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Wind Turbine Services Market worth USD 18,427.3 Million by 2027 at a 8.4% CAGR – Report by Market Research Future (MRFR)

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New York, July 06, 2021 (GLOBE NEWSWIRE) — Wind Turbine Services Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Wind Turbine Services Market Research Report, Type, Application and Region – Forecast till 2027” the market size is projected to reach a valuation of USD 18,427.3 Million by 2027 at a 8.4% CAGR between 2020 and 2027.

COVID-19 Analysis on Wind Turbine Services Market 

The disruption in supply chain during COVID-19 outbreak has negatively impacted the wind energy projects. In different countries, renewable energy projects are dependent largely on imports from other nations. The wind industry similarly is reliant on imports of wind equipment from different countries. The majority of the wind raw components and materials in the US are imported from Europe and China. Due to the lockdown in most countries, chief wind equipment suppliers have faced production shutdowns impacting a large number of projects. In September 2020, for instance the Maharashtra Electricity Regulatory Commission extended the commissioning date of the 76.5 MW wind project by 5 months for the pandemic. In most European countries just essential employees are allowed to work. This has encouraged wind operators in focusing on reactive turbine repairs and reduced the scheduled maintenance activities. All these, have affected the market growth.


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Key Players

Eminent players profiled in the global wind turbine services industry report include-

  • Siemens Wind Power GmbH
  • Suzlon Group
  • Enercon GmbH
  • Gamesa Corporation DNV GL AS
  • Upwind Solutions
  • Aeronautica Windpower
  • EcoEnergy LLC
  • Baywinds
  • Invenergy
  • Orion International Consulting Group LLC
  • GE Wind Turbine

Key players have incorporated several strategies to stay at the forefront such as partnerships, mergers and acquisitions, new product launches, and others. For instance, Realise Energy Services has acquired Northern Ireland operation and maintenance arm of Optinergy Ltd to strengthen its offering of wind turbine services in Northern Ireland as well as the Rest of the UK. Both will work together in offering additional key solutions and services to the wind industry with considerable resource, expertise and experience.

Browse In-depth Market Research Report (111 pages) on Wind Turbine Services

https://www.marketresearchfuture.com/reports/wind-turbine-services-market-10425

Attractive Features that Boost Market Growth

As per the latest MRFR report, numerous factors are propelling the global wind turbine services market value.

Drivers 

Increasing Investment in Wind Energy to Boost Market Growth 

The increasing investment in wind energy is predicted to boost market growth over the forecast period. The growing environment protection regulations fuel the power generation industry for shifting to environment-friendly and cleaner energy resources. Different countries across the globe are focusing on the development of renewable energy power generation for reducing their dependence on conventional sources for power generation. Recently, it has been observed that investments in solar, wind, and other renewable energy sources are increasing continuously. Wind energy is a key renewable energy source with the potential for meeting many of the energy generation challenges faced by the world. Installation of wind power rose to more than 650 GW as about 60 GW of new wind projects had been developed in 2019. Such noteworthy development in the wind capacity needs effective monitoring and maintenance at regular intervals. Hence, the growing investment in wind energy is likely to drive the demand for wind turbine services.

Besides, the growing number of turbine installations in offshore and onshore environments will also add to the global wind turbine services market share over the forecast period.

Opportunities 

Technological Improvements to Offer Robust Opportunities 

Technological improvements like increased-capacity wind turbines, 3D printing, and floating wind turbines have opened up new offshore locations like deep water that earlier were inaccessible for the lack of technology and investment. Besides, the integration of data analytics, robotics, internet of things, and artificial intelligence in wind turbines will allow advanced condition monitoring and predictive maintenance that lead to increased efficiency and reduced operational and maintenance costs are likely to offer robust opportunities for the market in the forecast period.

Restraints 

High Operation and Maintenance Cost to act as Market Restraint 

The high operation and maintenance cost for optimistic estimation of reality and lifetime of turbines may act as market restraints in the forecast period.

Challenges 

Stagnant Growth in Electric Consumption to act as Market Challenge 

The stagnant growth in electric consumption may act as a market challenge over the forecast period.


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Market Segmentation

By type, the OEM segment will lead the market over the forecast period at a high CAGR as OEMs are re-structuring their business model and innovate how the services are performed for planned and routine cycles and unplanned services like major repairs, upgrades, and modifications.

