According to Precedence Research’s recent “Wind Turbine Operations and Maintenance Market Size 2022-2030” report, the global wind turbine operations and maintenance market size was valued at $28.12 billion in 2021.
The O&M market has surged due to an increase in capacity installations around the world, the company says. The focus on lowering environmental consequences in the power generation industry has been a major driver of annual installation growth in recent years, resulting in significant capacity expansion in both developed and developing nations.
Turbine installations will grow at an unprecedented rate, fueling the industry. However, throughout the projection period, slow growth in worldwide electric consumption is expected to have a negative impact on the whole sector.
The O&M market is influenced by the introduction of tariff policies to stimulate investments in renewable energy projects in emerging nations, increased investment in offshore wind turbines and a surge in the number of maintenance service agencies.
In the projection period, technology advancements, older wind turbines and rising offshore activities provide profitable prospects for wind turbine operations and maintenance market growth. In order to improve services, technology integration is critical. As a result, major market players continue to invest in cutting-edge technology in order to provide high-quality services. Through strategic collaborations, these players are also engaging in expanding operations.
Based on type, the scheduled segment accounted largest revenue share – over 65% in 2020 – and is expected to sustain its dominance over the forecast period.
Based on the application, the onshore segment dominated the global wind turbine operations and maintenance market in 2020. Due to onshore services have a lower cost structure than offshore parts, they demand less capital.
North America is the largest segment for the wind turbine O&M market, and the Asia-Pacific is the fastest-growing region. This is attributed to the huge increase in yearly installations in emerging countries and high annual installations in developed countries.
As a result of economic development and population growth, global electricity demand is increasing at a rapid pace. Countries are increasing their power capacity by constructing new plants or expanding existing ones as demand rises. Many businesses are turning to renewable energy sources for power generation, particularly wind and solar power, as a result of environmental laws. This is projected to help the O&M market to expand during the forecast period.
View the full report here.
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