DUBLIN, January 21, 2022--(BUSINESS WIRE)--The "Growth Opportunities in the Global Wind Services Market" report has been added to ResearchAndMarkets.com's offering.
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
What is the status of the global wind energy market? How is it projected to grow until 2030? What are the different trends driving the global wind energy market?
What is the current status of the global wind services market? What are the current trends driving the global wind services market? What are the key drivers and restraints influencing the wind services market?
Who are the different service providers, and what typical contracts do they offer?
What is the size of the current wind services market, and how much is it forecasted to grow until 2030? Which regions will show the highest growth potential going forward?
What are the different growth opportunities in the global wind services market?
Key Topics Covered:
1. Strategic Imperatives
Why is it Increasingly Difficult to Grow?
The Strategic Imperative
The Impact of the Top 3 Strategic Imperatives on the Wind Services Industry
Growth Opportunities Fuel the Growth Pipeline Engine
2. Market Coverage
Wind Services Market - Scope of Analysis
Analysis by Contract Type
Key Growth Metrics
Questions this Study will Answer
3. Growth Environment
Introduction to Wind Services
Challenges and Downtime Impact
Components and Servicing Requirements
Enablers Impacting Services Strategy
Synergy Between the Wind Industry and Service Providers
Services and Offerings
Evolution of the Market
4. Global Wind Power Forecasts
Wind Power Forecasts - Annual Capacity Additions
Wind Power Forecasts - Cumulative Installed Capacity
Offshore Wind Forecast - Cumulative Capacity Additions
5. Market Drivers, Restraints, and Trends
6. Market Forecasts
Revenue Forecast Analysis
Revenue Forecast by Region
Revenue Forecast Analysis by Region
Revenue Forecast by Service Contract Type
Revenue Forecast Analysis by Service Contract Type
Revenue Forecast by Wind Farm Type
Revenue Forecast Analysis by Wind Farm Type
7. Regional Analysis
NA Market Analysis
European Market Analysis
APAC Market Analysis
LATAM Market Analysis
MEA Market Analysis
8. Competitive Analysis
Revenue Share Analysis
Company Profile - Vestas
Company Profile - Siemens Gamesa
Company Profile - PSI Repair Services
9. Growth Opportunity Universe - Wind Services Market
Growth Opportunities Impact
Growth Opportunity 1: Shift towards Turbine-As-A-Service
Growth Opportunity 2: From Predictive to Prescriptive
Growth Opportunity 3: Deployment of Innovative Business Models
Growth Opportunity 4: Mergers/Collaborations/Partnerships Across Value Chain
Growth Opportunity 5: Drones for O&M
Growth Opportunity 6: Climbing Robots for O&M
Growth Opportunity 7: Blockchain for Inventory Management
Growth Opportunity 8: AM for Durable Parts
Growth Opportunity 9: Digital Twins for Optimized Performance
Growth Opportunity 10: Augmented/Virtual Reality & Wearables for O&M
Growth Opportunity 11: Multi-brand Servicing
For more information about this report visit https://www.researchandmarkets.com/r/ssf0mr
View source version on businesswire.com: https://www.businesswire.com/news/home/20220121005407/en/
Laura Wood, Senior Press Manager
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