Wind Turbine Decommissioning Services Market to increase by USD 1.72 billion during 2023-2028, Significant reductions in LCOE due to reduced capital costs to drive the growth – Technavio

NEW YORK, Dec. 8, 2023 /PRNewswire/ — The wind turbine decommissioning services market size is expected to grow by USD 1.72 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 13.86% during the forecast period. The market is segmented by Application (Onshore and Offshore), Type (Large, Medium, and Small), and Geography (Europe, North America, APAC, Middle East and Africa, and South America).

The significant reductions in LCOE due to reduced capital costs drive market growth. LCOE for wind power comprises the installation costs as well as the capacity factor of the energy production. Since onshore wind power is competing strongly with conventional power technologies, there is expected to be a shift in focus to technological developments in the offshore segment to command margins. Owing to the decreasing LCOE, the decommissioning cost thus, accounts for a smaller proportion. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample 

Key Highlights:

The report recognizes the following as some of the key players in the wind turbine decommissioning services market: A1Wind, Aggreko Plc, Belson Steel and Scrap, Cadeler, Deltares, DEME NV, EOS Engineering and Service Co. Ltd., General Electric Co., Intertek Group Plc, Jack up Barge B.V., NIRAS AS, Oceaneering International Inc., Principle Power Inc., Ramboll Group AS, ReBlade, Secure Energy Services, SgurrEnergy, Wilh. Wilhelmsen Holding ASA, Wind Decom, and Xinjiang Goldwind Science and Technology Co. Ltd.Wind Turbine Decommissioning Services Market is fragmented in nature.Market to observe 13.52% YOY growth in 2024.

Market Dynamics:

Trend

The rising investments in renewable energy are an emerging market trend.Renewable energy sources are replaced with fossil fuels.This includes wind, solar, and geothermal to fulfill the demand for energy as well as to achieve economic, social, and environmental development in a sustainable manner.The installation cost of solar photovoltaics (PV) has reduced drastically, thereby reducing the consumption levels of fossil fuels and increasing the adoption of solar power generation.

Challenge

The lack of standard practices and technology challenges market growth.The decommissioning of wind farms which is highly complex and commands high levels of technical expertise challenges market growth.Decommissioning is unique to each site and depends on the site characteristics and time, type of structures involved, components used, current market trends, and contractual terms.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report

Keg Segments:

The onshore segment will be the largest contributor to market growth during the forecast period. The aging wind farms and the rise in regulations by agencies guiding the decommissioning process are some of the factors that are impacting the growth of this segment of the market. Get a glance at the market contribution of the segments, Request a Sample

Related Reports:

The Europe – wind turbine services market size is estimated to grow at a CAGR of 8.48% between 2023 and 2028. The market size is forecast to increase by USD 2,889.72 million.

The steam turbine market is estimated to grow at a CAGR of 3.82% between 2022 and 2027. The size of the market is forecast to increase by USD 3,416.12 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio