Global Wind Turbine Operations and Maintenance Market: Demand from Offshore Projects to Report Strong Growth, Says TMR

With the presence of a large pool of companies, such as GE Wind Turbine, Suzlon Group, Siemens Wind Power GmbH, Upwind Solutions Inc., and Guodian United Power Technology Co. Ltd., the global wind turbine operations and maintenance market demonstrates a fragmented and a highly competitive landscape, finds a study by Transparency Market Research (TMR).

Hitherto, a majority of players in this market were operating within a specified geography. However, in a bid to increase their visibility in the global market, many of them have begun to venture into other geographies via mergers, acquisitions, and strategic collaborations. This, as a result, is likely to intensify the competition within this market significantly in the forthcoming years.

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Supported by the increased investments by wind farm owners, the opportunity in the global market for wind turbine operation and maintenance is likely to expand at a CAGR of 8.80% during the period from 2015 to 2023, increasing from US$10.4 bn to US$20.6 by the end of the forecast period, states the research report. The demand for onshore wind turbine operation and maintenance services has been higher than offshore services. Although the scenario is expected to remain same, offshore wind turbine operations and maintenance services are projected to witness a significant surge over the next few years.

Increasing Investments in Renewable Energy Sector to Ensure Europe’s Dominance

The report also presents a study of the worldwide market for wind turbine operations and maintenance on the basis of geography. According to the study, the global market is spread across Asia Pacific, North America, Europe, and the Rest of the World. With a share of more than 40% in 2014, Europe has emerged as the leading contributor to this market and it is anticipated to remain so throughout the forecast period. This rise can be attributed to the increase in investments from Italy, Spain, Germany, and The U.K. in the European renewable energy sector, notes the study.

Asia Pacific has also been a prominent market for wind turbine operations and maintenance across the world. It held a share of nearly 37% in 2014. Thanks to the expanded role of financial investors as wind farm owners, analysts expect this regional market to witness a strong rise in the demand for wind turbine operations and maintenance services over the forecast period.

Increasing Number of Aging Wind Turbines to Boost Demand for Operations and Maintenance Services

Of late, a significant rise has been noticed in the average age of installed wind turbines across the world. “With wind turbines getting older, the need for their repair and maintenance has increased considerably in order to make them operate efficiently and maintain utilization factors. The need for operations and maintenance services, together with the demand for automated remote monitoring systems, has increased substantially due to the rising reports of equipment failure in aging wind turbines,” says an analyst at TMR.

The increasing cases of generator assembly and gearbox failure are also expected to fuel the demand for wind turbine operations and maintenance services over the forthcoming years, reports the research study.

Rising Cost of Logistics to Limit Adoption of Wind Turbine Operations and Maintenance Service

Although the worldwide market for wind turbine operations and maintenance looks flourishing currently, the rise in the cost of logistics may limit the adoption of these services to some extent during the forecast period

Apart from this, the dearth of skilled workforce around the world is also projected to hamper the growth of this market considerably in the years to come, states the research report.

The global wind turbine operation and maintenance market is segmented into:

By Application

• Onshore
• Offshore

By Region

• North America
• Europe
• Asia Pacific
• Rest of World (RoW)

Wind Turbine Operations and Maintenance (O&M) Market to Log CAGR of 8.8% to 2023

Transparency Market Research has released a new market report titled Wind Turbine Operations and Maintenance Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 - 2023. The report defines and segments the wind turbine O&M market, providing analysis and forecasts of the global revenue. According to the report, the global wind turbine O&M market stood at US$9.3 bn in 2014 and is likely to reach US$20.6 bn by 2023, expanding at a CAGR of 8.8% between 2015 and 2023.

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Wind turbine O&M services include operations, maintenance, asset administration, remote monitoring, and repair of wind turbines installed at wind farms. Wind turbine O&M services can be scheduled maintenance services or unscheduled maintenance services. Scheduled maintenance services are carried out at regular intervals. Unscheduled maintenance services are carried out in event of sudden breakdown of a wind turbine or its components. Different components of a wind turbine such as gearbox, rotor blade, generator, inverter, brake, and tower require regular maintenance to operate efficiently. Gearbox assembly, rotor blades, and brakes are some of the components which are more susceptible to breakdown and require monitoring and maintenance at regular intervals.

