Wind turbine service market to expand to up to USD 17bn in 2016 - analist

Dec 28, 2012 - The service market for offshore wind turbines is estimated to grow to between USD 10 billion (EUR 7.6bn) and USD 17 billion annually in 2016, analyst Make Consulting was quoted by Danish news wire Ritzau Finans on Thursday.

The service market in the wind turbine sector will continue to grow as the installed wind capacity has been expanding.

In 2016, Make Consulting expects that the installed capacity will have risen to 475 GW from some 237 GW at end-2011. A total 42% of the turbines will at the same time be no longer covered by manufacturer's guarantee, which is also a potential opportunity for new players to take part of the business. At the same time, several wind turbine customers have been trying to establish service functions themselves.

On the other hand, manufacturers such as German group Siemens AG (ETR:SIE) and Danish rival Vestas Wind Systems A/S (CPH:VWS) have been trying to counteract this by signing longer service contracts. On the average, service deals signed currently are three times as long as those signed in 2009, Make Consulting said.

(USD 1.0 = EUR 0.755)

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