Wind Turbine Operation and Maintenance Market to Reach USD 52.74 Billion by 2028; Increasing Demand for Power to Augment Growth: Fortune Business Insights™

0
185

The global wind turbine operation and maintenance market size are expected to reach USD 52.74 billion by 2028 while exhibiting a CAGR of 8.3% between 2021 and 2028. Fortune Business Insights in its latest report, titled, Wind Turbine Operation and Maintenance Market, 2021-2028.”, mentions that the market stood at USD 28.05 billion in 2020 and is projected to experience significant growth in the forthcoming years. Factors such as the increasing investment in the wind energy sector and the growing demand for power worldwide are expected to boost the demand for operation and maintenance services for wind turbines. In March 2021, the U.K Government in its budget announced the legislation of creating an infrastructure bank and several green finance schemes that are projected to benefit the offshore wind power industry.

Market to Experience Slower Growth by Reaching USD 30.21 billion in 2021 amid COVID-19

The aftereffects of the COVID-19 pandemic have been immense as several industries suffered economic setbacks due to the shutdown of industrial operation and reduced labor force. Moreover, the power industry went through reduced investment and deployed power projects that led the market experiencing sluggish growth by reaching USD 30.21 billion in 2021. However, supportive government policies and the growing importance of renewable energy sources will favor the market’s demand in the forthcoming years.

Market Segmentation:

Based on type, the global market for wind turbine operation and maintenance is bifurcated into scheduled and unscheduled.

  • Based on type, the unscheduled segment is expected to hold a global wind turbine operation and maintenance market share of about 65.8% in 2020 and is projected to showcase significant growth in the forthcoming years. This is attributable to the increasing demand for unscheduled services owing to several emergency situations due to the breakdown of wind turbines globally.

On the basis of location, the market is divided into onshore and offshore. Lastly, based on the region, the market is segmented into Asia-Pacific, Europe, Latin America, the Middle East and Africa, and North America.

What does the Report Include?

The global market for wind turbine operation and maintenance report provides analysis of the market while focusing on key aspects such as increasing investments by companies, platforms, key players, and technology. Furthermore, the report offers qualitative and quantitative insights on market trends, market competition, market status, competitive landscape, product pricing, and highlights key industry developments. Additionally, the report includes several direct and indirect factors that are likely to contribute to the growth of the market between 2021 and 2028.

DRIVING FACTORS

Increasing Power Consumption to Promote Growth

The power consumption in 2020 fell by 5% according to the International Energy Agency. However, by 2050, the demand for energy is anticipated to rise by over 30% reports the agency. This is attributed to the increasing population rate and the growing technological advancement in the power sector. Therefore, the increasing power consumption is expected to contribute to the global wind turbine operation and maintenance market growth during the forecast period.

REGIONAL INSIGHTS

Europe – The region is expected to hold the highest position in the market in the forthcoming years. This is ascribable to factors such as the adoption of several wind turbine projects in countries such as the U.K., Germany, and France. Europe stood at USD 11.29 billion in 2020.

Asia-Pacific – The market in the region is expected to experience considerable growth backed by the rapid-paced industrialization and urbanization that is likely to propel the demand for wind turbine operation and maintenance services on the back of the growing power demand between 2021 and 2028.

COMPETITIVE LANDSCAPE

Contract Signing by Key Players to Expand Their Product Portfolio & Boost Sales Revenue

The global market for wind turbine operation and maintenance comprises small, medium, and large companies that are striving to maintain their presence by signing lucrative contracts with government and other private agencies to expand their product portfolio. Moreover, other key players are adopting organic and inorganic strategies to maintain their stronghold in the highly competitive global marketplace.

Industry Development:

December 2020 – Siemens Gamesa announced the signing of a 10-year total service operation and maintenance contract with Aela Energia. The contract includes maintenance services of over 93 Senvion wind turbines at the Sarco and Aurora wind projects in Chile.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.