December 3, 2019

Wind Turbine Maintenance Market Dynamics, Supply & Demand, Growth, Strategies, Forecast 2023

In the recent years wind farms have become one of the key sources of power generation globally due to growing awareness and stringent governmental regulations. Wind turbines are the vital components of wind farms that aids in power generation thereby converting kinetic energy of wind to electrical energy. Therefore, the reliability of wind turbine system is one of the major factors playing a crucial role in the success of wind energy projects.

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Poor reliability of turbines can affect directly to project’s revenue and can reduce the availability to generate power due to turbine downtime. Poor reliability can also lead to increased operational and maintenance cost of the project. Therefore, wind turbine maintenance is an essential tool to increase the profitability and life time of the project. Globally, huge investments are taking place in the renewable energy projects, for both onshore and offshore, this is turning out to be one of the major factors fuelling the demand for wind turbine maintenance service sector. Maintenance cost of wind turbines accounts for approximately 20% of total project’s cost that holds the interest of major service industries into this sector.

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Different types of cost constituted in wind turbine maintenance market are insurance cost, regular maintenance cost, repair cost, spare part cost and administration cost. Some of these cost components can be approximated relatively at ease. For regular maintenance and insurance cost, it is possible for a company to obtain a contract covering all considerable share of total lifetime of wind turbines. Whereas, it is difficult to estimate the spare part and repairing cost of the wind turbines. The wind turbine maintenance is one of the key requirements for the successful implementation of wind power generation project. Reduction of maintenance cost can lead a project towards profitability that is possible by some planning such as development of logistics plan, identification of opportunity for redundancy, improvement in training and maintainability and implementation of condition monitoring (SCADA).