The global wind turbine operations & maintenance market is expected to reach USD 20.3 billion by 2025, according to a new report by Grand View Research, Inc. Rising focus to minimize environmental impact in the power generation industry, has fueled the wind energy market. Exponential rise in wind turbine installation across the globe, especially in Asia Pacific, Europe, and North America is expected to have a positive impact on the industry over the forecast period.
Various components such as blades, gearbox, rotors, generator, yaw, and hydraulic pumps are susceptible to failure and require regular condition monitoring to avoid breakdown. Effective maintenance at regular interval helps to decrease failure rate and thus increases the operational efficiency by reducing downtime. Focus to establish cost effective operations & maintenance is expected to fuel industry growth over the next none years.
Onshore accounted for the largest share of the global market in 2016 and this trend is expected to continue over the forecast period. However, offshore installation is estimated to increase at an unmatched rate, owing to favorable governmental initiatives in China, UK, Germany, Netherlands, Denmark, Japan, and South Korea. This in turn, is predicted to drive the offshore market segment over the next nine years.
Europe held the largest share in 2016, owing to significant installation in countries such as Germany, France, Italy, Spain, Denmark, Netherlands, Belgium, and Sweden. Asia Pacific is expected to grow at a promising rate over the forecast period. The region is estimated to dominate the global market in 2025. Latin America and Middle East & Africa are predicted to create lucrative opportunities over the forecast period.
Global annual installation capacity, by region, 2006 – 2016 (MW)
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Further key findings from the report suggest:
- The global wind turbine operations & maintenance market was valued at USD 8.08 billion in 2016 and is expected to witness rapid growth from 2017 to 2025 owing to increasing capacity installation across the globe
- Supportive policies to boost the renewable energy sector was one of the key drivers for market growth over the past few years
- Global annual installed capacity increased from 39.06 GW in 2010 to 54.60 GW in 2016. China, the U.S., Germany, India, Brazil, France, Turkey, and the Netherlands were the major contributors for the growth in annual installation.
- Onshore wind turbine operations & maintenance market held an unassailable share of the overall industry revenues and is estimated to reach over USD 18 billion by 2025
- Offshore application segment of the market is expected to rise at a growth rate of 15.2% from 2017 to 2025, owing to the increasing demand as a result of higher energy output
- Asia Pacific is projected to witness significant growth over the forecast period and surpass Europe in terms of market share of the global market by 2025, owing to increasing capacity installations and rising demand from the rapidly-growing population
- Latin America and Middle East & Africa are projected to experience exceptional growth over the forecast period, owing to robust increase in capacity installations
- Key players include Siemens Wind Power GmbH, Suzlon Group, GE Wind Turbine, Enercon GmbH, and Gamesa Corporation. The companies are focusing on extending their services in remote location through implementation of advanced technology
For more information: http://www.grandviewresearch.com