Wind Turbine Operations and Maintenance Market

Wind Turbine Operations and Maintenance Market Outlook 2031

• The global wind turbine operations and maintenance market was valued at US$ 15.4 Bn in 2020
• It is estimated to expand at a CAGR of 9% from 2021 to 2031
• The global wind turbine operations and maintenance market is expected to reach the value of US$ 39.8 Bn by the end of 2031

Analysts’ Viewpoint on Wind Turbine Operations and Maintenance Market Scenario

Participants in the wind turbine operations and maintenance market are increasing efforts to boost new green energy investments during the ongoing coronavirus crisis. Despite promising growth in the U.S. offshore wind industry, stakeholders need to address challenges that developers face in reducing costs and risks, as they develop offshore wind projects in the U.S. Hence, participants in the market should deploy industry-wide collaboration and work closely with think tanks to overcome these challenges. Since electricity produced by offshore wind turbines travels back to land through a series of cable systems that are buried in the sea floor, maintenance and repair of these cables become imperative.

Service Providers Collaborate with Clients to Ensure Maximum Performance of Turbines Onshore

Companies in the wind turbine operations and maintenance market are going beyond the delivery of products and collaborating with their clients, partners, and customers to provide after sales services throughout the entire product lifecycle. This includes BoP (Balance of Plant) construction, turbines assembly, and maintenance support in order to gain maximum performance in onshore & offshore installations.

Companies in the wind turbine operations and maintenance market are focusing on offering global technical services. They are tapping lucrative opportunities in North & South America, Asia, and Europe to work alongside customers to support global expansion of services.

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Stakeholders Secure Decent Power Prices to Stay Financially Afloat During Coronavirus

As the energy sector in all societies is closely linked to activities in their respective national economies, it is evident that the supply and demand of power will be temporarily impacted during the ongoing coronavirus crisis. As such, a positive side effect of a slow economic growth due to the pandemic using the current power mix is less CO2 emissions. Such findings are benefitting companies in the wind turbine operations and maintenance market.

Power prices are being lowered in some regions of the wind turbine operations and maintenance market. Participants in the market are increasing efforts to secure decent power prices to set the right standard for business cases, as renewables and clean technologies are becoming more cost efficient.

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Academicians Help Unlock Revenue Opportunities in U.S. Offshore Wind Industry

Offshore wind has the potential to deliver large amounts of clean and renewable energy to fulfill the electrical needs of cities. Participants in the market, along the U.S. coastline, are investing in the offshore wind energy. In order to capture the abundant wind resources available offshore, offshore turbines can be scaled up to approximately one-and-a-half times the height of the Washington Monument, with blades the length of a football field.

Although the U.S. offshore wind industry is creating revenue opportunities for participants in the market, stakeholders need to address research challenges that are unique to the U.S. offshore wind industry such as hurricanes. Stakeholders in the U.S. wind turbine operations and maintenance market are deploying industry-wide collaboration and working closely with the brightest academic & national laboratory scientists to understand and address market barriers such as environmental impacts and logistical challenges & hurdles in infrastructure development.

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Onshore Wind V/S Offshore Wind: Which is Better?

Advantages of onshore wind such as low cost initial investment, shorter cables, and quick installation as compared to offshore wind are gaining the attention of stakeholders in the wind turbine operations and maintenance market. However, varying wind speeds, potential wind blockages, and intermittent nature of energy of onshore wind are some of the challenges that participants in the market need to address.

On the other hand, companies in the wind turbine operations and maintenance market are capitalizing on the advantages of offshore wind such as more energy generation, more wind consistency and less visual impact as compared to onshore wind. However, offshore wind is associated with disadvantages such as high cost initial investment, increased maintenance & repairs, and less local jobs as compared to onshore wind. Nevertheless, both onshore and offshore wind are positioned for explosive growth due to the global proliferation of clean & renewable energy.

China and the U.S. hold lucrative opportunities for companies in the wind turbine operations and maintenance market.

