wind farm operation and maintenance market REPORT OVERVIEW
The global wind farm operation and maintenance market size was 11590 million in 2021. As per our research, the wind farm operation and maintenance market is expected to reach USD 27590 million by 2028, exhibiting a CAGR of 12.7% during the forecast period.
The COVID-19 pandemic has been unprecedented and staggering, wind farm operation and maintenance experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Wind farm operation and maintenance are the services that keep wind turbines running smoothly. Wind energy is a renewable kind of energy that is abundant on the earth's surface. Wind energy is created by converting wind movement into any useful type of energy, such as windmill for mechanical energy, turbines for electricity generation, and water pumping, among other things. Wind turbines are recognized to be a renewable energy source that generates electricity from prevailing winds or air currents.
Gears, systems for control, electrical systems, yaw systems, the blades, pitch systems, turbines, generators, sensors, and hydraulics are all crucial components that can fail. Unexpected failure of turbine components causes significant downtime and reduces output, highlighting the importance of thorough inspection and repair at regular intervals.
COVID-19 Impact:
"Interruption in Services to Deplete Market Growth "
Renewable energy development in numerous nations is heavily reliant on imports from producing countries, particularly China. As a result, the wind energy from renewable sources business is reliant on wind energy component and equipment imports from other countries. Wind power components and raw materials, including as rotors and blades, are imported into the United States.
Nationwide lockdowns and travel bans in various European and Asian Pacific countries have resulted in a drop in wind turbine output, with leading manufacturers such as General Electric (GE), Goldwind, and other companies experiencing massive queues and difficulties in order processing. Despite the fact that the COVID-19 outbreak has reduced wind turbine manufacture, existing turbines have continued to operate to provide a consistent energy supply. Overall, the market was heavily affected by the pandemic.
LATEST TRENDS
"Onshore and Offshore Turbine Operations to Stimulate Market Development "
Onshore and offshore wind turbine operations and maintenance markets have been identified. In 2016, the main application segment was onshore, accounting majority of the global revenue. Offshore is expected to increase at a quick pace, with a compound annual growth rate (CAGR) of 15.2% during 2017 to 2025.
Offshore turbines are more efficient than onshore equivalents; nonetheless, they have greater installation costs, which raises operational costs. The offshore sector confronts a number of problems as a result of its remote location in the water, with limited access for maintenance and repair and expensive installation costs, limiting segment expansion.
wind farm operation and maintenance market SEGMENTATION
- By Type
Based on type; the market is divided into wind farm developer, wind turbine manufacturer, third party companies
Wind farm developer is the leading part of the type segment.
- By Application
Based on the application; the market is divided into onshore wind, offshore wind
Onshore wind is the leading part of the application segment.
DRIVING FACTORS
"Increase in Annual Installation to Aid Market Expansion "
The increase in the scope of offshore exploration and production activities, which leads to an increase in the total amount of wind turbine installations in offshore areas around the world, as well as the growing demand for systems to extend the shelf life of wind turbines and old ones, are among the key variables operating the wind farm operation and maintenance market share.
The increase in annual installation over the last few years to reduce the negative environmental effects in the power generation industry, the existence of favourable government regulations and attractive incentives for creating a zero emission power system, and the mandatory purchase of renewable energy all contribute to the growth of the wind farm operation and maintenance market.
"Implementation of Feed-in-Traffic Policies to Foster Industry Progress "
The implementation of feed-in-tariff policy to stimulate expenditures in renewable energy projects in emerging nations, increased investment in offshore wind turbines, and an increase in the number of maintenance services agencies all have an impact on the wind farm operation and maintenance industry. Furthermore, increased turbines installation, high electric consumption, an increasing number of elderly turbines, and increased government backing all benefit the wind turbine operations and maintenance business. Moreover, technological innovation, increased offshore activities, and aging wind turbines create attractive prospects for wind farm operation and maintenance companies from 2021 to 2028.
RESTRAINING FACTORS
"Cost of Installation and Maintenance to Limit the Market Evolution "
On the other side, the high cost of wind turbine installation and maintenance is likely to stymie the expansion of the wind farm operation and maintenance industry. The wind farm operation and maintenance operations is expected to face challenges due to a shortage of competent workers to operate the systems.
Gears, systems for control, electrical systems, yaw systems, the blades, pitch systems, turbines, generators, sensors, and hydraulics are all crucial components that can fail. Unexpected failure of turbine components causes significant downtime and reduces output, highlighting the importance of thorough inspection and repair at regular intervals which can prove to be fatal for the wind farm operation and maintenance market growth during the anticipated period.
wind farm operation and maintenance market REGIONAL INSIGHTS
"Offshore Installation Sector in Europe to Support Market Advancement "
Europe holds the largest market share it dominates the offshore installation sector and has significant operating and maintenance costs. Europe has the most offshore capacity in the around the globe. Due to a large rise in annually installations in regions of Europe it is expected to be the biggest market by 2025, generating majority of the global revenue. The region had the largest annual installation rate of 23 GW worldwide. In addition, the country is likely to increase its offshore capacity, significantly influencing industry growth.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.
The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.
List of Market Players Profiled
- Vestas (Denmark)
- Siemens gamesa (Germany)
- GE renewable energy (France)
- Enercon (Germany)
- Goldwind (China)
- Suzlon (India)
- Global Wind Service (Denamark)
- Deutsche Windtechnik (Germany)
- Stork (Netherlands)
- Mingyang Smart ENERGY (China)
- Ingeteam (Spain)
- Envision Group (China)
- Dongfang Electric Wind (China)
- BHI Energy (U.S.)
- GEV Group (Germany)
- EOS Engineering & Service Co., Ltd (Japan)
REPORT COVERAGE
This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.
In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 11590 Million in 2021 |
Market Size Value By |
US$ 27590 Million by 2028 |
Growth Rate |
CAGR of 12.7% from 2021 to 2028 |
Forecast Period |
2021-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types and Applications |
Frequently Asked Questions
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What value is the global wind farm operation and maintenance market expected to touch by 2028?
The global wind farm operation and maintenance market size is expected to reach USD 27590 million by 2028.
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What CAGR is the global wind farm operation and maintenance market expected to exhibit by 2028?
The global wind farm operation and maintenance market is expected to exhibit a CAGR of 12.7% by 2028.
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Which are the driving factors of the wind farm operation and maintenance market?
The driving factors of the wind farm operation and maintenance market are increase in annual installation and implementation of feed-in-traffic policies.
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Which are the key players or most dominating companies functioning in the wind farm operation and maintenance market?
Vestas, Siemens gamesa, GE renewable energy, Enercon, Goldwind are the key players or most dominating companies functioning in the wind farm operation and maintenance market.