The Growth Trajectory of the Global Wind Energy O&M Market

Global wind energy O&M market is anticipated to grow at a CAGR of 7.2% during the forecast period (2024-2031). The market growth is driven by the increasing installation of wind power capacity, and the need for efficient operations and maintenance practices to maximize energy generation. Additionally, government initiatives to promote renewable energy contribute significantly to the market growth. The global wind energy O&M market is segmented by type (original equipment manufacturers, independent service providers, and in-house), by application (offshore and onshore), and by geographies (North America, Europe, Asia-Pacific, and the Rest of the World).

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Market Dynamics

· The original equipment manufacturers segment held significant growth in the wind energy O&M market, owing to the increasing number of big turbines in wind farms.

· The Asia-Pacific region is projected to experience considerable growth owing to the increasing investments in wind power projects and the growing demand for clean energy.

· The North American region is anticipated to account for a significant share of the market during the forecast period, driven by, the presence of a large number of wind farms, favorable government policies, and the need for efficient maintenance practices to ensure the optimal performance of wind turbines.

The major players in the global wind energy O&M market include Vestas Wind Systems, Siemens Gamesa Renewable Energy, S.A., General Electric (GE) Group, Covanta, and others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.

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Recent Development

· In January 2024, Inox Wind Ltd. (IWL), received a Letter of Intent (LoI) for executing a 50 MW ISTS-connected wind power project on a turnkey basis from NLC India Ltd. IWL will supply, install and commission its DF 113/92 - 2.0 MW capacity Wind Turbine Generators (WTGs), for a comprehensive operations & maintenance (O&M) services for over 10 years post commissioning. The project commissioning is planned at the mega Dayapar site in the Kutch district of Gujarat.

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