global-wind-turbine-operation-maintenance-market

The global wind turbine O&M market has been segmented on the basis of application into onshore wind turbine O&M and offshore wind turbine O&M. Onshore wind turbine O&M was the largest application segment of the global wind turbine O&M market, accounting for more than 90% of the market share in 2014. However, demand for offshore wind turbine O&M services has been increasing owing to rising number of offshore wind farms and the complexity involved in servicing offshore wind turbines. Increasing number of aging wind turbines, and rising number of gearbox failures and generator assembly failures have augmented the global wind turbine O&M market. Additionally, increased presence of financial institutions and private investors as owners of wind farms has boosted the demand for wind turbine O&M services. Moreover, growing share of offshore turbines in the wind energy mix has also boosted the demand for wind turbine O&M services. Increased cost of logistics and lack of skilled workforce are anticipated to hamper the global wind turbine O&M market in the near future.

In terms of geography, the global market for wind turbine O&M has been segmented into North America, Europe, Asia Pacific, and Rest of World (RoW). Europe accounted for around 40% of the global wind turbine O&M market share in 2014. However, the wind turbine O&M market in RoW is anticipated to grow at the fastest rate during the forecast period. Asia Pacific is anticipated to be the second-fastest growing market for wind turbine O&M during the forecast period. Some of the leading companies in the global wind turbine O&M market include Enercon GmbH, Gamesa Corporación Tecnológica, GE Wind Energy, Nordex SE, Xinjiang Goldwind Science & Technology Co. Ltd., Vestas Wind Systems A/S, Siemens Wind Power GmbH, Suzlon Group, Guodian United Power Technology Company Ltd., and UpWind Solutions Inc.

The report provides an overview of these companies, followed by their financial revenues (on availability), business strategies, and recent developments. The global wind turbine O&M market has been segmented as follows:

Global Wind Turbine Operation and Maintenance Market: By Application

• Onshore
• Offshore

Global Wind Turbine Operations and Maintenance Market Witnesses Increased Mergers and Acquisitions among Key Players

The increasing focus on renewable energy has led governments and private organizations to harness wind energy to generate electricity. The increasing number of offshore and onshore wind turbines requires continuous maintenance. The rising incidents of gearbox and generator assembly failures have further propelled the demand for wind turbine operations and maintenance. The global wind turbine operations and maintenance market is anticipated to expand at a CAGR of 8.8% during the period from 2015 to 2023.

The wind turbine operations and maintenance services include remote monitoring, maintenance, operations, asset administration, and repair of wind turbines. These services can be scheduled or unscheduled maintenance services. The various components of wind turbine that require maintenance at regular intervals are generator, rotor blade, gear box, tower, inverter, and brakes.

Europe Emerged as Leading Region in Global Wind Turbine Operations and Maintenance Market in 2014

In 2014, Europe was the leading region in the global wind turbine operations and maintenance market. A number of European countries have focussed on renewable sources of energy to cut down their carbon footprints. The European Union has aimed to reduce the emission of greenhouse gases by 20% in 2020 compared to the emission levels in 1990. The presence of some of the leading market players has also supported the growth of the market in Europe.

However, in the near future, the market is anticipated to witness the fastest growth across the rest of the world. Asia Pacific is projected to emerge as the second fastest-growing market for wind turbine operations and maintenance.

Competitive Landscape of Wind Turbine Operations and Maintenance Market is Fast Evolving with Partnerships among Key Players

Some of the leading vendors in the global wind turbine operations and maintenance market are Nordex SE, Enercon GmbH, Gamesa Corporación Tecnológica, GE Wind Turbine, Vestas Wind Systems A/S, Xinjiang Goldwind Science & Technologies, Co. Ltd., Siemens Wind Power GmbH, Guodian United Power Technology Company Ltd., Upwind Solutions Inc., and Suzlon Group. The market players are focusing on mergers and acquisition to expand their businesses.

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Recently, Germany-based Siemens Wind Power GmbH has agreed to pay US$1.13 bn to acquire a majority stake in the combined business with Spain’s Gamesa. While Gamesa expertises across the developing markets, Siemens specializes in offshore wind turbine operations. This joint venture would overtake Denmark-based Vestas as the leading wind farm manufacturer. Gamesa has an existing joint venture, Adwen, with France’s state-owned energy form Areva. GE Wind Turbine is focussing on the offshore wind turbine operations and has shown interest in acquiring Adwen.

Furthermore, technology companies such as Google Inc. are showing interest in running their operations on renewable energy. Google has recently purchased 236 MW of renewable energy from two wind farms located in Sweden and Norway. Such developments are supporting the growth of the global wind turbine operations and maintenance market.