Wind Turbine Maintenance, Repair & Overhaul (MRO) Market - Growth, Trends And Forecast (2020 - 2025)
The global wind turbine maintenance, repair & overhaul (MRO) market is expected to grow at a CAGR of more than 8.9% during the forecast period 2020-2025. The market studied is expected to witness significant growth due to rising energy demand coupled with the increasing share of wind power in the global power generation mix, efforts to reduce the reliance on fossil fuel-based power generation. The increase in the global wind energy capacity resulted in a considerable demand for maintenance, repair, and overhaul (MRO) services of various components, particularly wind turbine (excluding tower), as it involves most of the wind power equipment in it. However, the adoption of other clean energy source like solar and other alternatives are likely to hinder the growth of the market.
- Increasing, offshore deployment of wind turbine likely to drive the global wind turbine maintenance, repair & overhaul (MRO) market during forecast period.
- Moreover, the adoption of wind power for power generation is increasing significantly. Various countries are investing in the wind energy market which likely to increase the requirement for maintenance. Middle-East and Africa region witnessing significant growth in wind power plant which is likely to provide the opportunity to the growth of global wind turbine maintenance, repair & overhaul market.
- Asia-Pacific is the largest global wind turbine maintenance, repair & overhaul market owing to the largest wind power installed capacity in 2018.
Key Market Trends
Rising Deployment of Deep Water Offshore Wind Turbine Is Expected To Drive The Market
- As demand for energy is rising, major countries and companies are turning towards the adoption of renewable energy as it has the ability to provide clean energy. The adoption of offshore wind energy with advance technology attracted the countries and companies for high investment.
- By location of deployment, the offshore industry is expected to remain the driver of the global wind turbine industry investments during the forecast period, owing to declining costs and improved technology.
- The offshore wind industry witnessed major investments in 2018, as it accounted for USD 25.6 billion, which was 11% more than the previous year’s investment. The major projects in offshore wind power included the 950 MW Moray Firth East array in the North Sea, which involved an estimated investment of USD 3.3 billion. Apart from that, China started the construction of 13 offshore wind farms, estimated to require around 11.4 billion.
- Besides this, the companies have been able to install taller wind turbines due to improvements in the wind turbine materials used, which allows the turbines to exploit higher altitude winds. Also, these new turbines have larger blades can be replaced and, hence, are able to sweep more area than the previous smaller turbines. The growing size of the wind turbines has helped lower the cost of wind energy, indicating that it is economically competitive with fossil fuel alternatives, in some locations such as the United States, Germany, France, etc. These recent trends expected to drive the global wind turbine maintenance, repair & overhaul market during the forecast period.
Asia to Dominate the Market Growth
- The installed wind capacity in Asia-Pacific increased to 256 GW in 2018 from 231.41 GW in 2017. The increase in wind capacity has been primarily dominated by the increase in China's installed capacity.
- According to IRENA, Asia-Pacific is poised to become the world’s dominant wind market, accounting for more than 50% of onshore and 60% of offshore wind installations by 2050. Asia’s onshore wind capacity is expected to grow from 256 GW in 2018 to over 2,600 GW by 2050.
- Furthermore, Owing to the large investments in countries like China and India, and emerging countries like Taiwan the wind sector investments are dominated by the Asia-Pacific region. Chinese manufacturers comprise nearly 95% of the overall wind power market. The government policy and incentives have made China a favorable hotspot for investment. At the beginning of 2017, China announced its plan to invest about USD 360 billion on renewable energy by 2020, turning down the plan of building 85 coal-fired power plants. In 2018, the country accounted for the largest share of about 45% of the new onshore global wind installed capacity.
- In addition, India holds the fourth-largest wind power installed capacity in the world. These projects are majorly spread in the northern, southern, and western parts of the country. The government has set a target of 60GW by 2022, and in order to achieve the target, the number of the project during the next two year are expected to increase drastically.
- This, in turn, is expected to present Asia-Pacific as an excellent business destination for players involved in the global wind turbine maintenance, repair & overhaul business during the forecast period.
The global wind turbine maintenance, repair & overhaul market is moderately fragmented due to many companies operating in the industry. Some of the key players in this market include Siemens Gamesa Renewable Energy SA, General Electric Company, Suzlon Energy Ltd, ABB Ltd, Stork (a Fluor Company), and Enercon GmbH.
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- 1 INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
- 2 RESEARCH METHODOLOGY
- 3 EXECUTIVE SUMMARY
- 4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Global Renewable Energy Mix, 2018
- 4.3 Wind Power Installed Capacity and Forecast in GW, till 2025
- 4.4 Market Size and Demand Forecast in USD billion, till 2025
- 4.5 Global Average Size of Wind Turbine in MW, 2018-2025
- 4.6 Recent Trends and Developments
- 4.7 Government Policies and Regulations
- 4.8 Market Dynamics
- 4.8.1 Drivers
- 4.8.2 Restraints
- 4.9 Supply Chain Analysis
- 4.10 Porter's Five Forces Analysis
- 4.10.1 Bargaining Power of Suppliers
- 4.10.2 Bargaining Power of Consumers
- 4.10.3 Threat of New Entrants
- 4.10.4 Threat of Substitutes Products and Services
- 4.10.5 Intensity of Competitive Rivalry
- 5 MARKET SEGMENTATION
- 5.1 Location of Deployment
- 5.1.1 Onshore
- 5.1.2 Offshore
- 5.2 Service Type
- 5.2.1 Maintenance
- 5.2.2 Repair
- 5.2.3 Overhaul
- 5.3 Component
- 5.3.1 Gearbox
- 5.3.2 Generators
- 5.3.3 Tower
- 5.3.4 Other Components
- 5.4 Geography
- 5.4.1 North America
- 5.4.2 Europe
- 5.4.3 Asia-Pacific
- 5.4.4 South America
- 5.4.5 Middle-East and Africa
- 6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 Siemens Gamesa Renewable Energy SA
- 6.3.2 General Electric Company
- 6.3.3 Stork (a Fluor Company)
- 6.3.4 Moventas Gears Oy
- 6.3.5 ZF Friedrichshafen AG
- 6.3.6 Vestas Wind Systems A/S
- 6.3.7 Suzlon Energy Ltd
- 6.3.8 ABB Ltd
- 6.3.9 Brevini UK Ltd
- 6.3.10 RWE AG
- 6.3.11 Mistras Group
- 6.3.12 Integrated Power Services LLC
- 7 MARKET OPPORTUNITIES AND FUTURE TRENDS