Global Offshore Wind Turbine Operations and Mainte
Global Offshore Wind Turbine Operations and Maintenance Market Size Set to Touch USD 20 Billion by 2029
Published | 25 January 2023
Global offshore wind turbine operations and maintenance market is flourishing because of rising focus on reducing environmental impacts in the power generation industry, increasing favorable government policies and attractive incentives, and rise in the rate of offshore exploration and production activities
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global offshore wind turbine operations and maintenance market size at USD 11.9 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global offshore wind turbine operations and maintenance market size to grow at a significant CAGR of 8.3% reaching a value of USD 20.1 billion by 2029. Major growth factors of global offshore wind turbine operations and maintenance market include increasing focus on reducing environmental impacts in the power generation industry, favorable government policies and attractive incentives, and rise in the rate of offshore exploration and production activities. The global increase in capacity installations has driven the wind turbine operations and maintenance market. The power generation industry's focus on lowering environmental consequences has been a primary driver of exponential increase in annual installation over the last few years, resulting in rapid expansion in capacity installation in Asia Pacific, Europe, and North America. Favorable government regulations and appealing incentives were put in place to establish a zero-emission power system, which boosted annual installation capacity over the last few tears. China, Germany, India, Japan, and France are concentrating on reducing their reliance on fossil fuel-based energy sources. The predicted increase in the deployment of wind turbines in increasingly challenging and difficult places, such as further offshore, along with the increasing capacity of wind turbine capacity, has increased the burden on the wind turbine's operating components. This causes early component degradation, such as gearboxes and other components, and is expected to result in a significant wind farm collapse. Furthermore, the costs of providing wind turbine operations and maintenance services are much higher than those of onshore installations. In comparison to onshore facilities, challenges such as growing service, material, and difficult to access terrains are limiting the expansion of the wind turbine operations and maintenance market. These latest trends are expected to drive the global offshore wind turbine operations and maintenance market over the forecast period. However, stagnant growth in global electric consumption and high costs for operations & maintenance are anticipated to restrain the overall market expansion.
Global Offshore Wind Turbine Operations and Maintenance Market – Overview
Wind is a form of solar energy caused by uneven heating of the atmosphere and irregularities on the earth's surface. Wind farm owners must do operations and maintenance on their turbines due to the long-term impact. Larger owners frequently adopt self-perform strategies in order to obtain complete control over their assets, enhance original equipment manufacturer (OEM) procedures, and cut costs. A wind turbine is a mechanism that converts wind kinetic energy into electricity. Wind farms now generate more than 650 gigatons of electricity, with 60 gigatons constructed per year. Periodic turbine maintenance is necessary to extend the life of wind turbines and enhance the wind turbine operations and maintenance business. To generate both power and income over the projected time, the leading industry players in the global wind turbine operations and maintenance market must invest a large amount of money. Wind turbine operations and maintenance service providers oversee the maintenance, operation, repair, and diagnostics of wind turbines installed at offshore wind farms. Wind turbine operations and maintenance services include unscheduled maintenance, scheduled maintenance, asset management, and remote monitoring.
Impact of COVID -19 on Global Offshore Wind Turbine Operations and Maintenance Market
COVID-19 had a detrimental impact on offshore wind turbine operations and maintenance market. Renewable energy development in numerous nations is heavily reliant on imports from manufacturing countries, particularly China. As a result, the wind renewable energy business is reliant on wind energy component and equipment imports from other countries. Wind energy raw materials and components, including as rotors and blades, are imported into the United States from Europe and China. Nationwide lockdowns and travel ban in various European and Asian Pacific countries have resulted in a drop in wind turbine output, with leading manufacturers such as General Electric, Goldwind, and others experiencing massive backlogs and delays in order processing. According to the Wind Europe research, for example, the wind turbine industry is expected to fall by about 30% by 2020. Even though the COVID-19 has reduced wind turbine manufacture, existing wind turbines have continued to operate to provide a consistent energy supply.
Global Offshore Wind Turbine Operations and Maintenance Market – By Location
Based on location, global offshore wind turbine operations and maintenance market is divided into Shallow Water, Transitional Water, and Deep Water. The shallow water segment held the highest marker share in 2022. The segment is where the majority of initiatives are undertaken. Due to the presence of less harsh weather and ease of maintenance, this segment is a favored alternative for the establishment of offshore wine farms. In addition, establishing electrical infrastructure is easier in shallow water when installing a wind turbine. Because of the lower wind speed available in shallow water, turbines with lower MW capacity are installed in the region.
Major players operating in global offshore wind turbine operations and maintenance market include Vestas, Siemens Gamesa Renewable Energy, Goldwind, MHI Vestas, GE Renewable Energy, ENVISION, Mingyang, Nordex Acciona, Enercon, Windey, Adwen, Dongfang, Sewind, CSIC Haizhuang, Senvion, United Power, Dong Energy, Suzlon Energy Limited, and B9 Energy Group. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Offshore Wind Turbine Operations and Maintenance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Offshore Wind Turbine Operations and Maintenance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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