Global Wind Turbine Operations Market Size, by Type of Wind Farm (Onshore and Offshore) and Application (Industrial, Commercial, and Residential), By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), Trend Analysis, Market Competition Scenario & Outlook, 2020-2027

Published:
July 2020
Report Code:
BWC20101
Available Format:
PDF PDF Icon
Pages:
177

wind turbine operations market bwc20101

Global Wind Turbine Operations Market – Market Projections & Trends 

 

The total revenue of the Global Wind Turbine Operations Market remained USD 12 billion in 2019. It is estimated to reach USD 20.12 billion by 2027, at a CAGR of 8.54% during the prediction period. The wind turbine operations market is determined by investment trends in offshore wind turbines, acceptance of the diverse renewable sources of energy, and pressure on the supply of electricity. Growing fittings and an increasing number of aging turbines across the globe require upkeep services, and they have eventually driven the market's growth.

 

The urgent need to lower the carbon emissions and increasing preference for renewable power are the other factors that further stimulate the growth of the market. Additionally, progressing government support and the rising number of maintenance services agencies provide the necessary support. Nevertheless, the population is growing exponentially, and it is likely to place pressure on the power sector for its increasing need. It will eventually lead to the exploration of other green sources of power, such as wind turbines. However, the high cost of the wind turbines and lack of obtainability and high maintenance are the growth-hampering or negating for this market.

 

Global Wind Turbine Operations Market – Overview

 

Wind energy is a renewable form of energy that is available in plenty on the exterior of earth. Fundamentally, wind energy is the adaptation and deployment of wind flow to produce a beneficial form of energy. The examples include electricity generation through water pumping, power generation through wind turbines, and windmills for mechanical energy. Wind power is a substitute energy source created from the wind flow or air currents with the aid of a wind turbine. Over the last few years, there has been a substantial rise in offshore exploration and production activities, fueling the need for wind turbine fixtures in offshore areas internationally. The development is likely to propel the global wind turbine operations and maintenance service improvement in the future. 

The ordinary useful life of a wind turbine is 20 to 25 years. Thus, old wind turbines installed before 2000 needs maintenance and repair. However, all wind turbines require proper upkeep after 10 years of use.

 

Key Drivers 

 

Favorable government policies and Initiatives

 

Encouraging government policies and substantial incentives were made effective for developing a zero carbon emission power system. It has strengthened the annual installation capacity of wind turbines over the past few tears. Countries like China, Germany, India, Japan, and France are determined to reduce their dependence on fossil fuel-based power sources. Advanced countries in Europe have devised market-based systems such as competitive auction and feed-in-premium tariffs for the renewable energy sector. China has been supporting the development by implementation of promising plans and policies with the critical purchase of renewable energy and the Five Year Plan for Energy Transition. As per plans, the investment has been made in new turbine fixtures to ensure increased wind energy consumption to 20% by 2030. Furthermore, Japan and India have put into practice the feed-in-tariff policy to encourage savings in renewable energy projects.

 

Encouraging policies and initiatives to minimize adverse environmental impact have given the push to the renewable energy market rightly and led to a productive development of turbines.

 

Technological Advancement

 

The technical invention in wind energy has led to the growth of energy-efficient procedures in various activities. As a result, the decline has been noticed in electricity demand from the industrial and housing sectors of developed countries, including the US.

 

Earlier, the wind energy industry was subject to high costs for operations & maintenance of turbines. However, with robust development in the wind energy market, industry players increased their focus on optimizing maintenance costs through active tracking of failure statistics and other policies. They monitor the progress of operations & supervise the maintenance activities required at project sites. They emphasize favorable and cost-effective conditions and monitoring techniques, and therefore, many companies have begun applying cutting-edge technology to assess breakdown issues. Advanced tools are being designed to estimate long-term annual average costs and interruption of turbines. Such tools help recognize components that are on the edge of being dysfunctional and preventive actions are taken in advance to avoid unforeseen failure.

 

Global Wind Turbine Operations Market: Segmentation

 

The global wind turbine operations market has been divided into onshore and offshore segments. The onshore segment was dominating one with a 93% share of global revenue in 2016. Offshore turbines offer advanced competence than onshore counterparts do; however, they entail higher fitting and operating costs. The offshore sector faces various challenges, such as the inconvenience of repairs and upkeep and higher installation costs in remote locations toward the sea, impeding its growth.

