DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/ctgfmx/wind_turbine) has announced the addition of the "Wind Turbine Service Market in Europe 2014-2018" report to their offering.
The analysts forecast the Wind Turbine Service market in Europe to grow at a CAGR of 9.02 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increase in aging wind farms. The Wind Turbine Service market in Europe has also been witnessing the increase in investments by OEMs. However, the lack of skilled workforce could pose a challenge to the growth of this market.
The key vendors dominating this market space are Enercon GmbH, GAMESA CORPORACIÓN TECNOLÓGICA, S.A, Nordex SE, Repower System AG, and Siemens AG.
Other vendors mentioned in the report are GE Energy LLC, Suzlon Energy Ltd, The Weir Group PLC, Vestas Wind Systems A/S, and Windtechnics.
Commenting on the report, an analyst from the team said: Increasing investment by OEMs is one of the major trends being witnessed in the market. Some OEMs are attempting to enhance their own existing technology and invest in new technology to reduce onshore logistics costs. Many large OEMs are entering into partnerships with local ISPs to maintain a flexible and efficient manpower structure, while reducing costs with regard to logistics. By investing in technology and local ISPs, the OEMs are attracting the IPPs and utilities to enter into long-term contracts for service with OEMs. This not only ensures long-term cash flow for the OEMs but also ensures the long-term project finance, as financiers are increasingly demanding long-term contracts that reduce the cash volatility risk and guarantee stable returns to the financiers.
According to the report, one of the main drivers in this market is the aging wind farms in Europe. Currently, many wind farms in Europe require servicing so as to maintain a consistent level of efficiency. This increased requirement for services by the wind farms will propel the growth of the market during the forecast period.
For more information visit http://www.researchandmarkets.com/research/ctgfmx/wind_turbine
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Source: Research and Markets