Market Size of Wind Turbine Maintenance, Repair and Overhaul (MRO) Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 15.86 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wind Turbine MRO Market Analysis
The global wind turbine maintenance, repair and overhaul (MRO) market is expected to reach value USD 232.65 billion in 2027, from USD 81.80 billion in 2020, registering growth at a CAGR of 15.86% during the forecast period 2022-2027. There was no significant impact of COVID-19 outbreak on the market owing to the continuous operations of existing wind turbines and the maintenance activities, for instance, In 2020, Vestas suspended its ongoing technology projects and focused on prioritizing spare part deliveries in 2020 due to the COVID-19 pandemic, so the maintenance and repair of wind turbines are not affected. The market studied is expected to witness significant growth due to rising energy demand coupled with the increasing share of wind power in the global power generation mix, efforts to reduce the reliance on fossil fuel-based power generation. The increase in the global wind energy capacity resulted in considerable demand for maintenance, repair, and overhaul (MRO) services of various components, particularly wind turbine (excluding tower), as it involves most of the wind power equipment in it. However, the adoption of other clean energy source like solar and other alternatives are likely to hinder the growth of the market.
- Increasing, offshore deployment of wind turbine is likely to drive the global wind turbine maintenance, repair, and overhaul (MRO) market, thus making it fastest growing segment during the forecast period.
- Moreover, the adoption of wind power for power generation is increasing significantly. Various countries are investing in the wind energy market which likely to increase the requirement for maintenance. Middle-East and Africa region witnessing significant growth in wind power plant which is likely to provide the opportunity to the growth of global wind turbine maintenance, repair & overhaul market.
- Asia-Pacific is expected to be the fastest growing region, owing to the largest and fastest increase in wind power installed capacity in 2020.
