The global wind operations and maintenance (O&M)
market is set to grow from just over $13.7 billion in 2016 to
around $27.4 billion by 2025, representing a compound annual
growth rate of 8.0%, according to research and consulting firm
GlobalData.
The company’s latest
report states that the O&M of a wind farm is
essential as it contributes to value creation, increases turbine
availability, and improves returns. Aging wind turbines and the
failure of components such as blades and gearboxes are the major
driver of the burgeoning market.
Anchal Agarwal, Power Analyst for GlobalData,
explains: “Offshore wind accounted for just over 8% of the total
wind O&M market in 2016, and is expected to contribute 18.4%
by 2025. This is because the technology is increasingly being
explored across the world, for its high yield, due to stronger
and more consistent winds in comparison to onshore; and has the
scope to construct massive Gigawatt-scale projects.
“Indeed, offshore wind attracts higher O&M costs
than onshore wind due to higher turbine maintenance, higher
logistics costs, and a lack of skilled manpower.”
China is the largest wind O&M market in the world
and accounted for 30% of the global market size in 2016.
GlobalData expects that the country will maintain its leading
position, with a share of 27.4% in 2025. Increasing installations
of wind power will provide opportunities for O&M in the
forecast period. A large installation base, government plans, and
strict environmental laws are the major drivers for the growth of
the country's wind power market.
The US is the second-largest wind O&M market,
with a share of 14.6% in 2016, and is also expected to maintain
its position in 2025. Germany – the largest European wind
O&M market – accounted for 14.3% of the
global market in 2016, and is expected to hold an 11.9% share in
2025. The major reason for key countries losing their market
share is the emergence of newer markets, such as India and the
UK. India’s share of the global wind O&M market is expected
to increase from 5.6% in 2016 to 6.4% in 2025, while the UK’s
share will increase from 5.3% to 7.1% over the same
period.
ENDS
Editor’s notes
- Comments provided by Anchal Agarwal, Power Analyst
for GlobalData.
- Information based on GlobalData’s
report: Wind Turbine Operations
& Maintenance Market – Global Market Size, Trends, and Key
Country Analysis to 2025.
- This report was built using data and information
sourced from proprietary databases, primary and secondary
research, and in-house analysis conducted by GlobalData’s team of
industry experts.
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