The global wind turbine MRO market size was valued at USD 81.75 billion in 2020 and is anticipated to expand at a robust CAGR during the forecast period, 2021-2028. Growth of the market is attributed to increasing number of wind power generation plant and efforts on reducing the dependency on fossil resources for energy generation.
Growing number of offshore deployment of the wind turbine is most likely to boost the global wind turbine market in the coming years.
Technological advancement for more efficient and reliable turbine makes power more cost-effective. Moreover, government initiative towards the depleting natural resources and exploration for the alternative energy is likely to boost the market.
The COVID-19 pandemic affected the demand and supply of global wind turbine MRO market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Rising awareness towards environment from coal based generated power plant is estimated to drive the market in the coming years.
- Increasing number of wind generation power plants is estimated to fuel the market in the coming years.
- High cost of production, consistent investments, and high installation cost for turbines posses a major challenge that can hinder the market growth.
- Growing awareness towards the cleaner and alternative source of energy such as solar can hinder the growth of the market during the projected period.
- R&D investment and technological advancement towards reducing the cost of production using wind energy in the near future is anticipated to create a lucrative opportunities for the market players.
Scope of the market
The report on wind turbine MRO market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Wind turbine MRO market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Location of Deployments (On-shore and Off-shore), Service Types (Overhaul, Repairs, and Maintenance), Component (Gearbox, Rotor Blades, Generator, and Others)
Asia Pacific, Europe, North America, South America, and Middle- East and Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
General Electric Company; Siemens Gamesa Renewable Energy SA; ABB Ltd; Suzlon Energy; Vestas Wind Systems A/S.
Market Segment Insights
The off-shore segment is expected to hold key share of the market
On the basis of location of deployment, the market is bifurcated into on-shore and off-shore. The off-shore segment is expected to hold a key share of the market owing to enhancement in the technology and increasing adoption of offshore wind turbines is most likely to attract companies and countries for high investments.
The maintenance segment is anticipated to expand at a rapid pace
Based on service types, the market is fragmented into overhaul, repairs, and maintenance. The maintenance segment is anticipated to account for large share in the market during the forecast period due to rising awareness & number of electric vehicle, maintenance repair operations of turbines and concerns towards impact on environment emission from coal based power plant.
The rotor blade segment is anticipated to exhibit high CAGR
In the terms of components, the market is segregated on the basis of gearbox, rotor blades, generator, and others. The rotor blade segment is anticipated to exhibit high CAGR during the forecast period due to rapid adoption of wind turbines quality type rotor are required to generate maximum power. On the other hand the gearbox segment is expected to grow at a rapid pace due to premature failures of the component which is expensive to replace now and then.
Asia Pacific is estimated to dominate the market
Based on the region, the market is segregated on the basis of Asia Pacific, Europe, North America, South America, and Middle- East and Africa. Asia Pacific is estimated to dominate the market. Growth of the market is attributed to China with the leading wind power installed capacity in Asia Pacific and considered one of the best in onshore wind power industry globally, due to its early adoption of wind turbines for energy generation and South Korea is estimated to grow at a rapid pace in the near future owing to its geographical condition and characteristics.
The wind turbine MRO market has been bifurcated on the basis of
Location of deployment
- Rotor Blades
- Asia Pacific
- North America
- South America
- Middle- East and Africa
- General Electric Company
- Siemens Gamesa Renewable Energy SA
- ABB Ltd
- Suzlon Energy
- Vestas Wind Systems A/S
Key players competing in the wind turbine MRO market include General Electric Company; Siemens Gamesa Renewable Energy SA; ABB Ltd; Suzlon Energy; Vestas Wind Systems A/S.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance.
In October 2021, Siemens AG and Deutsch bahn (DB) presents the first automatic train that operates itself on rail traffic.