A Lowdown on the Key Factors Expediting the Global Wind Turbine Operations and Maintenance Market

The growing importance of renewable sources of energy and the contribution of wind energy in generating electricity has resulted in increased demand for wind turbine operations and maintenance. Scheduled or unscheduled services such as asset administration, operations, remote monitoring, maintenance, and repair at onshore and offshore wind farms are being carried out to ensure efficiency and avoid breakdowns.

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The global market for wind turbine operations and maintenance was valued at US$9.3 bn in 2014 and this, according to a report by Transparency Market Research, is anticipated to rise to US$20.6 bn by 2023. If these values hold true, the wind turbine operations and maintenance market is likely to register a healthy CAGR of 8.80% from 2015 to 2023.
Here’s a look at the trending characteristics of the wind turbine operations and maintenance market.

• The growing number of offshore wind farms is a significant factor driving the wind turbine operations and maintenance market.
• Increasing complexities involved in servicing offshore wind turbines have greatly boosted the demand for wind turbine operations and maintenance.
• Rise in number of generator assembly and gearbox failures has resulted in the surge in wind turbine operations and maintenance services.
• There has been a rise in number of aging wind turbines, which fuels the global market.
• The growing presence of private investors and financial institutions as owners of wind farms, which has greatly boosted the wind turbine operations and maintenance market.
• The expanding share of offshore turbines in the mix of wind energy sources has benefited the global market.
• Lack of skilled labor and rising cost of logistics are likely to impede the growth of the wind turbine operations and maintenance market.
• Among the two application segments of the wind turbine operations and maintenance market – offshore and onshore wind turbines, the latter held a share of 93.98% in the market in 2014.
• Accounting for 40.55% of the global wind turbine operations and maintenance market, Europe emerged as the largest regional segment in 2014. This market is driven by favorable regulations and rapidly increasing installations of wind turbines.

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• The Rest of the World region is the most rapidly expanding regional segment of the wind turbine operations and maintenance market, fueled by developing policies pertaining to renewable energy.
• Asia Pacific is the second largest as well as the second fastest developing market for wind turbine operations and maintenance. In terms of cumulative installations, Japan, China, and India are the most prominent countries in the region.

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The most prominent players in the global wind turbine operations and maintenance market include Suzlon Group, Gamesa Corporación Tecnológica, Guodian United Power Technology Company Ltd., Siemens Wind Power GmbH, Enercon GmbH, Xinjiang Goldwind Science & Technologies, Co. Ltd., GE Wind Turbine, Upwind Solutions, Inc., Nordex SE, and Vestas Wind Systems A/S.