Wind energy refers to the process of using wind to provide mechanical power to the wind turbines, thus facilitating the electric generator. It is a renewable source of energy that has less impact on the environment as compared to other sources of energy. There are two significant applications of wind service: Offshore and Onshore. Offshore wind power includes wind farms built in water bodies such as sea and are used to produce electricity using wind energy. The Onshore wind power consists of wind farms located on land, which helps in producing electricity.
The major factors driving the growth of the Global Wind Services market include the growing adoption of renewable source of energy, favorable government policies, and increasing installation of wind turbines. The rising penetration of renewable sources of energy to minimize greenhouse gas (GHG) emissions across the world, followed by the increasing number of offshore and onshore turbines are fuelling the growth of the market. In addition to this, several countries’ governments are also providing subsidies to encourage green clean energy usage. Countries such as the US, China, and UK are widely adopting offshore wind turbines, thereby having a positive impact on the growing demand of the market. However, the high operational and maintenance cost of wind services are hampering the growth of the market.
Based on the Application, the offshore segment is expected to grow at a higher CAGR in the market during the forecast period owing to its better efficiency level as compared to the onshore wind turbines driven by the consistent speed and direction of the wind on the offshore location. Moreover, countries such as China, UK, and Germany are mainly focussing on the development of offshore wind farms to improve the grid energy storage capacity in their countries.
Based on the region, North America is anticipated to lead the global Wind Services market during the forecast period owing to the increasing acceptance of clean energy to reduce the emission of greenhouse gases, which will increase the demand for wind services to ensure optimal performance of wind turbines.
The major key players in the market include Siemens Gamesa Renewable Energy, General Electric, Nordex SE, Senvion S.A., Suzlon Energy Ltd., ABB, Vestas, Enercon GmbH, Upwind Solutions, Inc., and Aeronautica WindPower, among others.
- In Jan 2020, General Electric entered into multi-year service contract to supply Cypress Turbines for 132 MW onshore wind farm to Swedish wind power company OX2.
- In May 2019, Siemens Gamesa entered into a four-year O&M agreement with Pattern Energy for 218 MW. Panhandle Wind 1 facility consisting of 118 units of 1.85-87 MW GE turbines. With this agreement, Siemens Gamesa expanded its multi-brand service footprint.
The Global Wind Services market has been segmented based on the Application and Region. Based on Application, the market is segmented into Offshore and Onshore.
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