Transparency Market Research has published a new report "Wind Turbine Operations and Maintenance Market, by Application (Onshore and Offshore) - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 - 2023" to its report store.
Albany, NY -- (SBWIRE) -- 12/20/2016 -- The global wind turbine operations and maintenance (O&M) market features a highly fragmented vendor landscape, with few players singly holding significant share in the overall market, observes a report published by Transparency Market Research. Small and medium scale enterprises having operations close to wind turbine farms enjoy lucrative business owing to exclusive contacts with wind turbine operators. Close proximity of small and medium scale companies to wind power farms allow quick delivery of services and timely restoration of operations due to early recovery from technical glitches.
The global wind turbine operations and maintenance market is anticipated to expand at a CAGR of close to 9% from 2015 to 2023 and reach US$20,591.0 mn by 2023.
Rising Numbers of Offshore Wind Turbine Installations to Develop Lucrative Growth Opportunities
In terms of geography, Europe is presently the dominant regional market for wind turbine operations and maintenance. The region accounted for a significant share in the global wind turbine operations and maintenance market in 2014 and is expected to retain dominance over the report's forecast period, chiefly owing to the increased focus of European countries on making renewable energy a chief part of their energy mixes.
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In terms of application, the onshore wind turbine industry presently accounts for over 90% of the global wind turbine O&M market and will remain the dominant demand driver of wind turbine operations and maintenance services in the near future as well. However, with rising attention being placed on the development of the abundant offshore wind resources will lead to the increased demand for O&M activities in the offshore wind turbine sector. This is expected to result in vast reduction in the share of onshore wind turbine in the global wind turbine O&M market.
Rising Number of Old Wind Turbines and Offshore Projects to Drive Market
The market for wind turbine operation and maintenance is fueled chiefly owing to the rising number of aging wind turbines and the vast rise in wind turbine installations across offshore sites. Post commissioning, the average shelf life of turbines ranges from 20 to 25 years. As a result, the aging wind turbines, which were installed as long back as 1998, require more repair and maintenance for efficient operations. Operation and maintenance are required most often after nearly 10 years of commissioning. As an increasing number of wind turbines pass this phase of their workable life, the market for wind turbine operations and maintenance is also expected to gain traction.
In addition to this, the rising numbers of offshore wind power projects across the globe are also playing an important role in propelling the wind turbine operation and maintenance market. Operation and maintenance activities account for nearly 25% of the overall life-time costs of an offshore wind power project. This is owing to the fact that O&M activities on offshore sites require the intervention of specialists to install and lift components required for repairs and general maintenance. Also, the harsh weather conditions and difficult accessibility common to offshore wind project sires require special logistics, giving rise to additional costs.
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Lack of Skilled Resources to Hamper Market Growth
Operations and maintenance of wind turbines, irrespective of their location (onshore or offshore site), requires operational knowledge of special and highly technical lifting and logistics tools. Furthermore, the newer varieties of wind turbines have highly complex operations owing to technological advancements in terms of components and overall workflow. To handle such complex machines, it is extremely necessary that the operations and maintenance personal are well-equipped with the required technical know-how. The lack of such resources could be a key factor hampering the overall development of the global wind turbine operations and maintenance market.
This review of the market is based on a recent market research report published by Transparency Market Research, titled "Wind Turbine Operations and Maintenance Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015-2023."
For the study, the market has been segmented into:
Global Wind Turbine Operation and Maintenance Market: By Application
Global Wind Turbine Operation and Maintenance Market: By Region
Rest of World (RoW)
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