In 2016, global wind-power capacity reached 491.0 GW, with an addition of 52 GW in that year. More than 400 GW of capacity was added during the 2006 to 2016 period, which drastically increased opportunity for the operations and maintenance (O&M) market in the forecast period.
The global wind O&M market grew from U.S.$2.12 billion in 2006 to $13.74 billion in 2016, at a Compound Annual Growth Rate (CAGR) of 20.6%. The market is expected to reach $27.4 billion by 2025, at a CAGR of 7.7% during the forecast period.
The increasing age of wind turbines and the failure of components, such as blades and gearboxes, are the major reasons for the increasing turbine O&M market.
Offshore wind accounted for about 8.2% of the total wind O&M market in 2016, with a market size of $1.12 billion. Offshore wind attracts higher O&M costs in comparison to onshore wind. Higher turbine maintenance, high logistics costs, and a lack of skilled manpower make offshore wind services more challenging than the onshore equivalent.
Although onshore wind also faces logistics and manpower issues, the impact of these factors on the offshore segment is higher. It is estimated that the offshore wind O&M market will continue to grow, to reach $5.04 billion, equating to an 18.4% share of the total wind power O&M market in 2025.
The UK, Germany, and China will be the largest contributors to the offshore wind power O&M market, with contributions of $1.46 billion, $0.86 billion, and $0.69 billion, respectively. China is the largest wind O&M market in the world and accounted for 30% of the total O&M market size in 2016. It is expected that China will remain in first position with a share of 27.4% by 2025.
The U.S. is the second-largest wind O&M market in the world with a share of 14.6% in 2016, and is also expected to continue in second place in 2025. Germany, the largest European wind O&M market, accounted for 14.3% of the O&M market share in 2016 and is expected to hold a 11.9% share in 2025.
The O&M market
The report, Wind Turbine Operations & Maintenance Market – Global Market Size, Trends, and Key Country Analysis to 2025, provides an overview of wind power technology, the value chain, and the introduction about wind turbine O&M market.
– Detailed analysis of global wind-power developments (onshore and offshore) during the period 2006 to 2016 and expected market trends during the forecast period 2017-2025.
– Provides a detailed analysis of the global wind O&M market during the period 2006-2016 and expected market trends during the forecast period 2017-2025.
– Provides analysis on major components of wind turbine, competitive landscape, service packages of major players, and O&M share of major countries. Furthermore, this report also provides analysis of the market in repairing major wind turbine components, such as rotor blades, gearboxes, and generators, during 2006-2025.
– Provide detailed analysis of 10 major global wind O&M markets, namely the U.S., Canada, Germany, Spain, the UK, Denmark, Italy, China, India, and Japan. Each chapter covers the wind power market overview; installed capacity trends from 2006 to 2025; average size of turbine; and wind O&M market size.
Companies mentioned in this report: GE Power, Vestas Wind Systems A/s, Nordex SE, Gamesa, Siemens AG, One Wind Service Inc, Suzlon, B9 Energy, Wind Prospect Group Limited.
Download the report here.
Filed Under: Offshore wind, Projects