ID: MRFR/E&P/8945-HCR | February 2021 | Region: Global | 111 pages
As the world population continues to grow, there has also been a rapid growth of urbanization and industrialization across the globe. These criteria have created a huge demand for renewable energy for the continuous operation of the industries. Wind energy has become one of the leading energy sources for power generation. Wind turbines are manufactured and installed in wind farms for the production of electricity using wind energy. However, these wind turbines are expensive machines that require regular maintenance and services with key components like a controller, Anemometer, Brake for efficient operation of the wind turbines.
The larger and turbines are more cost-effective and are operated in groups for mass production of electricity. The smaller turbines are installed near the operational area or houses where electricity generation is a requirement. With several inventions and Technological advancements, countries have proposed to invest in wind turbines component production and maintenance for a reliable energy source.
COVID 19 Analysis:
The pandemic situation has severely impacted several industries across the globe due to prolonged lockdown. Due to lack of manpower and slow-paced production line, wind turbine production has also experienced a dip in recent years. Countries like China and Germany have reported their loss of revenue.
As the wind turbines that are already in operational mode are not maintained properly due to a lack of manpower and space restrictions. The wind turbines that are set up in the high wind regions experience heavy force winds during the windy seasons. As the COVID has prevented the pre-planned maintenance, the efficient operation of the wind turbines has been affected.
From a positive perspective, the market has been experiencing a shift in the trend towards the domestic supply chain, this condition has reduced the reliance on imports. The increase in the domestic production of wind turbines has created a positive impact on the market growth.
The Original Equipment Manufacturer (OEM) segment is dominating the market and is expected to rise in the forecast period, this has created a huge impact on the Wind Turbine Service Market demand. The market value of OEM has reached the highest market share of 45.14% in the year 2018, due to the emergence of technological advancements, the production of the turbine parts has increased. This aspect has increased the Wind Turbine Service Market value.
Countries are facing harmful effects due to the ecological imbalance and the emission of Green House Gases. This has created awareness among the industries and the governments of the developed countries have started to look for opportunities to produce energy utilizing renewable sources. Wind energy is a very reliable source of energy, unlike other energy sources that emit toxic substances or contaminants that harm the environment. Wind energy does not waste water or contaminate the water which is a great factor to consider given the scarcity of water. Hence the production of power with the help of wind turbines is an efficient way of energy production.
The energy production sector continues to look for options that are reliable and cost-effective. Many countries have started to invest in saving renewable energy for future conditions or when the energy demand is higher. The countries have also realized the value of renewable energy sources, therefore the researchers have worked hard to bring in technological advancements in this sector. In addition to that, the installation costs have lowered in recent years has created an opportunity for the Wind Turbine Service Market to grow. The costs of the on-shore turbines have fallen by 37% in the past decade has boosted the market growth.
Recent reports prove the wind turbine systems are very efficient when compared to other renewable energy sources or systems. About 3% of global electricity consumption is derived from wind energy, this rate is expected to rise by 5% by the end of the year 2020 and 9% by the year 2040. This has given the OEM of the wind turbines a scope for higher production in the forecast period.
Among the other types of wind turbines, off-shore wind turbines are considered the most efficient sector in energy production due to the high currents in the ocean. The tall towers of these off-shore wind turbines act effectively to capture these winds and convert them into electricity. However, the installation costs and the operational costs they incur might hamper the Wind Turbine Service Market growth.
Maintenance is the key to the effective operation of the wind turbines, as the heavy winds might damage the machines or reduce their lifetime. Controller, anemometers, brakes have to be installed in the offshore wind turbines to minimize the damage due to heavy winds. This aspect is considered as one of the key market restraints.
Wind turbines are usually manufactured to utilize the maximum energy optimization with the current regional condition. Small turbines are manufactured to generate power for a small sector and are built near the domestic area. However to operate in a larger economical region, large wind turbines are necessary, they have to be grouped in wind farms and generate power in a larger amount. They require quite some space to install them and operate them without the intervention of domestic activities.
