Wind Turbine Services Market in Europe 2019-2023
About this market
The adoption of renewable energy sources has been increasing to reduce the growing levels of greenhouse gas (GHG) emissions. Governments of several countries are providing subsidies to encourage the adoption of renewable energy sources such as wind energy for power generation. The installation of wind turbines has been increasing over the years. The wind market in Europe is witnessing new wind farm installations and is investing in operational wind farms due to favorable market conditions that support the adoption of renewable wind energy for power generation. Wind turbines require regular maintenance to ensure optimal performance. The increase in the number of wind turbine installations in both onshore and offshore environments in Europe will drive the growth of the wind turbine services market during the forecast period. Technavio’s analysts have predicted that the wind turbine services market in Europe will register a CAGR of over 8% by 2023.
Increasing adoption of clean energy
The depletion of oil and gas reserves and the global need to reduce GHG emissions have increased the adoption of clean energy across the world. The adoption of renewable energy sources for power generation is increasing. This is because many developing and developed countries are implementing clean energy initiatives to reduce carbon emissions.
Competition from solar PV
Solar PV is a scalable energy source, which can be generated by large- and small-scale parks as well as households. The reducing cost of solar panels and the subsidies provided by various national authorities support the adoption of solar energy. Thus, the rising demand for clean energy sources and the low cost of solar PV modules are expected to limit the growth of the wind turbine services market in Europe during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the wind turbine services market in Europe during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Wind Turbine Services Market in Europe 2019-2023
Technavio recognizes the following companies as the key players in the wind turbine services market in Europe: E.ON SE, GENERAL ELECTRIC, Nordex SE, Senvion S.A., Siemens Gamesa Renewable Energy, S.A., Vestas.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the growing number of offshore wind turbine.”
According to the report, one of the major drivers for this market is the increasing adoption of clean energy.
Further, the report states that one of the major factors hindering the growth of this market is the intermittency of wind power affects the adoption of wind turbines, which is expected to hinder the growth of the wind turbine services market in Europe during the forecast period.
Siemens Gamesa Renewable Energy, S.A.
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