 

Based on the region, Global Wind Turbine Operations Market is segmented into five regions— Asia Pacific, Latin America, North America, Europe, and the Middle East & Africa. Europe has been the principal player in the offshore market, accounting for 91% installed capacity across the UK, Germany, Belgium, Finland, the Netherlands, Sweden, Ireland, and Norway. Many nations have benefited from the economies of scale with the surge of offshore capacity in giant turbines. Market players have earned higher returns while supplying renewable energy in the continent.

Global Wind Turbine Operations Market: Regional Insights 



Europe held a vital percentage of the global wind turbine operations market in 2018. This regional development can be attributed to an expanded number of offshore installation activities across the region. The rising number of offshore wind farms fuels the demand for overseas wind turbine operation and maintenance services. Furthermore, the UK has the highest offshore share in terms of volume in the entire European region and will continue its forward march in the upcoming period.

The Asia Pacific wind turbine operations market is also estimated to register the loftiest growth rate over the prediction period. There has been a substantial rise in wind turbine fittings in China. It is likely to advance its offshore wind turbine installations in the future and set to drive the wind turbine operations in the Asia Pacific region during coming years.


Competitive Landscape


The leading names in this market are Gamesa Corporation, GE Wind Turbine, Siemens Wind Power GmbH, Suzlon Group, Nordex SE, UpWind Solutions Inc., Xinjiang Goldwind Science & Technology, Enercon GmbH, and Vestas Wind Systems A/S. and others.


Scope of the Report

 

Attribute

Details

Years Considered

Historical data – 2016-2019

Base Year – 2019

Forecast – 2020 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, South Korea UAE, South Africa, Saudi Arabia.

Product/Service Segmentation

By Type of Wind Farm, By Application and By Region

Key Players

Gamesa Corporation, GE Wind Turbine, Siemens Wind Power GmbH, Suzlon Group, Nordex SE, UpWind Solutions Inc., Xinjiang Goldwind Science & Technology, Enercon GmbH, and Vestas Wind Systems A/S and others.


By Type of Wind Farm

 

Ø  Onshore 

Ø  Offshore 

 

By Application

 

Ø  Industrial

Ø  Commercial

Ø  Residential 

 

By Region

 

Ø  North America

Ø  Europe 

Ø  Asia Pacific

Ø  South America

Ø  Middle East & Africa

 

The objective of the Study:

 

Ø  To analyze and project the Global Wind Turbine Operations Market size in terms of value.

 

Ø  To examine the region-wise segmentation of the Global Wind Turbine Operations Market and assess the market size in terms of value for each region viz., North America, Europe, Asia Pacific, Middle East & Africa, Latin America, and their leading countries. 

 

Ø  To outline, segregate, and estimate the Global Wind Turbine Operations Market based on different classifications, i.e., By Type of Wind Farm, By Application and By Region.

 

Ø  To scrutinize category-wise competitive developments in the Global Wind Turbine Operations Market By Type of Wind Farm, By Application and By Region.

 

Ø  To interpret the current market dynamics by analyzing growth drivers, restraints, opportunities, and challenges and their impact. 

 

Ø  To provide a detailed competitive landscape, including major players, strategic profiles, and market shares.

 

Business Questions Answered by the Report

 

Ø  How will the market drivers, restraints, and opportunities affect the market dynamics?

 

Ø  What will be the market size in terms of value and volume and market statistics with a detailed classification?

 

Ø  Which segment dominates the market or region, and which one will be the fastest-growing, and why?

 

Ø  Who are the key players in the market, and what is their share?

 

Ø  What is the strategy adopted by key players, and how does it affect the existing and new players?

 

Customization Scope for the Client

 

Client satisfaction is our first and last priority, and that is why BlueWeave Consulting offers customization as per client’s specific needs. The following customization options are available for the report:


Ø  Additional Company Information

Ø  Detail Analysis of five additional companies

Ø  Additional country analysis

Ø  Detailed segment analysis

 

 




























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