Global Wind Turbine Services Market Is Expected to Reach USD 19.38 Billion by 2026 : Fior Markets
Wind Turbine Services Market by Type (24-hour Wind Turbine Services, 16-hour Wind Turbine Services), Application (Male, Female), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026
Newark, NJ, March 02, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global wind turbine services marketis expected to grow from USD 10.03 billion in 2018 to USD 19.38 billion by 2026 at a CAGR of 8.53% during the forecast period from 2019-2026. Many countries are moving towards the adoption of renewable energy resources and installing many projects to generate renewable energy. Thus, demand for wind turbine services has been increased in recent years.
The wind energy has grown to become one of the leading global sources of power generation over the years, and the full utilization of wind power is expected to get stronger. Wind turbines are the important components of wind farms that help in power generation thereby converting kinetic energy of wind to electrical energy. Wind turbine maintenance is a vital tool to increase the profitability and lifetime of the project. Therefore, the reliability of the wind turbine system is one of the major factors playing a crucial role in the success of wind energy projects.
The global wind turbine services market is expected to witness rapid growth over the forecast period, owing to increased adoption of renewable energy sources to reduce the growing levels of greenhouse gas (GHG) emissions across the globe. Rising number of offshore wind turbines and supportive governments efforts to encourage the adoption of renewable source of energy such as wind power are another factors contributing to the market expansion. High costs for operations & maintenance, due to optimistic estimation of reliability and lifetime of turbines may pose as a major threat to the product. However, the increase in the number of wind turbine installations in both onshore and offshore environments will drive the growth of the wind turbine services market in coming years.
Key players operating in the global wind turbine services market are Siemens Wind Power GmbH, Suzlon Group, GE Wind Turbine, Enercon GmbH, Upwind Solutions, Aeronautica WindPower, EcoEnergy LLC, Baywinds, Invenergy, and Orion International Consulting Group, LLC. among others. To enhance their market position in the global wind turbine services market, the key players are now focusing on adopting the strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.
For instance, in January 2018, UKEF helped GE Global Services UK secure landmark turbine maintenance contract in Iraq.
In May 2019, Siemens Gamesa Renewable Energy announced that it has signed a four-year O&M agreement with Pattern Energy for its 218-MW Panhandle Wind 1 facility, consisting of 118 units of 1.85-87 MW GE wind turbines. The company will begin servicing the turbines from June 2019 in Carson County, Texas.
In March 2018, Suzlon Group announced that it has won two wind power projects of 300 MW and 200 MW for installation and maintenance in Gujarat, India.
In February 2020, GE Renewable Energy announced that has secured a contract from Swedish wind power company OX2 to provide multi-year service to the turbines, featuring two-piece blade design provided by LM Wind Power, a GE Renewable Energy business.
In May 2016, UpWind Solutions announced that it has signed a multi-site service contract with Berkshire Hathaway Energy and its subsidiaries PacifiCorp and MidAmerican Energy Co. to provide maintenance services for 1.75 GW of GE 1.5 S & SLE turbines across 15 sites located in Wyoming, Iowa, and Oregon in U.S.
The OEM segment is dominating the market with the highest share of 45.14% in 2018
The type segment is segmented into ISP, OEM, and in-house. The OEM segment is dominating the market with the highest share of 45.14% in 2018. An Original Equipment Manufacturer (OEM) of wind turbine is a company that produces equipment and parts that may be marketed by another manufacturer.
The offshore segment is growing rapidly with the highest CAGR of 9.01% over the forecast period
The application segment is segmented into offshore and onshore. The offshore segment is growing rapidly with the highest CAGR of 9.01% over the forecast period. Offshore turbines offer higher efficiency than onshore counterparts; however, they incur higher installation costs and consequently, operating costs increase.
Regional Segment Analysis of the Wind Turbine Services Market
North America (U.S. , Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
Asia-Pacific (China, Japan India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region held the largest market share of 35.69% in 2018 in the global wind turbine services market. The increasing adoption of clean energy resulting from the depletion of oil and gas reserves and high GHG emissions is one of the key factor driving the growth of market in the North America. Several countries are introducing the clean energy initiatives and renewable energy and sustainable development policies to promote the use of renewable energy across the region, further boosting the growth of market. Countries such as U.S. and Canada are some of the leading countries in market. The Asia Pacific region is anticipated to grow to meet its growing energy needs, and in a bid to limit smog-causing pollution from coal plants and act on climate change. China installing half of all the new wind capacity additions worldwide. Similarly, huge investments are also expected to be scaled up in countries such as India, South Korea, and Japan, which would further supplement the demand for wind turbine MRO services in the region during the forecast period.
About the report:
The global Wind turbine services market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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