Wind Turbine Operations and Maintenance Market: Overview

• Wind turbine operations and maintenance service providers are involved in operation, maintenance, troubleshooting, and repair of wind turbines installed at offshore wind farms
• Wind turbine operations and maintenance services also constitute scheduled maintenance, unscheduled maintenance, remote monitoring, and asset administration
• Major breakdown-prone components of wind turbines include gearboxes, generators, rotor blades, drive trains, and brakes. While selecting an operations and maintenance approach, independent service providers (ISPs), wind turbine manufacturers (OEMs), and in-house operations and maintenance teams have emerged in the sector.
• Wind farms have been broadly classified into onshore and offshore wind farms based on the location or the area of installation of wind turbines. Generally, downtime caused due to wind turbine component failure is more at offshore wind farms as compared to onshore wind farms owing to the harsher weather conditions and logistical hurdles at offshore wind farms.

Onshore Wind Turbine Application Segment Leads Global Wind Turbine Operations and Maintenance Market

• The wind turbine operations and maintenance market has been segmented on the basis of application and region
• Based on application, the wind turbine operations and maintenance market has been bifurcated into onshore and offshore. Onshore wind turbine operations and maintenance accounted for 94.12% of the global wind turbine operations and maintenance market in 2020.
• In terms of region, the wind turbine operations and maintenance market has been divided into North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific was the major region of the global wind turbine operations and maintenance market with 59.37% share in 2020.
• Rapid increase in installation of wind turbines and favorable regulations are the major drivers of the wind turbine operations and maintenance market in Asia Pacific
• North America was also a key region of the global wind turbine operations and maintenance market in 2020. The wind turbine operations and maintenance market in Rest of World is expected to witness significant growth in the near future due to developing renewable energy policies in the region.

Growth in Awareness about Importance of Renewable Energy Generation Boosting Global Wind Turbine Operations and Maintenance Market

• The global wind turbine operations and maintenance market is expected to expand significantly during the assessment period of 2021 to 2031
• Rise in awareness about the use of renewable energy sources among a considerable portion of the population is proving to be a prominent growth-generating factor
• Demand for electricity is increasing at a rapid rate due to the booming population numbers around the world. Fossil fuels used for electricity generation are available in limited quantities. These factors are urging government bodies of numerous countries to generate surplus electricity through renewable energy sources. This is anticipated to boost the wind turbine operations and maintenance market.
• Wind turbine operations and maintenance play a significant role in decreasing the failure rate and preventing outage time. Numerous parts of wind turbines are prone to failure. Hence, the sudden breakdown of any equipment damages the entire turbine. Thus, regular wind turbine operations and maintenance is of utmost importance, as it helps prevent these difficulties. These aspects bode well for the growth of the wind turbine operations and maintenance market.
• Players in the wind turbine operations and maintenance market strive to provide the best services. Technology integration plays a major role in upgrading the services. Hence, players consistently invest in modern technologies to provide quality services. These players are also involved in expansion activities through strategic collaborations.
• The COVID-19 pandemic has caused a major distress to several businesses and sectors. The wind turbine operations and maintenance market has also been impacted by the pandemic. Strict lockdown enforcements have entirely changed the growth fabric of the wind turbine operations and maintenance market. Supply chain disruptions have heavily impacted the market. However, relaxations in restrictions have served as a relief for players operating in the wind turbine operations and maintenance market.

Recent Developments in Wind Turbine Operations and Maintenance Market

• In December 2021, Nordex SE announced that it had won an order from Swift Current Energy to supply 41 wind turbines of its N149/4.X model having capacity of 4.8 MW to the Castle Gap project in Central Texas. The order also includes a five years’ service contract covering operations and maintenance for these wind turbines.
• In December 2021, Siemens Gamesa announced its plans to use Paul Candies, a Gulf of Mexico based inspection, maintenance, and repair vessel, for turbine construction, operations, and maintenance role in the South Fork Wind energy project

Wind Turbine Operations and Maintenance Market Snapshot

Wind Turbine Operations and Maintenance Market – Segmentation

This report on the global wind turbine operations and maintenance market provides segmentation of the market based on application and region.

This study also discusses the underlying trends and the impact of various factors on the global wind turbine operations and maintenance market along with their influence on evolution of the market.

This study also offers Porter’s Five Forces analysis, value chain analysis, and regulatory scenario of the global wind turbine operations and maintenance market in order to elaborate crucial growth strategies and opportunities for players operating in the market.