The global wind turbine O&M market stood at USD 9.3 billion in 2014 and is likely to reach USD 20.6 billion by 2023, expanding at a CAGR of 8.8% between 2015 and 2023, according to a new report.
Transparency Market Research has released a new market report titled “Wind Turbine Operations and Maintenance Market – Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 – 2023”, which defines and segments the wind turbine O&M market, providing analysis and forecasts of the global revenue.
The global wind turbine O&M market has been segmented on the basis of application into onshore wind turbine O&M and offshore wind turbine O&M. Onshore wind turbine O&M was the largest application segment of the global wind turbine O&M market, accounting for more than 90% of the market share in 2014. However, demand for offshore wind turbine O&M services has been increasing owing to rising number of offshore wind farms and the complexity involved in servicing offshore wind turbines.
Increasing number of aging wind turbines, and rising number of gearbox failures and generator assembly failures have augmented the global wind turbine O&M market, the report says.
Additionally, increased presence of financial institutions and private investors as owners of wind farms has boosted the demand for wind turbine O&M services. Moreover, growing share of offshore turbines in the wind energy mix has also boosted the demand for wind turbine O&M services. Increased cost of logistics and lack of skilled workforce are anticipated to hamper the global wind turbine O&M market in the near future, according to the report.
In terms of geography, the global market for wind turbine O&M has been segmented into North America, Europe, Asia Pacific, and Rest of World (RoW). Europe accounted for around 40% of the global wind turbine O&M market share in 2014. However, the wind turbine O&M market in RoW is anticipated to grow at the fastest rate during the forecast period. Asia Pacific is anticipated to be the second-fastest growing market for wind turbine O&M during the forecast period, the report says.