Wind Turbine Services Market Analysis

Global Wind Turbine Services Market Overview:

Wind Turbine Services Market Size was valued at USD 13.5 Billion in 2022. The Wind Turbine Services market industry is projected to grow from USD 14.6 Billion in 2023 to USD 27.43 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.2% during the forecast period (2024 - 2032). Rope access specialists are boosting energy generation and providing onshore and offshore wind turbine solutions, and the rising use of renewable energy sources is the key market driver contributing to growth and expansion.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Wind Turbine Services Market Trends

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  The rising use of renewable energy is driving the market growth.

  
  

The rising use of renewable energy sources drives the market CAGR for wind turbine services. The original equipment manufacturer sector dominates the market and is predicted to grow over the forecast time frame, significantly influencing the market requirement. Because of technical improvements, the manufacturing of turbine components has expanded, and the market worth of OEM achieved a share of the market of 45.14% in 2018. Nations are suffering as a result of environmental disparities and emitting greenhouse gases. This has generated interest among industry, and authorities in industrialized countries have begun to explore ways to generate energy from renewable sources. In contrast to other forms of energy that produce hazardous compounds or toxins that affect the environment, wind energy is a very dependable source of electricity. As a result, having power from wind turbines is an efficient method of producing energy.

The electricity generation sector is also looking for cost-effective and trustworthy choices. Many nations have begun to invest in clean energy storage for future scenarios or when the energy demand is greater. States have also recognized the importance of clean energy sources; thus, academics have been working hard to deliver technical advances in this domain. Furthermore, the recent decrease in installation prices has allowed the industry to flourish. The cost of onshore turbines has dropped by 37% in the last decade, boosting industry growth.

Due to the protracted lockdown, the pandemic has adversely damaged various sectors worldwide. Wind turbine output has also declined in recent years due to a shortage of staff and a slow-paced production line. Due to a lack of staff and space constraints, the currently running turbines need to be adequately maintained. Over the windy period, wind turbines installed in strong wind zones are subjected to high-force winds. Because COVID has impeded scheduled maintenance, the wind turbines' efficiency has suffered. Positively, the marketplace has been undergoing an upsurge in the tendency towards a local supply chain, which has decreased dependency on imports. The rise in domestic wind turbine production has had a favorable influence on the expansion of this market.

For instance, the total worldwide capacity for wind energy has surpassed 837 GW at present, with roughly 94 GW installed globally in 2021. As a result, such rapid growth in wind capacity needs constant surveillance and upkeep. Wind energy deployment and upkeep are projected to fuel market expansion for wind turbine maintenance and operation solutions. Thus, it is anticipated that demand for Wind Turbine Services will increase throughout the projected timeframe due to the growing utilization of renewable energy sources. Thus, driving the Wind Turbine Services market revenue.

Wind Turbine Services Market Segment Insights:

Wind Turbine Services Type Insights

The Wind Turbine Services market segmentation, based on type, includes Original Equipment Manufacturer (OEM), Independent Service Provider (ISP), and In-House. The original equipment manufacturer (OEM) segment dominated the market, accounting for 37% of market revenue (USD 5.0 Billion) in 2022. The manufacture of turbine components has expanded due to technical improvements, raising the value of the Wind Turbine Service Market.

Wind Turbine Services Application Insights

The Wind Turbine Services market segmentation, based on Applications, includes Onshore and Offshore. The onshore category generated the highest market revenue of about 59%  (USD 8 billion) in 2022. Onshore services demand fewer capital expenditures than offshore divisions because of their economic structure, resulting in the greatest number of onshore wind turbine installations.

Figure 1: Wind Turbine Services Market, by Application, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Wind Turbine Services Regional Insights

By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Wind Turbine Services market will dominate during the projected timeframe as the Production Tax Credit will continue to be the key driver of onshore wind development, boosting the market growth in North America.