  • By Application

By application, the onshore segment will dominate the market over the forecast period as majority of wind farms are located onshore.

Regional Analysis 

North America to Precede Wind Turbine Services Market 
North America will precede the wind turbine services market over the forecast period. Increasing offshore wind turbine installation, various long-term contracts being offered, the presence of several key players, and the government policy aimed to boost the growth of renewable energy are adding to the global wind turbine services market growth in the region.

Segmentation of Market covered in the research:

Information By Type (Original Equipment Manufacturer (OEM), Independent Service Provider (ISP) and In-House), Application (Onshore and Offshore) and Region (North America, South America, Europe, Asia- Pacific and Middle East & Africa)


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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Artificial Intelligence

PolyU research finds improving AI large language models helps better align with human brain activity

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HONG KONG, May 27, 2024 /PRNewswire/ — With generative artificial intelligence (GenAI) transforming the social interaction landscape in recent years, large language models (LLMs), which use deep-learning algorithms to train GenAI platforms to process language, have been put in the spotlight. A recent study by The Hong Kong Polytechnic University (PolyU) found that LLMs perform more like the human brain when being trained in more similar ways as humans process language, which has brought important insights to brain studies and the development of AI models.

Current large language models (LLMs) mostly rely on a single type of pretraining – contextual word prediction. This simple learning strategy has achieved surprising success when combined with massive training data and model parameters, as shown by popular LLMs such as ChatGPT. Recent studies also suggest that word prediction in LLMs can serve as a plausible model for how humans process language. However, humans do not simply predict the next word but also integrate high-level information in natural language comprehension. 
A research team led by Prof. Li Ping, Dean of the Faculty of Humanities and Sin Wai Kin Foundation Professor in Humanities and Technology at PolyU, has investigated the next sentence prediction (NSP) task, which simulates one central process of discourse-level comprehension in the human brain to evaluate if a pair of sentences is coherent, into model pretraining and examined the correlation between the model’s data and brain activation. The study has been recently published in the academic journal Sciences Advances.
The research team trained two models, one with NSP enhancement and the other without, both also learned word prediction. Functional magnetic resonance imaging (fMRI) data were collected from people reading connected sentences or disconnected sentences. The research team examined how closely the patterns from each model matched up with the brain patterns from the fMRI brain data.
It was clear that training with NSP provided benefits. The model with NSP matched human brain activity in multiple areas much better than the model trained only on word prediction. Its mechanism also nicely maps onto established neural models of human discourse comprehension. The results gave new insights into how our brains process full discourse such as conversations. For example, parts of the right side of the brain, not just the left, helped understand longer discourse. The model trained with NSP could also better predict how fast someone read – showing that simulating discourse comprehension through NSP helped AI understand humans better.
Recent LLMs, including ChatGPT, have relied on vastly increasing the training data and model size to achieve better performance. Prof. Li Ping said, “There are limitations in just relying on such scaling. Advances should also be aimed at making the models more efficient, relying on less rather than more data. Our findings suggest that diverse learning tasks such as NSP can improve LLMs to be more human-like and potentially closer to human intelligence.”
He added, “More importantly, the findings show how neurocognitive researchers can leverage LLMs to study higher-level language mechanisms of our brain. They also promote interaction and collaboration between researchers in the fields of AI and neurocognition, which will lead to future studies on AI-informed brain studies as well as brain-inspired AI.”
Media ContactMs Annie WongSenior Manager, Public AffairsTel: +852 3400 3853Email: [email protected] 

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Artificial Intelligence

VivaTech 2024: a record-breaking event

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PARIS, May 27, 2024 /PRNewswire/ — VivaTech 2024 broke records with more than 165,000 visitors over four days, a 10% increase over 2023. The event welcomed 13,500 start-ups, a 20% increase over the previous year.

