Global Wind Turbine Operation and Maintenance Market Size Expands at CAGR of 7.68% to Touch USD 65.3 Billion by 2030

Published | 21 February 2024

Global Wind Turbine Operation and Maintenance Market is flourishing because of the rapid expansion of wind energy installations worldwide and the growing adoption of technological advancements in the wind turbine sector.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Wind Turbine Operation and Maintenance Market size at USD 38.87 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Wind Turbine Operation and Maintenance Market size to expand at a CAGR of 7.68% reaching a value of USD 65.26 billion by 2030. Increasing investments in the renewable energy industry, especially in wind and solar energy for power production, are one of the key growth factors driving the Global Wind Turbine Operation and Maintenance Market. Additionally, it is projected that during the period in analysis, governments’ supportive initiatives and policies aimed at achieving net zero emissions through the renewable energy industry would also offer lucrative growth opportunities to the players in the Global Wind Turbine Operation and Maintenance Market.

Opportunity: Rapid adoption of technological advancements in wind turbine sector

The wind turbine sector is undergoing extensive innovations and technological advancements owing to the launches of innovative technologies, such as sensors and artificial intelligence, and rising investments in the sector by both public and private players. The focus is mainly on making wind turbines cost-effective as well as boosting their capacity. According to the National Renewable Energy Laboratory, technological advancements also include novel manufacturing techniques, such as 3D printing and spiral welding. Such developments are expected to unlock new types of issues with wind turbines, proliferating the demand for wind turbine operation and maintenance services over the forecast period.

Impact of Escalating Geopolitical Tensions on Global Wind Turbine Operation and Maintenance Market

The escalating geopolitical tensions disrupted the growth of the Global Wind Turbine Operation and Maintenance Market. For instance, both Ukraine and Russia have major reserves of wind energy and have been significantly investing in the renewable energy sector by building wind farms. However, with Russia's invasion of Ukraine, countries’ resources shifted toward military operations, which hindered the operations of the wind energy sector in both nations. However, raging energy crises post the war scenarios due to the shortage of fossil fuels as a result of sanctions on Russia are prompting the economies to invest in the renewable energy sector to reduce their dependency on fossil fuels, which is anticipated to provide lucrative growth opportunities to the Global Wind Turbine Operation and Maintenance Market.

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Global Wind Turbine Operation and Maintenance Market

Segmental Coverage

Global Wind Turbine Operation and Maintenance Market – By Location

Based on location, the Global Wind Turbine Operation and Maintenance Market is segmented into onshore and offshore. The onshore segment accounts for a higher market share. The growth of the onshore segment is mainly attributed to the increasing construction of wind farms in fields, more rural areas, and less populated regions. Technological advancements in the wind energy sector, favorable government frameworks and policies, and rising environmental concerns are also driving overall market growth. The offshore segment is also witnessing growth owing to its high efficiency compared to onshore wind farms.

Global Wind Turbine Operation and Maintenance Market - By Region

The in-depth research report on the Global Wind Turbine Operation and Maintenance Market covers the market in a number of major countries across five regions: North America, Europe, Asia Pacific (APAC), Latin America, the Middle East and Africa. The Asia Pacific region dominates the Global Wind Turbine Operation and Maintenance Market owing to high investments in the wind energy sector. Currently, China consumes the most wind energy, accounting for one-third of all wind energy generated worldwide. The biggest onshore wind farm in the world is in Gansu Province, China, according to Inspire Clean Energy. Other Asian countries, including India, Japan, New Zealand, and South Korea, have announced net zero targets to reduce their gross carbon emissions, which is anticipated to drive the demand for wind turbine operation and maintenance services and solutions during the forecast period.

Competitive Landscape

Major players operating in the Global Wind Turbine Operation and Maintenance Market include Global Wind Service (GWS), Vestas Wind Systems A/S, General Electric, Siemens Gamesa Renewable Energy, NORDEX SE, Deutsche Windtechnik AG, Suzlon Energy Limited, B9 Energy Ltd, and Fred. Olsen Windcarrier. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Global Wind Turbine Operation and Maintenance Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Wind Turbine Operation and Maintenance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Wind Turbine Operation and Maintenance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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