Furthermore, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Wind Turbine Services Market Share by Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe region’s Wind Turbine Services market accounts for the second-highest market share. Because of the substantial number of wind farms located offshore, maintenance and operation of offshore turbines are critical in the development of offshore wind farms. Further, the German Wind Turbine Services market holds the largest market share, and the UK Wind Turbine Services market is expected to grow and expand significantly in the European region during the projected timeframe.

The Asia-Pacific Wind Turbine Services Market is expected to grow quickly during the projected timeframe. It is a good business location for wind turbine maintenance, repair, and overhaul participants worldwide. Moreover, China’s Wind Turbine Services market dominates the market share, and the Indian Wind Turbine Services market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.

Wind Turbine Services Key Market Players & Competitive Insights

Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Wind Turbine Services market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Wind Turbine Services industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.

Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the Wind Turbine Services industry to benefit customers and capture untapped market share and revenue. The Wind Turbine Services industry has recently offered significant advantages to the Energy & Power industry. Moreover, more industry participants are utilizing and adopting cutting-edge Technology has grown substantially. Major players in the Wind Turbine Services market, including Siemens Wind Power GmbH, Suzlon Group, Enercon GmbH, Gamesa Corporation DNV GL AS, Upwind Solutions, Aeronautica Windpower, EcoEnergy LLC, Baywinds, Invenergy, Orion International Consulting Group, LLC, and GE Wind Turbine are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.

Nordex SE and its subsidiaries design, produce and sell onshore wind turbines across the globe. The organization was established in 1985 and is based in Hamburg, Germany. It works in two segments: Projects and Services. The firm offers development and construction offerings, secures rights, and builds the infrastructure to construct wind-generating structures in appropriate areas. It also provides wind farm upkeep and monitoring via internet services and repair and technical upgrade services for current turbines. Nordex SE secured a 49.5 MW wind project deal from Naturgy Renovables in Spain in March 2022. They will deliver 11 Delta4000 range N155/4.X turbines, with a spring 2023 commissioning date.

Siemens Gamesa is a renewable energy industry leader, trying to deliver the greatest offshore and onshore wind power turbines and services throughout the globe. It builds wind turbines and offers both onshore and offshore wind operations. The company is the world's second-biggest maker of wind turbines. It was established in 1976 and is headquartered in Zamudio Hamburg. It is a leader in the advancement and growth of onshore wind, ensuring that it benefits everyone and has a good influence on the surroundings. Siemens Gamesa inked preferential vendor contracts with Equinor and Polener regarding the MFW Baltyk II & MFW Baltyk III windmilled in February 2022. The signing deal establishes a favored supplier in Poland's budding offshore wind sector. It was also the first provisional contract for the SG 14-236 DD offshore power turbine.

Key Companies in the Wind Turbine Services market include

• ACCIONA


• Aeolos Wind Energy Ltd


• Aeronautica Windpower LLC


• Bergey Windpower Co.


• Clipper Windpower LLC


• NORDEX SE


• Siemens Gamesa Renewable Energy


• Suzlon Energy Limited


• VERGNET


• Vestas


• Mitsubishi Heavy Industries Ltd

Wind Turbine Services Industry Developments

March 2022:Nordex SE secured a 49.5 MW wind project deal from Naturgy Renovables in Spain in March 2022. They will deliver 11 Delta4000 range N155/4.X turbines, with a spring 2023 commissioning date.

February 2022:Siemens Gamesa inked preferential vendor contracts with Equinor and Polener regarding the MFW Baltyk II & MFW Baltyk III windmilled in February 2022. The signing deal establishes a favored supplier in Poland's budding offshore wind sector. It was also the first provisional contract for the SG 14-236 DD offshore power turbine.

Concerns about bird safety develop blade-less turbines. These windmills are tall, straw-like constructions that lack revolving blades to catch wind power; rather, they collect energy from whirling vortices. They save area and production costs by 53% because they lack edges.

Wind Turbine Services Market Segmentation:

Wind Turbine Services Type Outlook

• Original Equipment Manufacturer (OEM)


• Independent Service Provider (ISP)


• In-House

Wind Turbine Services Application Outlook

• Onshore


• Offshore

Wind Turbine Services Regional Outlook

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  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America