Wind Turbine Services Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Wind Turbine Services Market Research Report, Type, Application and Region – Forecast till 2027” the market size is projected to reach a valuation of USD 18,427.3 Million by 2027 at a 8.4% CAGR between 2020 and 2027.
COVID-19 Analysis on Wind Turbine Services Market
The disruption in supply chain during COVID-19 outbreak has negatively impacted the wind energy projects. In different countries, renewable energy projects are dependent largely on imports from other nations. The wind industry similarly is reliant on imports of wind equipment from different countries. The majority of the wind raw components and materials in the US are imported from Europe and China. Due to the lockdown in most countries, chief wind equipment suppliers have faced production shutdowns impacting a large number of projects. In September 2020, for instance the Maharashtra Electricity Regulatory Commission extended the commissioning date of the 76.5 MW wind project by 5 months for the pandemic. In most European countries just essential employees are allowed to work. This has encouraged wind operators in focusing on reactive turbine repairs and reduced the scheduled maintenance activities. All these, have affected the market growth.
Attractive Features that Boost Market Growth
As per the latest MRFR report, numerous factors are propelling the global wind turbine services market value.
Increasing Investment in Wind Energy to Boost Market Growth
The increasing investment in wind energy is predicted to boost market growth over the forecast period. The growing environment protection regulations fuel the power generation industry for shifting to environment-friendly and cleaner energy resources. Different countries across the globe are focusing on the development of renewable energy power generation for reducing their dependence on conventional sources for power generation. Recently, it has been observed that investments in solar, wind, and other renewable energy sources are increasing continuously. Wind energy is a key renewable energy source with the potential for meeting many of the energy generation challenges faced by the world. Installation of wind power rose to more than 650 GW as about 60 GW of new wind projects had been developed in 2019. Such noteworthy development in the wind capacity needs effective monitoring and maintenance at regular intervals. Hence, the growing investment in wind energy is likely to drive the demand for wind turbine services.
Besides, the growing number of turbine installations in offshore and onshore environments will also add to the global wind turbine services market share over the forecast period.
Technological Improvements to Offer Robust Opportunities
Technological improvements like increased-capacity wind turbines, 3D printing, and floating wind turbines have opened up new offshore locations like deep water that earlier were inaccessible for the lack of technology and investment. Besides, the integration of data analytics, robotics, internet of things, and artificial intelligence in wind turbines will allow advanced condition monitoring and predictive maintenance that lead to increased efficiency and reduced operational and maintenance costs are likely to offer robust opportunities for the market in the forecast period.
High Operation and Maintenance Cost to act as Market Restraint
The high operation and maintenance cost for optimistic estimation of reality and lifetime of turbines may act as market restraints in the forecast period.
Stagnant Growth in Electric Consumption to act as Market Challenge
The stagnant growth in electric consumption may act as a market challenge over the forecast period.
By type, the OEM segment will lead the market over the forecast period at a high CAGR as OEMs are re-structuring their business model and innovate how the services are performed for planned and routine cycles and unplanned services like major repairs, upgrades, and modifications.
- By Application
By application, the onshore segment will dominate the market over the forecast period as majority of wind farms are located onshore.
North America to Precede Wind Turbine Services Market
North America will precede the wind turbine services market over the forecast period. Increasing offshore wind turbine installation, various long-term contracts being offered, the presence of several key players, and the government policy aimed to boost the growth of renewable energy are adding to the global wind turbine services market growth in the region.
Segmentation of Market covered in the research:
Information By Type (Original Equipment Manufacturer (OEM), Independent Service Provider (ISP) and In-House), Application (Onshore and Offshore) and Region (North America, South America, Europe, Asia- Pacific and Middle East & Africa)