Wind Turbine Services Market Research Report Information By Type (Original Equipment Manufacturer (OEM), Independent Service Provider (ISP) and In-House), Application (Onshore and Offshore) and Region (North America, South America, Europe, Asia- Pacific and Middle East & Africa) - Forecast till 2030

Wind Turbine Service Market Overview:

Global Wind Turbine Service Market size is expected to reach valuation of USD 23361.71 Million, at a CAGR of 8.2% during forecast period 2022-2030.

Wind turbine service relates to maintaining wind turbines in a state that ensures their availability for uninterrupted production during their operational life. It helps in reducing downtime and achieving cost-effective life cycle management. Wind turbine service includes activities like operations & maintenance, inspection & repair, and others. The global wind turbine operations and maintenance market is anticipated to attain a considerable demand and valuation. Firms in the global wind turbine operations and maintenance market are partnering with their partners, clients, and customers to offer after-sales services throughout the product lifespan and deliver products. This process involves BoP (Balance of Plant) construction, maintenance support, and turbines assembly to achieve optimal performance in onshore and offshore sites.

Scheduled and unscheduled maintenance services are available for wind turbine operations and maintenance. Maintenance services are performed regularly. If a wind turbine or parts fail unexpectedly, unscheduled maintenance is performed. The brake, inverter, tower, gearbox, generator, and rotor blades are all parts of a wind turbine that require regular servicing to function correctly. Gearbox assemblies, brakes, and other equipment parts like rotor blades are some of the parts that are more prone to failure and require frequent inspection and repair. 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.

Wind Turbine Service Market 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 Wind Turbine Service Market growth.

Wind Turbine Service Market Dynamics:

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  Key Market drivers:

  
  

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.

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  Wind Turbine Service Market opportunities:

  
  

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.

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  Key market restraints:

  
  

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.

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  Wind Turbine Service Market challenges:

  
  

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.

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  Cumulative growth analysis:

  
  

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.

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  Value chain analysis:

  
  

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.

Wind Turbine Service Market Segment overview:

Based on Type:

• Horizontal Axis Wind Turbine (HAWT)


• Vertical Axis Wind Turbine (VAWT)

Based on Installation:

• On-shore


• Off-shore

Based on Connectivity:

• Grid Connected


• Standalone

Based on Capacity:

• 0 – 250 KW


• 250 – 500 KW


• 500 KW – 1 MW


• 1 – 2 MW


• Above 2 MW

Based on Application:

• Industrial


• Commercial


• Residential


• Others (including Utility)

Wind Turbine Service Market Regional Analysis:

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 Wind Turbine Service Market share in the year 2018 and continued to invest in the Wind Turbine Service 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.

Wind Turbine Service Market Competitive Landscape:

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 Wind Turbine Service Market in recent years.

• ACCIONA


• Aeolos Wind Energy Ltd


• Aeronautica Windpower, LLC


• Bergey Windpower Co.


• Clipper Windpower, LLC


• NORDEX SE


• Siemens Gamesa Renewable Energy, S.A.,


• Suzlon Energy Limited


• VERGNET


• Vestas


• MITSUBISHI HEAVY INDUSTRIES, LTD. 

Recent developments in Wind Turbine Service Market:

• Due to the world's rapidly growing population, the energy demand is likely to increase rapidly. These factors are projected to pressure governments worldwide to utilize renewable energy sources to create excess electricity. The market for wind turbine operations and maintenance is expected to benefit from this.


• Wind turbine operations and maintenance are critical for lowering failure rates and reducing outage duration. Wind turbines have several elements that might fail. As a result, if any piece of equipment fails unexpectedly, the turbine as a whole is exposed to damage risks. It acts favorably to expand the global wind turbine operations and maintenance market.


• 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%.

Report Overview:

This report has covered:

• Market overview


• COVID 19 Analysis


• Market dynamics


• Cumulative growth analysis


• Value chain analysis


• Segment overview


• Regional analysis


• Competitive landscape


• Recent developments

Wind Turbine Service Market Segmentation Table:

The Wind Turbine Service Market can be segmented by type, installation, and connectivity.

Based on Type:

• Horizontal Axis Wind Turbine (HAWT)


• Vertical Axis Wind Turbine (VAWT)

Based on Installation:

• On-shore


• Off-shore

Based on Connectivity:

• Grid Connected


• Standalone