 /PRNewswire/ -- A comprehensive overview of the global Wind Turbine Operations and Maintenance Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Wind Turbine Operations and Maintenance Market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global Wind Turbine Operations and Maintenance Market at regional and country levels. The Global Wind Turbines Operation and Maintenance Market is expected to grow at a CAGR of ~12% from 2021-2027.
Market Overview
Wind turbine operations and maintenance refer to the services of maintaining the smooth working of the wind turbines. Wind energy means a renewable form of energy that is widely available on the surface of the earth. Wind power is one of the fastest-growing renewable energy technologies and owing to the decrease in the cost of wind power technology had positively influenced the usage of wind power worldwide. According to International Renewable Energy Agency, global installed wind-generation capacity onshore and offshore has increased by a factor of almost 75 in the past two decades, jumping from 7.5 gigawatts (GW) in 1997 to some 564 GW by 2018. In addition, in 2020, record growth was driven by a surge of installations in China and the US – the world's two largest wind power markets – who together installed nearly 75% of the new installations in 2020 and account for over half of the world's total wind power capacity. However, offshore wind power plants need to install at a higher rate by 2050 to stay on a net-zero pathway and avoid the worst impacts of climate change.
With increasing electricity demand, wind energy is growing at an influential rate owing to its high efficiency and declining cost component. In addition to this as compared to other renewable power sources, it has a low maintenance cost. Further, reaching net-zero will require bold actions by many sectors, wind power is placed to be one of the cornerstones of green recovery to play an important role in accelerating the global green energy transition. For instance, Green Wind Energy Council (GWEC) expects that over 469 GW of new onshore and offshore wind capacity will be added in the next five years that is until 2025.
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COVID-19 Impact
In 2020, some major regions worldwide had seen growth in offshore wind power turbines. For instance: According to Global Wind Energy Council, 2020 was the best year in history for the global wind industry with 93 GW of new capacity installed – a 53 percent year-on-year increase. In 2020, record growth was driven by a surge of installations in China and the US. Whereas in Latin America, Brazil continues to lead the way for wind power in the region with 2.3 GW of new capacity installed in 2020 followed by Argentina (1 GW) and Chile (684 MW). Similarly, Europe now has 220 GW of installed wind power capacity: 194 GW onshore and 25 GW offshore, in which the Netherlands installed the most wind capacity in 2020, most of its offshore wind.
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Global Wind Turbine Operations and Maintenance Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into:
- Offshore
- Onshore
Based on Type, the market is bifurcated into offshore and onshore. Currently, the offshore structure is expected to capture considerable market growth during the forecast period. It is mainly owing to a rising scope for relishing the projects in deep water, where the high wind speed creates a much more favorable environment for operation, thereby driving the installation of offshore wind turbines. The expected increase in the deployment of wind turbines in more complex and challenging environments, such as farther offshore, coupled with the growing capacity of the wind turbine capacity, has put additional pressure on the operating components of the wind turbine. Therefore, it requires regular maintenance for smooth operations of the turbines.
Global Wind Turbine Operations and Maintenance Market Geographical Segmentation Includes:
- North America (United States, Canada, Rest of North America)
- Europe (Germany, UK, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
- Rest of World
For a better understanding of the market adoption of offshore wind, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. APAC region is expected to witness the fastest growth during the forecast period mainly due to the surging offshore wind technology adoption and wind farm development in the region. Furthermore, with the explosive growth of wind turbine installations in China, Asia Pacific continues to take the lead in global wind power development during the forecast period.
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The major players targeting the market includes:
- Nordex SE
- Enercon GmbH
- Siemens Gamesa Renewable Energy SA
- GE Renewable Energy
- Xinjiang Goldwind Science & Technology Co. Ltd.,
- Vestas Wind Systems A/S
- Suzlon Energy Ltd
- ABB Ltd
- Mistras Group
- Integrated Power Services LLC
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Wind Turbine Operations and Maintenance Market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Global Wind Turbine Operations and Maintenance Market?
- Which factors are influencing the global Wind Turbine Operations and Maintenance Market over the forecast period?
- What are the global challenges, threats, and risks in the global Wind Turbine Operations and Maintenance Market?
- Which factors are propelling and restraining the global Wind Turbine Operations and Maintenance Market?
- What are the demanding global regions of the global Wind Turbine Operations and Maintenance Market?
- What will be the market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by the companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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