ID: MRFR/E&P/8945-HCR | February 2021 | Region: Global | 111 pages
Wind turbines are expensive machines that require regular maintenance. Therefore, wind turbine services offer adequate maintenance and preventive repairs, which helps wind turbines remain operational for a longer period. Wind turbine services provide various benefits for wind turbines, of which some benefits include maximizing wind farm revenue through efficient maintenance and repair, increasing energy production, and services for both offshore and onshore wind turbines through rope access technicians.
The major factors driving the growth of the global wind turbine services market are the increasing growing share of renewable energy sources. Moreover, the rising number of onshore and offshore wind turbines is expected to contribute to the growth of the wind turbine services market.
Many major players such as GE Wind Turbine, Siemens Wind Power GmbH, and Suzlon Group are actively focusing on signing wind turbine contracts and agreements, including wind turbine services. For instance, in March 2020, GE Wind Turbine entered into a contract to supply and install 112 of its 2.7 MW wind turbines at the Sitac Kabini wind farm in Gujarat, India. Moreover, these kinds of contracts will lead to long-term service agreements between wind farms and service companies under which the service companies provide the customers with lifecycle solutions and service contracts that are customizable to meet their desired outcomes. Such developments are expected to drive the growth of the global wind turbine services market during the forecast period.
The global wind turbine services market has been segmented based on type and application. Based on type, the wind turbine services market is divided into original equipment manufacturer (OEM), independent service provider (ISP), and in-house. The OEM segment is expected to hold the larger share in the global market during the forecast period as OEMs are re-structuring their business model and innovating how the services are performed for both routine planned maintenance cycles and unplanned services such as major repairs, modifications, and upgrades. Such factors are anticipated to lead to a significant share of the OEM segment. Based on application, the global market is divided into onshore and offshore. The onshore segment is expected to hold a larger market share as the majority of wind farms are located onshore. However, with new innovations coming up, the offshore segment is anticipated to hold a larger share as offshore turbines offer higher efficiency.
Global Wind Turbine Services Market size is projected to reach a valuation of USD 17,533.1 Million by 2026 at a 7.21% CAGR between 2020 and 2026.
Global Wind Turbine Services Market is expected to rate high growth during the forecast period due to the increasing share of renewable energy in the total energy mix. This is expected to drive the demand for wind turbine services during the forecast period.
Based on region, the wind turbine services market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America accounts for the largest share of the wind turbine services market due to increasing offshore wind turbine installation. Moreover, various long-term contracts are being offered to North American wind turbine services companies, including Suzlon Energy Limited. Additionally, the government policy aimed to boost the growth of renewable energy is also expected to boost the installation of wind turbines in North America. Such factors are likely to drive the demand for wind turbine services in the region.
The Key Players operating in the Global Wind Turbine Services Market are Siemens Wind Power GmbH, Suzlon Group, Enercon GmbH, Gamesa Corporation DNV GL AS, Upwind Solutions, Aeronautica Windpower, EcoEnergy LLC, Baywinds, Invenergy, Orion International Consulting Group, LLC, and GE Wind Turbine.
|Market Size||USD 17,533.1 Million (2026)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Siemens Wind Power GmbH, Suzlon Group, Enercon GmbH, Gamesa Corporation DNV GL AS, Upwind Solutions, Aeronautica Windpower, EcoEnergy LLC, Baywinds, Invenergy, Orion International Consulting Group, LLC, and GE Wind Turbine.|
|Key Market Opportunities||Increasing Energy Production, and services for both offshore and onshore wind turbines through rope access technicians|
|Key Market Drivers||The Increasing growing share of renewable energy sources|