London, March 07, 2022 (GLOBE NEWSWIRE) -- The global wind turbine operations and maintenance market size was valued at USD 28.12 billion in 2021, according to new study by precedence research. The wind turbine operations and maintenance market has surged due to an increase in capacity installations around the world. The focus on lowering environmental consequences in the power generation industry has been a major driver of annual installation growth in recent years, resulting in significant capacity expansion in both developed and developing nations. The turbine installation grew at an unprecedented rate, which fueled the industry. However, throughout the projection period, slow growth in worldwide electric consumption is expected to have a negative impact on the whole sector.
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The wind turbine operations and maintenance market is influenced by the introduction of tariff policies to stimulate investments in renewable energy projects in emerging nations, increased investment in offshore wind turbines, and an surge in the number of maintenance service agencies. Furthermore, the wind turbine operations and maintenance benefits from increased turbine installation, high electric consumption, an increase in the number of elderly turbines, and increased government assistance. Furthermore, in the projection period, technology advancements, older wind turbines, and rising offshore activities provide profitable prospects for wind turbine operations and maintenance market growth. The wind turbine operations and maintenance market players compete to deliver the best services. In order to improve services, technology integration is critical. As a result, major market players continue to invest in cutting-edge technology in order to provide high-quality services. Through strategic collaborations, these players are also engaging in expansion operations.
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| Report Attributes | Details |
| Market Size by 2030 | US$ 53.65 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 7.4% |
| Base Year | 2021 |
| By Type |
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| By Application |
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| Companies Covered | Vestas, Dongfang Electric Corporation, ENERCON GmbH, Goldwind, Nordex SE, Sinovel, GE Renewable, Suzlon Group, Ming Yang Smart Energy Group Co., and Siemens Gamesa Renewable Energy S.A. |
Report Highlights
- Based on type, the scheduled segment accounted largest revenue share of over 65% in 2020, in terms of revenue and is expected to sustain its dominance over the forecast period.
- Based on the application, the onshore segment dominated the global wind turbine operations and maintenance market in 2020 with highest market share. Due to onshore services have a lower cost structure than offshore parts, they demand less capital.
- North America is the largest segment for wind turbine operations and maintenance market in terms of region. This is due to the large number of offshore installations and capacity in the North America region.
- Asia-Pacific region is the fastest growing region in the wind turbine operations and maintenance market. This is attributed to the huge increase in yearly installations in emerging countries and high annual installations in developed countries.
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Market Dynamics
Drivers
Surge in demand for electricity
As a result of economic development and population growth, the global electricity demand is increasing at a rapid pace. The countries are increasing their power capacity by constructing new plants or expanding existing ones as demand rises. Many businesses are turning to renewable energy sources for power generation particularly wind and solar power, as a result of environmental laws. This is projected to help the wind turbine operations and maintenance market to expand during the forecast period.
Restraints
Unstable prices of raw materials
The steel is a crucial component of wind turbine construction. The price of raw materials is entirely determined by the terms and duration of the contract with the steel producers, which can last anywhere from one-to-many years. Furthermore, steel prices are unstable, causing the cost of the finished product to fluctuate. The rising raw material costs will raise production costs and ultimately raising the finished product’s price. In addition, due to this fluctuation, the key market players’ financial performance may be adversely affected, limiting the market for wind turbine operations and maintenance market growth over the projection period.
Opportunities
Rising investments in wind energy projects
As environmental regulatory frameworks have become more stringent, the power generation industry is being pushed to switch to cleaner, more environmentally friendly energy sources. Several countries throughout the world are concentrating on the development of renewable energy power generation in order to eliminate their reliance on traditional energy sources. In recent years, it has been noted that investments in wind, solar, and other renewable energy sources have been steadily expanding. Thus, rising investments in wind energy projects is creating lucrative opportunities for the growth of the global wind turbine operations and maintenance market during the forecast period.
Challenges
Related Reports
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- Green Hydrogen Market Research Report 2021 – 2030
- Wind Energy Market Research Report 2021 – 2030
High initial costs
The installation of wind turbines involves a substantial capital outlay. Before installing wind turbines, big market players in many locations must undergo a number of government processes and formalities, which requires a significant investment. The massive costs include not only the turbine itself, but also the foundation, grid connection, control systems, land, road construction, electric installation, and other financial expenses. The expenses of installation differ by geography and technology. As a result, high installation costs will pose a significant hurdle to the wind turbine operations and maintenance market's growth throughout the projection period.
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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