WILMINGTON, DE / ACCESSWIRE / February 6, 2023 / Transparency Market Research Inc. - According to wind turbine operations and maintenance market research conducted by TMR, the global market was valued at US$ 15.4 Bn in 2020. The market is projected to grow at a CAGR of 9% between 2021 and 2031.
Wind energy is a clean, renewable, and sustainable energy source that can help meet the growing energy demand and reduce greenhouse gas emissions.
Wind energy is being widely adopted in onshore and offshore applications. Wind turbine operations require proper maintenance services to function smoothly. Maintenance of wind turbine operations is a crucial aspect of the wind energy industry, as it ensures the longevity, reliability, and efficacy of wind turbines. These services help to minimize downtime, reduce costs, and increase the overall efficiency of wind turbines. Thus, the wind turbine operations and maintenance business growth is expected to be exponential.
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Wind Turbine Operations and Maintenance Market: Key Drivers
The increase in demand for renewable energy is driving wind turbine operations and maintenance industry growth.
- Governments around the world are implementing policies to promote the use of renewable energy sources, which is boosting the demand for wind energy. This aspect is likely to favor wind turbine operations and maintenance market development.
- The development of novel technologies in wind energy sector, such as larger and more efficient wind turbines, is driving the growth of the wind turbine operations maintenance market. The integration of smart technology into wind turbines is also providing multiple growth opportunities to the market.
- Increase in number of wind farms globally is also driving the market. Wind farms require regular maintenance to ensure their performance and efficiency, which is creating business opportunities for the wind turbine operations and maintenance market.
Key Findings of Wind Turbine Operations and Maintenance Market
- Offshore turbines are more efficient than their onshore equivalents, but their higher installation costs result in higher running expenses. The remote offshore settings have restricted accessibility for repair and maintenance, and entail high installation costs which may prove to be a market restraint. However, rigorous R&D activities for development of cost efficient and accessible solutions may result in immense growth of this segment.
- Several countries across the globe entirely rely on onshore projects due to the higher costs of offshore locations. Leading players in the U.S. and China are focusing on onshore projects for the generation of renewable energy, which is likely to create good growth prospects for the onshore segment.
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Wind Turbine Operations and Maintenance Market: Regional Analysis
- North America is projected to witness rapid growth in the market due to a favorable regulatory environment and an increase in investments in green energy initiatives.
- The wind turbine operations and maintenance market in Asia Pacific is estimated to grow steadily driven by factors such as an increase in demand for electricity and green energy owing to the growing population.
Wind Turbine Operations and Maintenance Market: Competitive Landscape
The wind turbine operations and maintenance market is highly competitive, with several large players competing for market space. The increase in investment for R&D activities by leading players, venture capital firms coupled with funding from government bodies to develop novel technologies may augment the growth of the market.
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Key players operating in the market are:
- Siemens Gamesa,
- Nordex SE
- GE Wind Turbine
- Upwind Solutions Inc
- Vestas Wind Systems A/S
- Eneron Gmbh
Wind Turbine Operations and Maintenance Market: Segmentation
By Application
- Onshore
- Offshore
By Region
- North America
- Europe
- Asia Pacific
- Rest of World
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