NEW YORK, Oct. 21, 2021 /PRNewswire/ -- Zion Market Research has published a new report titled "Wind Turbine Operations and Maintenance Market by Application (Offshore and Onshore): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018?2025". According to the report, the global wind turbine operations and maintenance market was valued approximately USD 12 billion in 2018 and is expected to generate around USD 21 billion by 2025, at a CAGR of around 8.54% between 2019 and 2025.
Wind energy is a renewable form of energy that is available in abundance on the earth's surface. Basically, wind energy is nothing but the conversion of wind flow into any useful form of energy, for example, water pumping, power production through turbines, and windmills for mechanical energy. Wind power is an alternative energy source that is generated from the wind flow or air currents with the help of a wind turbine. Over the last few years, there has been a significant rise in the number of offshore exploration and production activities, which is fuelling the wind turbine installations in offshore areas globally. This, in turn, will propel the global wind turbine operations and maintenance market development in the upcoming years.
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In addition, the average shelf life of a wind turbine is 20 to 25 years. Thus, old wind turbines installed before 2000 needs maintenance and repair. Nevertheless, all wind turbines require proper maintenance after 10 years of their utilization. This is another primary factor that will enhance the global wind turbine operations and maintenance market growth over the forecast timeline. The rising number of offshore wind power projects across the world is playing a crucial role in the global wind turbine operations and maintenance market. Supportive government policies and initiatives toward adopting renewable energy resources are projected to positively impact the market.
The global wind turbine operations and maintenance market is segmented on the basis of application into offshore and onshore. The offshore segment is likely to dominate the global market in the upcoming years, as offshore wind turbines offer higher efficiency and productivity as compared to onshore wind turbines.
Europe held a significant share of the global wind turbine operations and maintenance market in 2018 and is projected to dominate over the forecast time period. This regional growth can be attributed to an increased number of offshore installation activities across the region. The demand for offshore wind turbine operation and maintenance services is fuelled by the rising number of offshore wind farms. Moreover, the UK has the highest offshore capacity in the entire European region, which will also boost this regional market's growth in the future. North America is predicted to provide significant opportunities for the global wind turbine operations and maintenance market in the years ahead, owing to the presence of a large number of organizations and private investors as owners of wind farms across the region.
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Some key players involved in the global wind turbine operations and maintenance market are Gamesa Corporation, GE Wind Turbine, Siemens Wind Power GmbH, Suzlon Group, Nordex SE, UpWind Solutions Inc., Xinjiang Goldwind Science & Technology, Enercon GmbH, and Vestas Wind Systems A/S.
This report segments the global wind turbine operations and maintenance market into:
Global Wind Turbine Operations and Maintenance Market: Application Analysis
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