Global Wind Turbine Operations and Maintenance Market to Capitalize on Rising Demand for Alternative Energy
Resource from: SBWIRE Likes:161
Dec 29,2015
Albany, NY -- (SBWIRE) -- 12/28/2015 -- The market for wind turbine operations and maintenance represents an emerging segment of the wind energy industry. The demand for energy harnessing from wind turbines has increased exponentially in the past few years. Wind turbines greatly contribute to the endeavor of generating large amounts of energy from alternative sources. A modern wind turbine, for instance, is designed to work for over 120,000 hours throughout an estimated lifespan of almost 20 years. The wind turbines are therefore designed so that they may offer long-term productivity.
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While the selection of materials for wind turbines dramatically impacts a technician's ability to access and maintain components cost-effectively, over the next two decades the expected exponential growth in the deployment of wind turbines will require a few thousand highly trained technicians for monitoring operations and maintenance of the equipment. Operating and maintaining wind turbines requires sophisticated capabilities to diagnose the performance of various components, skills and awareness to schedule replacement of the components, and knowledge to accommodate erratic weather conditions.
As the demand for wind turbine operations and maintenance grows, a recent study published by Transparency Market Research projects the global market for the same to expand at a robust 8.80% CAGR between 2015 and 2023. As per the findings of the report, the global wind turbine operations and maintenance market, which was valued at US$9.3 bn in 2014, will reach US$20.6 bn by the end of 2023.
Rising Occurrence of Wind Turbine Breakdown to Fuel Demand from Global Wind Turbine O&M Market
Wind turbine operations and maintenance (O&M) services include asset administration, wind turbine repairs when installed at wind farms, and remote monitoring, alongside traditional operations and maintenance services. Wind turbine maintenance operations are scheduled at regular intervals in order to ensure undisrupted operation of the components for a longer period. Unscheduled maintenance services are also conducted but only in the event of a sudden breakdown. A wind turbine comprises components that require maintenance on a regular basis, such as rotor blades, generator, gearbox, inverter, tower, and brakes. Of these, gearbox assembly, brakes, and rotor blades are some of the components more susceptible to breakdown and require maintenance at regular intervals.
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Based on application, the global market for wind turbine O&M comprises offshore and onshore markets for wind turbine O&M. Until 2014, the onshore segment of the wind turbine O&M market occupied over 90% of the global market for wind turbine O&M. However, the demand for offshore wind turbine operations and maintenance is rising, albeit gradually. The incidence of wind turbine breakdowns such as generator assembly failures and gearbox failures has significantly risen in the last few years, thereby augmenting demand for wind turbine operations and maintenance.
Europe Leads Global Wind Turbine O&M Market, RoW to Exhibit Fastest CAGR
Regionally, Asia Pacific, North America, Europe, and Rest of the World (RoW) constitute the global wind turbine operations and maintenance market. In 2014, Europe led the market, accounting for 40% of the overall market. However, as per the latest market studies, the market for wind turbine O&M in the RoW region is likely to exhibit growth at the fastest pace in the forthcoming years. Asia Pacific will exhibit the second fastest CAGR during the same time.
About Transparency Market Research (TMR)
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights to 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.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, TMR employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
(SBWIRE)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
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