31 Aug 2016 08:08:43
Steady Growth of Wind Power Sector to Bode Well for Wind Turbine Maintenance Market, says TMR
The promising growth prospects of the global wind energy market are likely to benefit the global market for wind turbine maintenance, according to a new report from Transparency Market Research (TMR). The report, titled ‘Wind Turbine Maintenance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,’ presents a comprehensive overview of the market’s historical development in order to extrapolate the growth trajectory and present market forecasts till 2023. The competitive dynamics of the wind turbine maintenance market and the key factors affecting its growth are elaborated upon in detail in the report.
Wind turbines are an essential part of wind energy infrastructure and thus need to be maintained at optimum efficacy. Since wind turbines are inevitably exposed to the elements, significant environmental degradation can occur over long periods. Inadvertent collisions with airborne objects such as birds can also damage wind turbines. This necessitates regular monitoring and periodic servicing and repairs to maintain the intended operational efficiency and output of the wind farm.
Accordingly, the steady growth of the wind power sector is the most important driver for the global wind turbine maintenance market. Due to its renewable nature, wind power has come into its own in the global power sector in the last few years and wind farms being installed over a large scale in Europe and North America. This leads to a direct increase in the demand for wind turbine maintenance, driving the global market.
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The notable concessions given to the wind power sector by several governments across the world make wind turbine maintenance much cheaper, which is another key driver for the global market. Wind turbine maintenance can account for up to 20% of the total expenditure on a wind farm, making economic incentives crucial in ensuring that maintenance requirements are not overlooked by operators.
Geographically, Europe is the leading contributor to the global wind turbine maintenance market due to the extensive support given by several European governments to the development of wind power infrastructure. Western European countries such as Germany, the U.K., and Spain are key producers of wind energy, with Denmark, Sweden, Portugal, France, and Italy also making notable advances in recent years. The widespread implementation of smart grid systems in Europe will also help smoothen the process of identifying problems in wind turbines early on, as any sustained drop in the output of wind farms will be registered in the smart grid system.
On the other hand, China is one of the leading markets for wind turbine maintenance due to its 100-GW network of around 65,000 wind turbines. The sustained government support to the wind energy sector is likely to drive the demand for wind turbine maintenance in China in the coming years. Apart from China, India, Australia, and Japan are also expected to emerge as influential players in the global wind energy market, driving the Asia Pacific market for wind turbine maintenance.
The report also provides detailed information on the market activity of leading players such as DNV GL AS, EcoEnergy LLC, Orion International Consulting Group, LLC, Upwind Solutions, Baywinds, Aeronautica WindPower, and Invenergy.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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