The latest market research report by Technavio on the global wind energy equipment logistics marketpredicts a CAGR of close to 7% during the period 2018-2022.
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Technavio has published a new market research report on the global wind energy equipment logistics market from 2018-2022.
The report segments the global wind energy equipment logistics market by transportation mode, including road, sea, rail, and air and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global wind energy equipment logistics market, according to Technavio transportation and logistics researchers:
- Growing global oversized cargo transportation market: a major market driver
- Increasing long-term revenues driven by long-term agreements in wind energy projects: emerging market trend
- APAC dominated the global wind energy equipment logistics market with 41% share in 2017
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Growing global oversized cargo transportation market: a major market driver
The developing and emerging economies such as the US, China, and India are observing an increase in industrial production and international trade, hence generating demand for logistics for domestic and overseas transportation. The demand for oversized cargo transportation is growing due to the increased capacity of industries such as heavy equipment manufacturing, mining, construction, oil and gas, and renewable energy. These developments are expected to drive the global oversized cargo transportation market, which in turn, will drive the global wind energy equipment logistics market over the forecast period.
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Increasing long-term revenues driven by long-term agreements in wind energy projects: emerging market trend
Wind energy farms fall under government premises and state department of energy. Wind energy projects are highly capital intensive and contribute to the country's economy. Such projects are on contract basis, as many parties such as EPC, logistics and transportation, and utility companies are engaged for a long-term. Wind energy capacity is majorly owned by IPP (Independent Power producer) when compared with other parties such as investor-owned utilities and publicly-owned utilities. The duration of the contract provides a source of long-term revenue to all the parties involved in the project.
According to a senior analyst at Technavio for research on logistics, "Logistics services support wind energy projects by providing transportation and supply chain management services. For timely completion of the projects, efficient supply chain management and route planning are necessary. Logistics and transportation services account for 9%-11% of the cost of a wind project. During the forecast period, the increase in the number of new projects and contracts on wind energy is expected to generate revenue for the logistics industry."
Global market opportunities
In terms of regional dominance, APAC led the global wind energy equipment logistics market, followed by the Americas and EMEA in 2017. In APAC, China's dominance in wind power installation is driving the market in this region. Countries such as the US, Germany, and India are the leading countries in wind power installations. Factors such as increasing demand for offshore energy and growing consolidations in the shipping industry are generating revenue for logistics companies, as market players are using multimodal transportation to optimize resources better and reduce the cost and carbon emission.
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