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Global Wind Services Market Report 2021: Market is Forecast to Grow from $18.95 Billion to $42.25 Billion by 2030 with Asia-Pacific Accounting for Over 40% of the Market in 2020


DUBLIN, Jan. 21, 2022 /PRNewswire/ -- The "Growth Opportunities in the Global Wind Services Market" report has been added to ResearchAndMarkets.com's offering.

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Global wind services market is forecast to grow from $18.95 billion to $42.25 billion by 2030, at a compound annual growth rate (CAGR) of 8.2%.

Over 1000 GW of wind power capacity will come online between 2021 and 2030, which would significantly increase the opportunity for the wind services market. 

Asia-Pacific is the largest wind services market, accounting for 40.1% of the global market in 2020. Rapidly increasing installations of wind turbines and favorable regulations are the primary drivers of the wind turbine O&M market in Asia-Pacific.

China, Japan, and India are some of the largest countries with cumulative installations in the region. Europe was the second-largest market for wind services in 2020. In service contracts, the shift toward energy availability contracts is expected to dominate the market, followed by service contracts offered by specialized service providers.

Continued concerns over increasing carbon emissions and the need to mitigate climate change have forced governments to accelerate investments in renewable energy. Wind and solar energy, in particular, are expected to play a crucial role in the global race toward decarbonization. Over the last ten years, wind energy capacity additions have gained momentum worldwide. Wind energy has become one of the fastest-growing energy sources and one of the most economical solutions for electricity generation.

As wind energy grows, the demand for operations and maintenance (O&M) services increases, to maintain the wind power fleet and keep turbines spinning and producing clean energy without any disturbance. O&M plays a crucial role in the wind energy industry and ensures the long-term sustainability and growth of wind power worldwide.

In addition, the aftersales and service business continues to be an increasingly important source of revenue for OEMs and independent service providers (ISPs). The wind service business is now fully recognized as an important business opportunity worldwide and will continue to grow, with new capacity additions coming online.

Over 1000 GW of wind power capacity will come online between 2021 and 2030, which would significantly increase the opportunity for the wind services market. During this period, the global wind services market is forecast to grow from $18.95 billion to $42.25 billion by 2030, at a compound annual growth rate (CAGR) of 8.2%.

Besides yearly capacity additions, the opportunity for the wind services market will come from ageing wind turbines coming out of warranty, especially across Europe and North America. Typical service costs for old turbines are higher than for new ones, thus increasing the annual revenue for OEMs and ISPs. Overall, the scope for the wind services market is expected to grow across all geographies.

Currently, the leading participants in the wind service industry are turbine OEMs and ISPs. Component manufacturers and in-house service teams have a small share across the market. As the global renewables market continues to grow and mature, the wind services industry is shifting from product-focused to service-focused business models and witnessing an increasing scale of digitalization, which has created new entrants: specialized service providers.

These new service providers offer technical services, including drones and robots for monitoring and assessing or even individual component based monitoring.

The future outlook for the wind services market remains positive, although the challenges posed by COVID 19 and the scope for wind services are expected to grow across all geographies. Overall, increasing annual capacity additions, ageing wind turbines, and innovations in digitalization will drive the wind services market.

KEY ISSUES ADDRESSED

Key Topics Covered:

1. Strategic Imperatives

2. Market Coverage

3. Growth Environment

4. Global Wind Power Forecasts

5. Market Drivers, Restraints, and Trends

6. Market Forecasts

7. Regional Analysis

8. Competitive Analysis

9. Growth Opportunity Universe - Wind Services Market

For more information about this report visit https://www.researchandmarkets.com/r/udreiy

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SOURCE Research and Markets


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