China Will Remain The World's Largest Market For Wind Turbine Operations And Maintenance By 2025
The global market for wind turbine operations and maintenance grew from $2.1 billion in 2006 to $13.7 billion in 2016, with an annual growth rate of 20.6 percent, according to a new report from research firm GlobalData.According to the report, global installed wind power capacity reached 491GW in 2016, and new installed wind power capacity was 52GW in the same year.More than 400 gigawatts of wind capacity was added between 2006 and 2016, greatly increasing the opportunities for operating and maintaining (O&M) markets during the forecast period.
During the 2017-2025 forecast period, the size of the wind turbine operation and maintenance market is expected to increase from $15.1 billion to $27.4 billion, according to the latest data analysis of the global wind energy operation and maintenance market.The market is largely driven by new equipment and an increasing number of aging turbines around the world.The growth of the wind turbine market has been influenced by high replacement costs and inefficiencies in components such as blades, generators and gearboxes.Some of the key challenges facing the wind turbine industry include a lack of skilled technical talent and logistical support.Since most wind farms are built in remote areas, transportation costs (spare parts from one place to another) are a big cost for an O&M service provider.
Offshore wind power accounted for 8.2 per cent of the total wind turbine operation and maintenance market in 2016.Offshore wind power costs more than onshore wind power.Turbine running time, logistics costs and a lack of skilled technical talent have made offshore wind power services more challenging than onshore.While onshore wind also faces logistical and talent problems, these factors have a bigger impact on the offshore market.It is estimated that by 2025, offshore wind market share will continue to grow, accounting for 18.4 percent of the total market share.
Offshore wind power accounted for 8.2 per cent of the total wind turbine operation and maintenance market in 2016.Offshore wind power costs more than onshore wind power.Turbine running time, logistics costs and a lack of skilled technical talent have made offshore wind power services more challenging than onshore.While onshore wind also faces logistical and talent problems, these factors have a bigger impact on the offshore market.It is estimated that by 2025, offshore wind market share will continue to grow, accounting for 18.4 percent of the total market share.