The turbines installed offshore are massive and require technical expertise to help them work efficiently. The installation costs and operational costs are combatively higher as the raw materials are transported via ships.
Though they produce a considerable amount of energy the costs incurred in installing and maintenance are higher. These are considered as challenging factors for the growth of the Wind Turbine Service Market value.
The Wind Turbine Service Market is expected to pick up the pace in the upcoming years as the market value witnessed a steady growth from the year 2018. The market value was about USD 10.03 billion in the year 2018 and is expected to reach about USD 19.38 by the year 2026. The rising demand of the OEM segment is more likely to affect the Wind Turbine Service Market share in the forecast period. As many countries are emerging with ideas of adopting renewable energy for their day-to-day activities and commercial activities, they have also proposed to invest more in installing wind energy projects to combat energy deprivation.
The Wind Turbine Service Market relies on the planned and unscheduled maintenance service of the wind turbines. Maintenance is vital to increase the profitability and the lifetime of wind turbines. Maintenance also ensures the reliability of these wind turbines. As many countries have completely shifted to utilize their major power production from wind turbines.
Among other countries, Europe and North America have proposed the highest investment range for installing newer Wind Turbines. The shifting trend for adopting renewable clean energy with zero-emission is setting the industry value higher, given the rising depletion of oil and gas reserves and higher emissions of greenhouse gases act as driving forces of the Wind Turbine Service Market.
A consulting firm has forecasted the and power capacity would increase over 40% by the year 2019 and it did reach the range. Hence we can expect the power capacity would increase further in the forecast period. Spain has emerged as a pioneering country to utilize the major power source from wind turbines. They utilize about 20.9% of the total production from wind energy. This has helped the country to advance in terms of technological solutions, combining wind energy into grids.
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Spain was considered as the leading country in the production of energy using wind power. However, in recent years they have slowed down in installing the newer wind turbines. China, the USA, and India are leading in terms of wind power production in recent years. Owing to the increased demand for renewable energy sources, huge investments and plannings are made for installing new turbines, and renovating the existing ones are under consideration.
North America is now considered as the leading player in the market and was holding 35.69% of market share in the year 2018 and continued to invest in the market. Following them, the USA has installed the most number of wind turbines in their country and has over 67,000 wind turbines that are currently operating.
Owing to the rise of awareness about the positive impact of wind turbines and their effectiveness in power generation has attracted many leading countries in the production of raw materials required to build wind turbines. It is estimated that newer players are about to emerge into the market in recent years.
Recent developments endeavor towards changing the shape and design of the wind turbines themselves. For the wind energy projects in the ground or sea, a recent invention has made the turbine fly high with the help of helium gas, the hollow balloon consisting of the turbine at its center was made to fly high about 1000 feet in the sky to capture the wind currents that are 5 to 8 more powerful than breezes obtained at the ground level. This innovation has generated energy that is enough to power a dozen households.
Blade-less turbines are invented as a response to bird safety. These turbines are tall and straw-like structures that do not have rotating blades to capture the wind energy, they capture the energy from the swirling vortices instead. As they do not have blades they are space-saving and thereby cuts the manufacturing costs by 53%.
This report has covered:
The Wind Turbine Service Market can be segmented by type, installation, and connectivity.
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|Market Size||USD 18,427.3 Million (2027)|
|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|
Frequently Asked Questions (FAQ) :
Wind turbines are often damaged due to forceful wind currents, especially those that are built offshore experience higher currents and undergo irreversible damages. Hence regular maintenance s essential along with and controlling pieces of equipment.
Controller, Anemometer, and brakes are the essential components to reduce the damages that occur due to high wind currents.
The innovative wind turbines that are built in the countries are capable of producing 600 times more energy than traditional windmills. Moreover over combining solar energy along with wind energy are striking the energy generation market in recent years.
A wind turbine that is capable of powering an entire nation for about 50 years was invented in Japan. This wind turbine utilizes the typhoon and stores up the energy generated by it, thereby it can power the entire nation for 50 years.
Some of the prominent global wind turbine services market players 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.