Growth Opportunities in the Global Wind Services Market

Growth Opportunities in the Global Wind Services Market

Increasing Adoption of Digital Technologies and Technological Innovations to Drive the Global Wind Services Market

RELEASE DATE
15-Dec-2021
REGION
Global
Research Code: MG0B-01-00-00-00
SKU: EG02196-GL-MT_26088
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Description

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 wind services market is segmented based on region, application, and contract type in this study. In terms of application, the services market has been described separately for onshore and offshore. The market has been segmented into the following five regions: North America, Europe, Asia-Pacific (including India and China), Latin America, and Middle East and Africa. 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.

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?

Author: Swagath Navin Manohar

RESEARCH: INFOGRAPHIC

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Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Wind Services Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Findings

Wind Services Market—Scope of Analysis

Geographical Scope

Analysis by Contract Type

Analysis by Contract Type (continued)

Analysis by Contract Type (continued)

Analysis by Contract Type (continued)

Key Growth Metrics

Questions this Study will Answer

Introduction to Wind Services

Introduction to Wind Services (continued)

Challenges and Downtime Impact

Components and Servicing Requirements

Enablers Impacting Services Strategy

Market Ecosystem

Synergy Between the Wind Industry and Service Providers

Services and Offerings

Evolution of the Market

Wind Power Forecasts—Annual Capacity Additions

Wind Power Forecasts—Cumulative Installed Capacity

Offshore Wind Forecast—Cumulative Capacity Additions

Global Drivers

Growth Restraints

Market Trends

Market Trends (continued)

Revenue Forecast

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

NA Market Analysis

European Market Analysis

APAC Market Analysis

LATAM Market Analysis

MEA Market Analysis

Competitive Landscape

Competitive Landscape (continued)

Competitive Environment

Revenue Share

Revenue Share Analysis

Company Profile—Vestas

Company Profile—Siemens Gamesa

Company Profile—PSI Repair Services

Growth Opportunities Impact

Growth Opportunity 1: Shift towards Turbine-As-A-Service

Growth Opportunity 1: Shift toward Turbine-As-A-Service (continued)

Growth Opportunity 2: From Predictive to Prescriptive

Growth Opportunity 2: From Predictive to Prescriptive (continued)

Growth Opportunity 3: Deployment of Innovative Business Models

Growth Opportunity 3: Deployment of Innovative Business Models (continued)

Growth Opportunity 4: Mergers/Collaborations/Partnerships Across Value Chain

Growth Opportunity 4: Mergers/Collaborations/Partnerships Across Value Chain (continued)

Growth Opportunity 5: Drones for O&M

Growth Opportunity 5: Drones for O&M (continued)

Growth Opportunity 6: Climbing Robots for O&M

Growth Opportunity 6: Climbing Robots for O&M (continued)

Growth Opportunity 7: Blockchain for Inventory Management

Growth Opportunity 7: Blockchain for Inventory Management (continued)

Growth Opportunity 8: AM for Durable Parts

Growth Opportunity 8: AM for Durable Parts (continued)

Growth Opportunity 9: Digital Twins for Optimized Performance

Growth Opportunity 9: Digital Twins for Optimized Performance (continued)

Growth Opportunity 10: Augmented/Virtual Reality & Wearables for O&M

Growth Opportunity 10: Augmented/Virtual Reality & Wearables for O&M (continued)

Growth Opportunity 11: Multi-brand Servicing

Growth Opportunity 11: Multi-brand Servicing (continued)

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

Legal Disclaimer

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 wind services market is segmented based on region, application, and contract type in this study. In terms of application, the services market has been described separately for onshore and offshore. The market has been segmented into the following five regions: North America, Europe, Asia-Pacific (including India and China), Latin America, and Middle East and Africa. 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. 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.--BEGIN PROMO--

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

Author: Swagath Navin Manohar

More Information
Author Swagath Navin Manohar
GPS Codes 9AFE-A4,9B00-A4,9851,GETE
Industries Energy
No Index No
Is Prebook No
Podcast No
WIP Number MG0B-01-00-00-00