Players in Global Wind Turbine Operations and Maintenance (O&M) Market to Enjoy Significant Growth Opportunities
The global wind turbine operations and maintenance (O&M) market is expected to double in value in the next few years, according to estimates from Transparency Market Research. In 2014, the global wind turbine operations and maintenance market was worth US$9.3 bn and by 2023, the market is projected to be worth US$20.6 bn.
Players in the global wind turbine operations and maintenance (O&M) market are involved in several services. These include operations, asset administration, maintenance, repair of wind turbines on wind farms, and remote monitoring. These services can be carried out at scheduled intervals or can be unscheduled. Unscheduled maintenance services are conducted during the event of a sudden breakdown of a wind turbine or its related components.
Some of the components that are more susceptible to breakdown and thus need frequent monitoring and maintenance are gearbox assembly, brakes, and rotor blades. The key players operating in the global wind turbine operations and maintenance (O&M) market are Upwind Solutions, Guodian United Power Technology Company, Suzlon Group, Vestas Wind Systems, Nordex, Gamesa, Enercon, and Xinjiang Goldwind Science & Technologies. Players in the global wind turbine operations and maintenance market will benefit significantly from the growing number of opportunities in the wind industry. Here are the three trends that are generating growth opportunities for businesses in the global wind turbine operations and maintenance market.
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3 Key Trends Generating Opportunities for Businesses in Global Wind Turbine O&M Market
Rising Demand for Wind Energy: Globally, the demand for renewable energy is rising at a rapid pace. Many countries are increasingly investing in building new wind farms. In December 2015, The Tafila Wind Farm, the first and largest utility-scale wind power plant in Jordan and the Middle East, was inaugurated. Recently, the Australian Wind Alliance has approved a new wind farm project in South Australia that is expected to generate enough clean energy to power around 250,000 homes per year. The rising number of new wind farm projects means more demand for O&M services, which in turn will drive the global wind turbine O&M market substantially in the coming few years.
Growing Demand in Offshore Sector: The global installed capacity in the offshore wind energy market is expected to expand at a healthy 25.0% CAGR during the forecast period from 2014 to 2022. This market is driven by the numerous advantages of offshore wind farms over onshore wind farms. Furthermore, the rising utilization of project financing in this market is projected to drive investor confidence and speed up capacity additions. The healthy growth rate of the offshore sector in the global wind industry will significantly generate the demand for O&M services.
Advanced Technologies Enhancing O&M Capabilities: Players in the global wind turbine operations and maintenance (O&M) market will also benefit from the opportunities generated by connected technologies. Technologies such as the Internet of Things (IoT) will make monitoring of wind turbines and its components more efficient. In addition to this, such technologies, with their collected and leveraging predictive analytics, can make a service provider aware of any issues in the machinery in advance and avoid any critical issues. This will greatly boost the efficiency of wind turbines and their associated components.
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Presently, the global wind turbine operations and maintenance (O&M) market is dominated by a handful of market players. However, with the growing number of opportunities in the market, the market will witness entry of numerous new players in the coming few years.