Dublin, Oct. 08, 2021 (GLOBE NEWSWIRE) -- 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. There was no significant impact of COVID-19 outbreak on the market owing to the continuous operations of existing wind turbines and the maintenance activities except a sudden hault on the maintenance in the first half of 2020, further recovering since the second half of 2020.
The market studied is expected to witness significant growth due to rising energy demand coupled with the increasing share of wind power in the global power generation mix, efforts to reduce the reliance on fossil fuel-based power generation. The increase in the global wind energy capacity resulted in considerable demand for maintenance, repair, and overhaul (MRO) services of various components, particularly wind turbine (excluding tower), as it involves most of the wind power equipment in it. However, the adoption of other clean energy source like solar and other alternatives are likely to hinder the growth of the market.
Key Highlights
- Increasing, offshore deployment of wind turbine likely to drive the global wind turbine maintenance, repair, and overhaul (MRO) market during forecast period.
- Moreover, the adoption of wind power for power generation is increasing significantly. Various countries are investing in the wind energy market which likely to increase the requirement for maintenance. Middle-East and Africa region witnessing significant growth in wind power plant which is likely to provide the opportunity to the growth of global wind turbine maintenance, repair & overhaul market.
- Asia-Pacific is the fastest growing global wind turbine maintenance, repair & overhaul market owing to the largest and fastest increasing wind power installed capacity in 2020.
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.
- These recent trends expected to drive the global wind turbine maintenance, repair & overhaul market during the forecast period.
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.
- South Korea also aims to have a total renewable energy capacity of 63.8 GW by 2030, with approximately 18 GW coming from wind power. The international players, such as Orsted, have stated that South Korea may thrive from wind power generation, particularly in offshore areas considering its geographical characteristics. ??
- This, in turn, is expected to present Asia-Pacific as an excellent business destination for players involved in the global wind turbine maintenance, repair & overhaul business during the forecast period.
Competitive Landscape
The global wind turbine maintenance, repair, and overhaul market is moderately fragmented due to many companies operating in the industry. Some of the key players in this market include Siemens Gamesa Renewable Energy SA, General Electric Company, Suzlon Energy Ltd, ABB Ltd, and Stork (a Fluor Company), amongst others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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
5.1.1 Onshore
5.1.2 Offshore
5.2 Service Type
5.2.1 Maintenance
5.2.2 Repair
5.2.3 Overhaul
5.3 Component
5.3.1 Gearbox
5.3.2 Generators
5.3.3 Rotor Blades
5.3.4 Other Components
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 South America
5.4.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Siemens Gamesa Renewable Energy SA
6.3.2 General Electric Company
6.3.3 Stork (a Fluor Company)
6.3.4 Moventas Gears Oy
6.3.5 ZF Friedrichshafen AG
6.3.6 Vestas Wind Systems A/S
6.3.7 Suzlon Energy Ltd
6.3.8 ABB Ltd
6.3.9 Dana SAC UK Ltd
6.3.10 Nordex SE
6.3.11 Mistras Group
6.3.12 Integrated Power Services LLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/gjxw5d
