Wind Turbine Services Market in Europe to grow at a CAGR of 8.48% during 2024-2028
The Wind Turbine Services Market in Europe is expected to grow at a CAGR of 8.48% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2889.72 million. In the European wind energy market, hybrid wind tower technology represents a significant advancement in off-grid energy production. These towers, standing tall, integrate wind turbines with energy storage systems, such as solar PV panels and batteries. Hybrid wind tower models, like wind-solar PV systems, combine two technologies. They consist of a wind turbine, solar PV module, DC-AC inverter, batteries, charge controller regulator, and a backup power resource. In this setup, the wind turbine functions as the backup power supply for AC loads, supplying power directly without the need for an inverter unit. This innovative solution increases energy generation efficiency and ensures uninterrupted power supply.
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Technavio analysts predict that the On-shore subsegment will lead the Application segment during 2024 and 2028 In the European wind energy sector, onshore wind turbine services play a crucial role in maintaining the optimal performance, efficiency, and longevity of these renewable energy assets. These services encompass regular maintenance, inspections, and repairs, which include cleaning, lubrication, electrical checks, and component replacement. As wind turbine technology advances, retrofitting and upgrading services become increasingly important for modernizing older turbines and enhancing their capabilities. Key components such as blades, gearboxes, and generators may be replaced to address wear and tear or to boost performance. According to Wind Europe, onshore wind accounted for 87% of new installations in Europe in 2022, underscoring the market's significance.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rise in wind energy consumption
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The Wind Turbine Services Market in Europe is witnessing significant growth due to the increasing focus on alternative energy sources and the need to reduce greenhouse gas emissions. Companies like Naturgy Renewables are leading the way in capital expenditure for wind energy projects, with a strong focus on both onshore and offshore wind farms. Collaborations between key players in the industry are driving innovation in finished goods and maintenance solutions. For instance, the use of rope access for turbine inspections and maintenance is becoming increasingly popular due to its cost-effectiveness and safety benefits. Scheduled and unscheduled maintenance are crucial for the efficient operation of wind turbines. Monitoring and surveillance systems help identify potential issues before they become major problems, reducing downtime and increasing electricity generation. Gearboxes are a critical component of wind turbines, and regular maintenance is essential to ensure their longevity. The wind energy sector is experiencing a staff shortage, leading to a growing demand for specialized maintenance services. This trend is expected to continue as Europe aims to increase its reliance on clean energy and reduce its carbon footprint. Overall, the Wind Turbine Services Market in Europe is poised for continued growth as the shift towards renewable energy sources gathers momentum.
According to Technavio, the European wind turbine services market is a segment of the broader global independent power and renewable electricity market. This market encompasses businesses involved in the generation and distribution of electricity derived from renewable sources. The parent market, the global renewable electricity market, comprises revenue generated by independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity providers. Additionally, it includes manufacturers of raw materials and equipment used in the solar power sector. The expansion of the global renewable electricity market will be fueled by supportive policies and targets for renewable power deployment. These policies have led to a substantial increase in the adoption of renewable energy sources over the past decade.
The Wind Turbine Services Market in Europe is experiencing significant growth, fueled by the rise in wind energy consumption. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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