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The Europe - wind turbine services market size is estimated to grow at a CAGR of 8.48% between 2023 and 2028. The market size is forecast to increase by USD 2,889.72 million. The growth of the market depends on several factors such as the rise in wind energy consumption, expansion in offshore wind, and the rising need for grid stabilization and energy storage.
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The development of a hybrid model is the primary trend shaping market growth. The production of electricity is boosted by the technology of hybrid wind towers. A hybrid wind tower system, which offers off-grid electrical storage services, is a separate structure. These towers are high enough that they're able to provide a lot of energy. There are different hybrid models, which combine two technologies.
Moreover, the hybrid systems use solar power in summer and wind power in winter, which addresses the issues related to the intermittency of wind turbines. Consequently, the raised implementation of hybrid wind power systems in Europe will drive the need for wind turbine services during the forecast period.
The on-shore segment is estimated to witness significant growth during the forecast period. Ensuring that offshore wind turbines continue to perform effectively and last for a long period of time requires frequent maintenance, inspections, and repairs. As wind turbine technology evolves, operators often seek to improve the performance, efficiency, and reliability of existing turbines. Retrofitting and upgrading services help modernize older turbines and bring them up to current standards.
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Onshore wind turbine services may involve the replacement of specific components such as blades, gearboxes, and generators. This is done to address wear and tear or to improve performance. Onshore wind turbine services are often tailored to meet the specific requirements of individual wind farms or turbines, considering factors such as location, climate, and turbine type. Thus, the rise in onshore wind turbine installations will drive the growth of the Europe - wind turbine services market during the forecast period.
Expansion in offshore wind is the key factor driving market growth. The offshore wind power plants can benefit from stronger and more consistent winds, which will lead to increased energy production. The demand for services related to wind turbines is driven by this high growth potential. Compared to onshore installations, offshore wind farms are typically larger and more complex. The maintenance and servicing of offshore wind turbines require specialized equipment and expertise, leading to a requirement for offshore maintenance services.
Furthermore, the economic and environmental benefits of offshore wind power drive investments in servicing and maintaining these projects. Offshore wind farms require effective integration into the national power grid, necessitating maintenance and services to ensure grid reliability and stability. Thus, expansion in offshore wind will propel the growth of the wind turbine services market in Europe during the forecast period.
The complexity of offshore wind is a challenge that affects market growth. Compared to onshore turbines, offshore wind turbines are subjected to more harsh and corrosive conditions. The combination of salt water, strong winds, and the waves may lead to wear and corrosion which will require more frequent maintenance. Offshore wind turbines are located at a distance from the coast, making access and transportation for maintenance and inspections more challenging. Proper corrosion protection and maintenance are crucial to extend the life of turbine components.
Furthermore, developing and maintaining remote monitoring systems can be challenging. The logistics of transporting equipment, spare parts, and personnel to offshore wind farms can be complex and costly. Weather conditions can also negatively affect wind turbine services. Hence, the complexity of offshore wind will impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Wind Turbine Services Market in Europe Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd.: The company offers wind turbine services which includes efficiency improvement and production increase while improving reliability and reducing levelized cost of energy over the lifetime of turbine and wind farm.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The wind turbine services market in Europe report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Wind Turbine Services Market In Europe Scope |
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Report Coverage |
Details |
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Page number |
156 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.48% |
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Market growth 2024-2028 |
USD 2,889.72 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.3 |
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Regional analysis |
Europe |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Acciona SA, B9 Energy Ltd., Buss Energy Group GmbH, Deutsche Windtechnik AG, E.ON SE, Emergya Wind Technologies BV, Enercon Services Inc., Fassmer Industrial Service GmbH and Co. KG, Fred. Olsen Ocean AS, General Electric Co., Ingeteam Corp. S.A., Nordex SE, Orsted AS, P and A Renewable Services, PNE AG, Repower AG, Siemens AG, Vestas Wind Systems AS, and Suzlon Energy Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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