As per the report published by Fior Markets, the global wind turbine services market is expected to grow from USD xx Billion in 2018 to USD xx Billion by 2026 at a CAGR of xx% during the forecast period from 2019-2026.North America is dominating the market as the region dominated the offshore installation category, and also incurs high operations & maintenance costs
Wind Turbine Services Market by Product Type (Atmospheric-Pressure Chemical Vapor Deposition (AP CVD), Others),End User,Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2026.
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Leadersin the industry Siemens Wind Power GmbH, Suzlon Group, GE Wind Turbine, Enercon GmbH, and Gamesa Corporation DNV GL AS., Upwind Solutions, AeronauticaWindPower, EcoEnergy LLC, Baywinds, Invenergy and Orion International Consulting Group, LLCwhichare offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share.For instance, in January 2018: UKEF helped GE Global Services UK secure landmark turbine maintenance contract in Iraq.
The application segment is segmented into onshore and offshore. The offshore segment is growing rapidly with the highest CAGR in the forecast period. Offshore turbines offer higher efficiency than onshore counterparts; however, they incur higher installation costs and consequently, operating costs increase. The type segment is segmented into OEM, ISP and in-house. The OEM segment is dominating the market in 2018 with the highest share in 2018.An Original Equipment Manufacturer (OEM) is a company that produces parts and equipment that may be marketed by another manufacturer.
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Increased adoption of renewable energy sources to reduce the growing levels of greenhouse gas (GHG) emissions has stimulated the growth. Rising number of offshore wind turbines and supportive governments efforts to encourage the adoption of renewable source of energy such as wind power are another factors contributing to the market expansion. High costs for operations & maintenance, due to optimistic estimation of reliability and lifetime of turbines may pose as a major threat to the product. However, the increase in the number of wind turbine installations in both onshore and offshore environments will drive the growth of the wind turbine services market in coming years.
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