The Collective Turnover of the Global Wind Turbine Operations Market projected to rise to USD 20.12 billion by 2027
Published | 24 July 2020
The Global WindTurbine Operations Market was valued at USD 12 billion in 2019 and is estimated
to reach USD 20.12 billion by 2027, at a CAGR of 8.54% during the prediction
period. Wind energy is a renewable source of energy available in
abundance in ecology. Wind energy is essentially the adaptation and conversion
of wind flow into a beneficial form of energy. The different techniques used
for renewable energy include water pumping, wind turbines operations, and
windmills for mechanical energy. Wind power is an alternate source of energy
generated through the wind flow or air currents with the aid of a wind
turbine.
The growth in the wind turbine operations market depends on
investment trends in offshore wind turbines, acceptance of the renewable
sources of energy, and pressure on supply for electricity. Over the last few
years, there has been a significant rise in offshore exploration and production
activities, increasing the wind turbine installations in offshore areas
internationally. The move is likely to push the global wind turbine operations
and maintenance requirements in the future.
The average shelf life of a wind turbine ranges between 20 to 25
years. Thus, old wind turbines deployed before 2000 needs maintenance and
repair. However, all wind turbines require proper maintenance after ten years
of their use. The growing fixtures and an increasing number of aging turbines
across the globe have amplified the request for the upkeep services and
eventually drove the market's growth.
The growing requirement to lower the carbon emissions and a
shift towards renewable power drive the growth of the market. Additionally,
increasing government support and the rising maintenance services providers
have helped the market's growth. Nevertheless, the exponentially rising
population leads to more demand for power, propelling the market's growth.
However, the high cost of the wind turbines and difficult accessibility of
maintenance services are the factors impeding growth.
Onshore is the dominating segment based on the type of wind farm
The global wind turbine operations market has been divided into
onshore and offshore segments. The onshore segment held a significant chunk of
the market, with over 93% of global revenue in 2016. Though offshore turbines
offer advanced competence than onshore counterparts, they involve higher
fitting costs, consequently pushing operating costs upward. The offshore sector
faces various challenges as they are located in remote locations towards the
sea. It leads to inconvenience for repair and upkeep and high installation
costs.
Key Drivers
Favorable government policies and Initiatives
The supportive government policies and significant incentives in
favor of a green energy system augmented installations leading to more power
generation capacity over the past few tears. The nations, including China,
Germany, India, Japan, and France, are committed to reducing their dependence
on fossil fuel-based power sources. Many advanced countries in Europe have
implemented market-based systems such as competitive auction and
feed-in-premium tariffs. China has supported the wind energy sector by
preparing promising plans and policies for critical investment in renewable
energy. It has developed the Five Year Plan for Energy Transition to reach wind
energy consumption to 20% by 2030 and accordingly powered the fitting of new
turbines. Furthermore, Japan and India have accepted the feed-in-tariff policy
to encourage economies in renewable energy projects.
Effective policies and initiatives to mitigate adverse
ecological impact promoted the renewable energy market, assuring a productive
development in wind turbines activities.
Technological Advancement
The technical invention has provided energy-efficient procedures
in multiple industries. As a result, there has been a decline in electricity
requests from industrial segments in developed countries, including the US.
Furthermore, the electricity demand in the housing sector grew at a slower rate
than the anticipated one. The wind energy industry was subject to high costs
related to operations & maintenance. However, with robust development in
the market, industry players focused on optimizing maintenance costs through
active tracking of failure statistics and other policies. They supervised the
progress of operations & evaluated maintenance activities required at
project sites. They have developed reliable and cost-effective conditions and
monitoring techniques over the past few years. Many companies deploy
cutting-edge technology to determine and sort failure issues. Besides, advanced
tools are employed to estimate long-term annual average costs and interruption
of turbines. Such tools help recognize components that are on the edge of a
being dysfunctional facilitating preventive actions to avoid unforeseen
failure.
Asia Pacific is estimated to register the highest growth rate in
the market during the projection period
Europe secured a vital portion of the global wind turbine
operations market in 2018 due to expanded offshore installation activities
across the region. The rising number of offshore wind farms has also enhanced
the requirement for overseas wind turbine operations and maintenance services.
The UK has the highest share in offshore volume in the entire European region,
assuring the development of the regional market in the upcoming period.
The Asia Pacific wind turbine operations market is estimated to
record the loftiest growth rate over the prediction timeframe. China has
witnessed a substantial rise in wind turbine fittings, and it has planned to
grow its offshore wind turbine installations in the future. These factors are
likely to further drive the wind turbine operations market in the Asia Pacific
region over the estimated period.
Global Wind Turbine Operations Market: Competitive Landscape
The major companies in this market are Gamesa Corporation, GE
Wind Turbine, Siemens Wind Power GmbH, Suzlon Group, Nordex SE, UpWind
Solutions Inc., Xinjiang Goldwind Science & Technology, Enercon GmbH, and
Vestas Wind Systems A/S. and others.
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