Market Research Report
Wind Turbine Operations & Maintenance Market - Global Market Size, Trends, and Key Country Analysis to 2025
|Published by||GlobalData||Product code||327648|
|Published||Content info||198 Pages
|Wind Turbine Operations & Maintenance Market - Global Market Size, Trends, and Key Country Analysis to 2025|
|Published: June 6, 2017||Content info: 198 Pages||
Wind energy is the conversion of wind flow into a useful form of energy, such as power production, through turbines, water pumping, and windmills for mechanical energy. Wind power is an alternative source of power generated from the flow of the earth's air currents through a wind turbine. A wind turbine gathers kinetic energy to convert into electricity for residential, commercial, and industrial purposes. Wind power is a clean source of energy as it does not emit carbon dioxide (CO2). It is classified into onshore and offshore. Onshore wind is the market segment where wind turbines are erected on land, and offshore wind is the market segment where wind turbines are erected in the sea or ocean on a foundation/platform.
In 2016, global wind power capacity reached 491.0 Gigawatts (GW), with an addition of 52 GW in that year. More than 400 GW of wind power capacity was added during the 2006-2016 period, which drastically increased opportunity for the Operations and Maintenance (O&M) market in the forecast period. The global wind O&M market grew from US$2.12 Billion in 2006 to US$13.74 Billion in 2016, at a Compound Annual Growth Rate (CAGR) of 20.6%. The market is expected to reach US$27.4 Billion by 2025, at a CAGR of 7.7% during the forecast period. The increasing age of wind turbines and the failure of components such as blades and gearboxes are the major reasons for the increasing wind turbine O&M market.
Offshore wind accounted for about 8.2% of the total wind O&M market in 2016, with a market size of US$1.12 Billion. Offshore wind attracts higher O&M costs in comparison to onshore wind. Higher turbine maintenance, high logistics costs, and a lack of skilled manpower make offshore wind services more challenging than the onshore equivalent. Although onshore wind also faces logistics and manpower issues, the impact of these factors on the offshore segment is higher. It is estimated that the offshore wind O&M market will continue to grow, to reach US$5.04 Billion, equating to an 18.4% share of the total wind power O&M market in 2025. The UK, Germany, and China will be the largest contributors to the offshore wind power O&M market, with contributions of US$1.46 Billion, US$0.86 Billion, and US$0.69 Billion, respectively.
China is the largest wind O&M market in the world and accounted for 30% of the total O&M market size in 2016. It is expected that China will remain in first position with a share of 27.4% by 2025. The US is the second-largest wind O&M market in the world with a share of 14.6% in 2016, and is also expected to continue in second place in 2025. Germany, the largest European wind O&M market, accounted for 14.3% of the O&M market share in 2016 and is expected to hold a 11.9% share in 2025.
The report "Wind Turbine Operations & Maintenance Market - Global Market Size, Trends, and Key Country Analysis to 2025" provides an overview of wind power technology, the value chain and the introduction about wind turbine operations and maintenance market.
In particular, this report provides the following analysis -
Companies mentioned in this report: GE Power, Vestas Wind Systems A/s, Nordex SE, Gamesa, Siemens AG, One Wind Service Inc, Suzlon, B9 Energy, Wind Prospect Group Limited.
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