According to the company’s latest report Wind Operations & Maintenance Market, 2013 Update - Global Market Size, Share by Component, Competitive Landscape and Key Country Analysis to 2020, more than 191 GW of wind power capacity was added between 2008 and 2012, which has drastically increased O&M expenditure from $3 billion to $7 billion in the same period, demonstrating a Compound Annual Growth Rate (CAGR) of 15.6%.
Offshore wind energy will continue to attract higher O&M costs in comparison to onshore wind, reaching a market size of $5 billion, or a 29% share of the total O&M market in 2020. Currently, the US is the largest O&M market in the world, but GlobalData expects that China will surpass it to become the leader in O&M expenditure, with a 24.7% share of the market by 2020.
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Senior Analyst, says: “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 similar issues, the impact of these factors on the offshore segment is more significant.”
According to the report, the growth in the wind industry’s O&M cost is largely due to the increasing age of wind turbines and the failure of components such as blades and gearboxes. “This increase in market size is leading to a rise in the number of companies providing specialized wind turbine O&M services, which is in turn bringing the benefit of lower costs to consumers,” .
The report furnishes information on global market size of wind Operations and Maintenance (O&M) market, market share by company type (original equipment manufacturers, independent service providers and in-house), O&M market share by onshore - offshore wind market segments and key company profiles. 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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- The report analyses market trends and opportunities in the global wind O&M market. The scope of the report includes:
- The report analyzes global wind market for the historical period (2006 to 2012) and forecast period (2013 to 2020).
- The report details major market trends in wind markets and undertakes a study to understand the global wind power O&M market.
- The report provides market size of wind O&M market in the world along with major markets such as the US, Germany, Spain, the UK, China and India.
- The report provides O&M market size for both onshore and offshore wind segments.
- The report provides share by company type (Original Equipment Manufacturers, Independent Service Providers and In-house).
- The report guages the market for out of warranty turbines (in MW), gearbox repairs and refurbishment market (in MW), blade repairs (in units) and generator repairs (in MW) for the period of 2012–2020.
- The report provides a snapshot of independent service providers of wind O&M market.
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- The report will enhance your decision making capability. It will allow you to:
- Facilitate decision-making based on strong historic and forecast data for wind O&M market.
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