A BUSINESS AND FINANCE ACCELERATOR
VivaTech has established itself as a key business event, generating more than 400,000 online business connections this year. Startups forged business relationships with companies from 25 sectors and met over 2,000 investors.
VIVA TECHNOLOGY CONFIRMS ITS INTERNATIONAL APPEAL
The event attracted representatives from more than 120 countries and 40 national pavilions. Japan, the country of the year, showcased its ecosystem with a ministerial delegation and more than 40 startups. Africa was also in the spotlight with the Africa Tech Lab and the AfricaTech Awards, honouring innovative startups such as Schoolz, Rology and Inclusivity Solutions.
AI AND SUSTAINABLE TECH AT THE HEART OF THE PROGRAMME
VivaTech 2024 showcased the latest advances in artificial intelligence, with nearly 40% of exhibitors dedicated to this technology. Sustainable tech was also in the spotlight, especially through the Impact Bridge, a space dedicated to initiatives for a sustainable future. VivaTech’s environmental efforts were rewarded with ISO 20-121 certification.
DIVERSITY MORE THAN EVER IN VIVATECH’S DNA 
Diversity took centre stage where over 40% of speakers were women. Among the most notable initiatives, the Female Founder Challenge rewarded Albane Dersy from Inbolt. At the same time, Femtech France took advantage of the event to launch its second Femtech industry barometer.
THE MEETING PLACE FOR REVEALS, EXCLUSIVITIES AND INNOVATIONS
For four days, VivaTech was the scene of numerous revelations, with some fifty worldwide or European exclusives unveiled. Among these, Tesla’s Cybertruck made its first appearance in France, marking a highlight of the event.
INTERNATIONAL SPEAKERS
VivaTech 2024 consolidated its position as the must-attend technology event with over 400 international speakers sharing their visions on AI and sustainable tech. Speakers included Elon Musk, John Kerry, Eric Schmidt, Arthur Mensch, Robin Li, Linda Yaccarino and Serena and Venus Williams. Institutional figures such as Fumio Kishida, Bruno Le Maire and Thierry Breton also took an active part in the debates.
WE LOOK FORWARD TO SEEING YOU FROM 11 TO 14 JUNE 2025 AT PARIS PORTE DE VERSAILLES!
Contact: [email protected]
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Artificial Intelligence

Only Much Louder’s AI-powered influencer marketing tech, Hypothesis, expands globally, to empower brands to connect with international creators

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OML Entertainment’s Hypothesis is targeting the Asia–Pacific Region, Middle East, Africa, and USA by 2025.Hypothesis will open borders for brands and agencies, facilitating a region-agnostic global platformMUMBAI, India, May 27, 2024 /PRNewswire/ — Only Much Louder’s AI-powered influencer marketing tech, Hypothesis, expands its global footprint, after revolutionizing the Indian influencer market. In the first phase, Hypothesis will be available in the Asia–Pacific region (Singapore, Australia, Malaysia, Philippines, Vietnam, Thailand), Middle Eastern countries (Abu Dhabi, GCC nations, Egypt, Lebanon, Saudi Arabia, Kuwait, Qatar) as well as in Africa (Kenya, Nigeria, South Africa) and the USA.

Himani Agrawal, Senior Vice President, Hypothesis-OML, said, “At Hypothesis, we’re proud to offer a comprehensive kit for creator evaluation using 100+ data points. We provide the ultimate tool for your marketing arsenal. This is made even more convenient with our self-serve mode, empowering brands to initiate impactful influencer campaigns independently.”
Hypothesis streamlines data-driven influencer marketing globally, after recognising a critical disconnect between creator technology and services. Hypothesis was created with an inherent potential to serve a global audience, by empowering brands and agencies to transcend geographical limitations and unite discovery, outreach, and analytics in a single, user-friendly platform. This will accelerate the growth of the creator economy, creating opportunities for creators and brands.
Gunjan Arya, CEO of OML Entertainment, said, “We will be closely monitoring the milestones of Hypothesis to infiltrate the markets at the rate of 5–10% in the first year. We will also keep an eye on the acquisition rate, which is aimed to rise by 15–20%. Besides, we seek to derive over 35% of revenue from our global expansion efforts.”
With Hypothesis, OML is strategizing to expand into markets like Australia, the Asia–Pacific, the Middle East, and Africa, due to the region’s influencer marketing industry, which stands at 33.4% CAGR. Regions like the USA and the MENA have emerged as key players that are driven by advanced technologies and demand for data analytics.
Leveraging OML’s successful presence in Southeast Asia, the Middle East, Africa, and Eastern Europe, Hypothesis is set for a smooth rollout. OML’s established network, combined with their in-house expertise, will provide a strong foundation for this endeavor.
For details, visit hyp.io
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