Increasing Energy Requirements is Driving Wind Energy O&M Market

The wind energy O&M market is anticipated to grow at a CAGR of 7.2% during the forecast period (2024-2031). The market growth is driven by the increasing installation of wind power capacity, and the need for efficient operations and maintenance practices to maximize energy generation. The global wind energy O&M market is segmented by type (original equipment manufacturers, independent service providers, and in-house), application (offshore and onshore), and geography (North America, Europe, Asia-Pacific, and the Rest of the World). 

Market Dynamics

• The original equipment manufacturers segment held significant growth in the wind energy O&M market, owing to the increase in the number of big turbines.

• Asia-Pacific region is projected to experience considerable growth owing to the increasing investments in wind power projects and the growing demand for clean energy in the region. 

• North American region is anticipated to dominate the market driven by the presence of a large number of wind farms, favorable government policies, and the need for efficient maintenance practices to ensure the optimal performance of wind turbines. 

The major companies serving the global wind energy O&M market include Vestas Wind Systems, Siemens Gamesa Renewable Energy, S.A., General Electric (GE) Group, Covanta, and others. The market players are contributing significantly to the market growth by providing a range of O&M services, including scheduled maintenance, troubleshooting, component replacements, and remote monitoring. Additionally, they are adopting various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new project launches significantly aiding the market expansion. 

Recent Development 

• In December 2024, Suzlon and JSP Green Wind 1 Pvt. Ltd., a subsidiary of Jindal Renewables partnered with an additional 302.4 MW wind power project in the Koppal region of Karnataka, aimed at accelerating India's green steel production. The partnership expanded the total capacity from Jindal Renewables to 702.4 MW, making it Suzlon's largest-ever commercial and industrial (C&I) order from a single customer.  

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