Albany, NY, July 14, 2016 (GLOBE NEWSWIRE) -- According to the report, the value of the global wind turbine operations and maintenance market is projected to increase from US$9.3 bn in 2014 to US$20.6 bn in 2023, at a strong CAGR of 8.80% from 2015 to 2023. This growth can be attributed to a number of factors such as rise in the number of gearbox and generator failures, increasing presence of financial institutions and private investors as owners of wind farms, surge in the number of aging wind turbines, and expanding share of offshore turbines in the wind energy mix. In contrast, escalating cost of logistics and lack of skilled labor threaten to hamper the development of the global wind turbine operations and maintenance market.
On the basis of application, the market is bifurcated into offshore wind turbines and onshore wind turbines. Onshore turbines accounted for a whopping 93.98% share in the wind turbine operations and maintenance market in 2014, making them the leading application segment.
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Wind turbine operations and maintenance (O&M) service providers are involved in the operation, maintenance, troubleshooting, and repair of wind turbines installed at offshore wind farms. Wind turbine O&M services also constitute scheduled maintenance, unscheduled maintenance, remote monitoring, and asset administration. Some of the major breakdown-prone components of wind turbines include gear boxes, generators, rotor blades, drive trains, and brakes. While selecting an O&M approach, independent service providers (ISPs), wind turbine manufacturers (OEMs), and in-house O&M teams have emerged in the sector. Wind farms have been broadly classified into onshore and offshore wind farms on the basis of 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.
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The report also includes the key market dynamics such as drivers, restraints, and opportunities affecting the global wind turbine O&M market. These market dynamics were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive industry analysis of the global wind turbine O&M market with the help of Porter’s Five Forces model. This analysis helps in understanding the five major forces that affect the market structure and profitability of the global wind turbine O&M market. The forces analyzed are bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition. The high-level analysis in the report provides detailed insights into the wind turbine O&M business globally.
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Rapidly increasing installation of wind turbines and favorable regulations are the major drivers of the wind turbine O&M market in Europe. Asia Pacific was the second-largest market for terrestrial laser scanning in 2014. China, Japan, and India are some of the largest countries in cumulative installations in the region. North America was the third-largest market for wind turbine O&M in terms of market share in 2014.
The wind turbine O&M market was segmented on the basis of application (onshore and offshore). Some of the key players in the global wind turbine O&M market are Gamesa Corporación Tecnológica, Enercon GmbH, GE Wind Turbine, Nordex SE, Xinjiang Goldwind Science & Technologies, Co. Ltd., Vestas Wind Systems A/S, Siemens Wind Power GmbH, Suzlon Group, Guodian United Power Technology Company Ltd., and Upwind Solutions, Inc.
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