Wind Turbine Operations and Maintenance Market: Current Analysis and Forecast (2021-2027)
Factors that are driving the market size of offshore wind such as surging government investment in renewable energy across various regions coupled with benefitting from rapid technology improvements, supportive government policies and continuous cost reductions are expected to escalate the wind turbines deployment. For instance: In May 2021, GE Renewable Energy announced that it has finalized the turbine supply and service and warranty contracts for the third and final phases of the dogger bank offshore wind farm. Similarly, In May 2020, Siemens Gamesa launched SG 14-222 DD offshore wind turbine with nameplate capacity of 14 MW which can reach 15 MW with Power Boost. Its 222-meter rotor diameter uses massive 108-meter long B108 blades.
Therefore, repairing and maintenance of these turbines is an integral part of the wind energy project. Efficient maintenance helps in reducing failure rate and thus avoids outage time at the time of event failure. All the major wind turbine manufacturers offer comprehensive O&M and adaptable service features, thus ensuring the continued operation of their customers’ assets.
The outbreak of Coronavirus pandemic had adversely impacted the world economy. The government took various measure to stop the spread of virus by implementing lockdown has halt all the industrial, commercial and other ongoing activities across the world. The economies of the countries worldwide had been negatively affected and slowed down the growth as well. Moreover, along with global pandemic condition, world has faced drastic climate changes as well. Hence, escalated the strategies and development plans of renewable resources that helps in achieving zero net emission goals in the coming years. In 2020, some major regions worldwide had seen positive growth of offshore wind power turbine. For instance, according to Global Wind Energy Council, Europe had 220 GW of installed wind power capacity: 194 GW onshore and 25 GW offshore. In which Netherlands installed the most wind capacity in 2020, most of it offshore wind.
Nordex SE, Enercon GmbH, Siemens Gamesa Renewable Energy SA, GE Renewable Energy, Xinjiang Goldwind Science & Technology Co. Ltd., Vestas Wind Systems A/S, Suzlon Energy Ltd., ABB Ltd., Mistras Group, and Integrated Power Services LLC are some of the prominent players operating in the Global Wind Turbine Operations and Maintenance Market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Type, Offshore segment to witness significant growth during the forecast period”
Based on type, offshore category to witness higher growth rate during the forecast period. It is mainly owing to the rising scope for relishing the projects in deep-water, where the high wind speed creates a much favorable environment for operation, thereby driving the offshore wind energy market. However, given the practical constraints imposed by offshore operations and the relatively high costs. The effects of maintenance on the life cycle of an offshore wind farm are highly complex and uncertain. The selection of maintenance strategies influences the overall efficiency, profit margin, safety, and sustainability of offshore wind farms. Operations and maintenance of offshore wind turbines play an important role in the development of offshore wind farms. For instance, GE Renewable Energy provides Corrective, Predictive, and Preventive offshore wind maintenance services, as well as offshore wind upgrades and retrofits. GE operates a global network of local offshore wind power service centers that offer a full range of packages and services to enhance the availability of customers’ offshore turbine equipment, improve its energy generation and optimize the entire lifecycle of your system components.
“Europe represents one of the largest markets of Global Wind Turbine Operations and Maintenance Market”
Europe has captured dominant share in the Wind Turbine O&M Market in the recent years and expected to grow at influential rate in the projected year as well. Some of the major drivers for the growth of the wind industry in Europe are major developments in technology, which led to a drop in the production cost of offshore wind farms, making them comparable to the onshore wind farms, in some cases, in terms of economic performance. Thus, increased installation of wind turbines would further result in increasing requirement for their maintenance and smooth operations.
Renewables provide nearly a third of UK power in the UK and half of this is generated by from wind energy. Generation from onshore and offshore wind in the UK are central to the shift to an energy system fit for the future. Onshore wind already generates clean power to meet the annual needs of more than 7.25 million homes a year and produced 9% of the UK’s power needs in 2017. Overall, the UK has installed over 12 gigawatts of onshore wind capacity, which supports jobs and local economic growth. The cumulative investment impact of the UK’s 1,500 operational onshore wind farms is over £35 billion, demonstrating the significant contribution which onshore wind can make to delivering low-cost, low-carbon energy that pays back to consumers. Furthermore, the UK Government has set the industry a target of reaching 40 GW by 2030, which represents a near-quadrupling of offshore wind capacity over the course of this decade. The market for Offshore Wind Turbines in the UK is boosting due to the presence of well-established players in this sector including Vestas, Siemens Gamesa & other smaller companies. These companies also offer operational and maintenance services.
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