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Wind Turbine Operations and Maintenance Market | Business Economic Outlook, Growth Share, Future Trends & Forecast 2031
Wind Turbine Operations and Maintenance Market
According to the report, the global wind turbine operations and maintenance market stood at US$ 15.4 Bn in 2020 and is likely to reach US$ 39.8 Bn by 2031, expanding at a CAGR of around 9% between 2021 and 2031.
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Wind turbine operations and maintenance services include operations, maintenance, asset administration, remote monitoring, and repair of wind turbines installed at wind farms. Wind turbine operations and maintenance services can be scheduled maintenance services or unscheduled maintenance services. Scheduled maintenance services are carried out at regular intervals. Unscheduled maintenance services are carried out in event of sudden breakdown of a wind turbine or its components. Different components of a wind turbine such as gearbox, rotor blade, generator, inverter, brake, and tower require regular maintenance to operate efficiently. Gearbox assembly, rotor blades, and brakes are some of the components that are more susceptible to breakdown and require monitoring and maintenance at regular intervals.
Increase in Demand for Wind Turbine Operations and Maintenance for Use in Offshore Application
Based on application, the global wind turbine operations and maintenance market has been segmented into onshore wind turbine operations and maintenance and offshore wind turbine operations and maintenance. Onshore wind turbine operations and maintenance was the major application segment of the global wind turbine operations and maintenance market, accounting for more than 90% share in 2020. However, demand for offshore wind turbine operations and maintenance services has been increasing owing to the rise in number of offshore wind farms and complexity involved in servicing offshore wind turbines.
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Increase in number of aging wind turbines and rise in numbers of gearbox failures and generator assembly failures have augmented the global wind turbine operations and maintenance market. Additionally, increased presence of financial institutions and private investors as owners of wind farms has boosted the demand for wind turbine operations and maintenance services.
Growth in share of offshore turbines in the wind energy mix has also boosted the demand for wind turbine operations and maintenance services. Increase in cost of logistics and lack of skilled workforce are anticipated to hamper the global wind turbine operations and maintenance market in the near future.
Asia Pacific Dominates Global Wind Turbine Operations and Maintenance Market
The global wind turbine operations and maintenance market has been segmented into North America, Europe, Asia Pacific, and Rest of World. Asia Pacific accounted for around 60% share of the global wind turbine operations and maintenance market in 2020. However, the wind turbine operations and maintenance market in Rest of World is anticipated to expand at the fastest rate during the forecast period. Asia Pacific is anticipated to be the second-fastest growing market for wind turbine operations and maintenance during the forecast period.
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Key Players Operating in Wind Turbine Operations and Maintenance Market
Leading companies operating in the global wind turbine operations and maintenance 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.
Global Wind Turbine Operations and Maintenance Market: Segmentation
Wind Turbine Operations and Maintenance Market: Application
Onshore
Offshore
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