Worldwide Wind Turbine Maintenance, Repair and Overhaul Industry to 2025 – Key Drivers and Restraints – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Wind Turbine Maintenance, Repair and Overhaul (MRO) Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The global wind turbine maintenance, repair and overhaul (MRO) market is expected to reach value USD 200.81 billion in 2026, from USD 81.80 billion in 2020, registering growth at a CAGR of 15.86% during the forecast period 2020-2025.
Companies Mentioned
- Siemens Gamesa Renewable Energy SA
- General Electric Company
- Stork (a Fluor Company)
- Moventas Gears Oy
- ZF Friedrichshafen AG
- Vestas Wind Systems A/S
- Suzlon Energy Ltd
- ABB Ltd
- Dana SAC UK Ltd
- Nordex SE
- Mistras Group
- Integrated Power Services LLC
Key Market Trends
Rising Deployment of Deep Water Offshore Wind Turbine Is Expected To Drive The Market
- As demand for energy is rising, major countries and companies are turning towards the adoption of renewable energy as it has the ability to provide clean energy. The adoption of offshore wind energy with advance technology attracted the countries and companies for high investment.
- By location of deployment, the offshore industry is expected to remain the driver of the global wind turbine industry investments during the forecast period, owing to declining costs and improved technology.
- The offshore wind industry witnessed major installations in 2020. For instance, China installed a 3 GW offshore wind in a single year, followed by the Netherlands (installed 1.5 GW), Belgium (installed 706 MW), the United Kingdom (installed 483 MW), and Germany (237 MW). However, the slowdown of growth in terms of new installation in the United Kingdom was mainly due to the gap between the execution of projects in the Contracts for Difference (CfD) 1 and CfD 2 rounds. Furthermore, in Germany, the slowdown in new installations was primarily caused by unfavorable conditions and a lower level of the short-term offshore wind project pipeline.
- The expected increase in the deployment of wind turbines in more complex and challenging environments, such as farther offshore, coupled with the growing capacity of the wind turbine capacity, has put additional pressure on the operating components of the wind turbine. This results in premature failure of the components, such as gearbox and other components, and is likely to cause a significant downturn in wind farms. Additionally, the costs involved in providing MRO services are much higher than onshore sites. Factors, such as increased material, service, and hard-to-access terrains, are restraining growth compared to onshore facilities.
Asia-Pacific to Grow at the Fastest Rate
- Asia-Pacific is the largest wind energy market in the world, owing to the contribution of China. The region has a cumulative installed capacity of 346.70 GW, of which onshore wind power installed capacity is 336.29 GW and offshore wind power installed capacity is 10.41 GW. ?
- Asia-Pacific is one of the fastest-growing regions in the world, as it is home to countries, such as China, India, South Korea, and others.
- As of 2020, China had the largest wind power installed capacity in Asia-Pacific, around 278.32 GW. The country is also considered among the top markets in the onshore wind power industry globally. In 2020, China added up to 58.93 GW of new wind power, with 48.94 GW onshore installations and 9.99 GW offshore installations. All of this indicates that China is expected to be the largest market for maintenance, repair, and overhaul services in the Asia-Pacific region.
- On the other hand, India, the second-largest country in the Asia-Pacific region in terms of wind energy installed capacity, sat only with a capacity of 38.625 GW as of 2020. However, over the next ten years, the electricity demand is expected to double in the country of 1.35 billion people. Accordingly, the Indian government has set a target of 175 GW of renewable energy capacity by 2022, of which 60 GW is expected to come from wind energy, and a target of 450 GW by 2030, of which 140 GW is expected to be wind-based generation. The country boasts a technical potential at a 120-meter hub height of a vast 695 GW.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Global Renewable Energy Mix, 2018
4.3 Wind Power Installed Capacity and Forecast in GW, till 2026
4.4 Market Size and Demand Forecast in USD billion, till 2026
4.5 Global Average Size of Wind Turbine in MW, 2018-2026
4.6 Recent Trends and Developments
4.7 Government Policies and Regulations
4.8 Market Dynamics
4.8.1 Drivers
4.8.2 Restraints
4.9 Supply Chain Analysis
4.10 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Location of Deployment
5.2 Service Type
5.3 Component
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/eyli96
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