Unlock stock picks and a broker-level newsfeed that powers Wall Street.
Global Wind Services Market Report 2021: Increasing Adoption of Digital Technologies and Technological Innovations to Drive the Market

Dublin, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The "Growth Opportunities in the Global Wind Services Market" report has been added to ResearchAndMarkets.com's offering.

Global wind services market is forecast to grow from $18.95 billion to $42.25 billion by 2030, at a compound annual growth rate (CAGR) of 8.2%.

Over 1000 GW of wind power capacity will come online between 2021 and 2030, which would significantly increase the opportunity for the wind services market.

Asia-Pacific is the largest wind services market, accounting for 40.1% of the global market in 2020. Rapidly increasing installations of wind turbines and favorable regulations are the primary drivers of the wind turbine O&M market in Asia-Pacific.

China, Japan, and India are some of the largest countries with cumulative installations in the region. Europe was the second-largest market for wind services in 2020. In service contracts, the shift toward energy availability contracts is expected to dominate the market, followed by service contracts offered by specialized service providers.

Continued concerns over increasing carbon emissions and the need to mitigate climate change have forced governments to accelerate investments in renewable energy. Wind and solar energy, in particular, are expected to play a crucial role in the global race toward decarbonization. Over the last ten years, wind energy capacity additions have gained momentum worldwide. Wind energy has become one of the fastest-growing energy sources and one of the most economical solutions for electricity generation.

As wind energy grows, the demand for operations and maintenance (O&M) services increases, to maintain the wind power fleet and keep turbines spinning and producing clean energy without any disturbance. O&M plays a crucial role in the wind energy industry and ensures the long-term sustainability and growth of wind power worldwide.

In addition, the aftersales and service business continues to be an increasingly important source of revenue for OEMs and independent service providers (ISPs). The wind service business is now fully recognized as an important business opportunity worldwide and will continue to grow, with new capacity additions coming online.

Over 1000 GW of wind power capacity will come online between 2021 and 2030, which would significantly increase the opportunity for the wind services market. During this period, the global wind services market is forecast to grow from $18.95 billion to $42.25 billion by 2030, at a compound annual growth rate (CAGR) of 8.2%.