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The Australia wind turbine operation and maintenance market size stood at USD 471.2 million in 2021. The market value is slated to rise from USD 514.5 million in 2022 to USD 903.8 million by 2029 at a CAGR of 8.38% during 2021-2029. Increasing government investments to promote wind energy adoption, widespread acceptance of wind energy, and rising pressure to meet power demand using renewable energy sources will drive market expansion. Fortune Business Insights™ presents this information in its report titled “Australia Wind Turbine Operation and Maintenance Market Size, Share and COVID-19 Impact Analysis, By Type (Scheduled and Unscheduled), By Location (Onshore and Offshore), and Country Forecast, 2022-2029”.
Changing Fuel Prices Amid the Pandemic Facilitated Market Growth
Governments across the world implemented lockdowns and social distancing norms to control the spread of COVID-19 in 2020. All non-essential activities were halted and manufacturing facilities were closed and people preferred to stay at home for their own safety. A complete stop of mining activities owing to labor shortage raised fuel prices globally. Fluctuations in fuel prices promoted electricity generation from renewable sources such as solar, hydro, and wind energy. This shift toward renewable energy sources for electricity generation elevated the demand for wind turbine operation and maintenance services.
Vestas Secures Order of 43 MW for Kaiwera Downs Wind Farm in Partnership with Mercury
Vestas secured an order of 43 MW for Kaiwera Downs Wind Farm in New Zealand in partnership with Mercury. According to the agreement, Vestas will be supplying and installing ten V136-4.2 MW wind turbines in 4.3 MW operating modes. Upon achievement, Vestas will supply a 30-year Active Output Management 5000 service & maintenance agreement to optimize energy production though offering Mercury with long-term business case certainty for the wind farm.
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Availability of Excellent Wind Resources to Aid Market Proliferation
Australia boasts of some of the best wind resources in the world. Its wind energy resources are mainly located in the southern parts of the continent and are at their maximum around the Bass Strait. The largest wind resource is generated by the passage of low-pressure areas and associated frontal systems, the northern extent and influence of which depends on the size of the frontal system. The monsoon and trade wind systems primarily generate winds in North Australia. Large-scale topographies, such as the Great Dividing Range in Eastern Australia, exert significant wind steering effects as well. The availability of vast and excellent wind resources will drive the Australia wind turbine operation and maintenance market growth.
Leading Players Receive Large Contracts to Enhance Fleet Performance and Uptime
Industry leaders are undertaking strategic decisions such as partnerships, collaborations, and mergers & acquisitions to expand their product portfolio and garner larger profits. Leading companies have also been receiving contracts to improve uptime and performance of wind turbines to maximize productivity. For example, in October 2021, Worley was awarded wind turbine operation and maintenance contracts for eight Pacific Hydro Wind Farms in Victoria, Australia. Under the new agreement, Worley will provide asset management to enhance uptime and improve fleet performance, as well as remote monitoring, operations, and maintenance services for Pacific Hydro's six Victorian wind farms.
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Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2018-2029 |
Base Year | 2021 |
Estimated Year | 2022 |
Forecast Period | 2022-2029 |
Historical Period | 2018-2020 |
Unit | Value (USD Million) |
Segmentation | By Type and Location |
By Type |
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By Location |
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By Geography |
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