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The research study offers an in-depth analysis of the wind turbine O&M market, focusing on the major growth drivers, opportunities, and challenges.According to the research study, in 2014, the global wind turbine O&M market for was valued at US$9.3 bn and is estimated to reach a valuation of US$20.6 bn by the end of 2023. The market is predicted to register a progressive 8.80% CAGR between 2015 and 2023.
Wind turbine O&M services consist of the operation, repair, troubleshooting, and maintenance of wind turbines that are installed at offshore wind farms. These services also involve unscheduled maintenance, scheduled maintenance, asset administration, and remote monitoring.
The growing number of aging wind turbines and an increasing number of generator assembly and gearbox failures are the major factors fueling the growth of the overall market. In addition, the growing number of private investors and financial institutions is further anticipated to drive the global market for wind turbine O&M throughout the forecast period. However, the lack of a skilled workforce and increasing cost of logistics are projected to curb the growth of the global market for wind turbine O&M in the near future.
By application, the global market for wind turbine O&M has been categorized into onshore and offshore. In 2014, the onshore wind turbine O&M segment dominated the market, accounting for a 93.98% share in the global market for wind turbine O&M. On the other hand, the demand for offshore wind turbines O&M segment, though currently meager, is estimated to increase due to the complications involved in servicing offshore wind turbines and growing number of offshore wind farms.
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By geography, the global market for wind turbine O&M has been classified into Asia Pacific, Europe, North America, and Rest of the World. In 2014, Europe dominated the market, holding a 40.55% share in the global market for wind turbine O&M, owing to the increasing number of wind turbine O&M installations in this region. On the other hand, the Rest of the World wind turbine O&M market is projected to grow rapidly throughout the forecast period, due to developing renewable energy policies. Asia Pacific and North America are also estimated to witness substantial growth in the overall wind turbine O&M market in the next few years.