The wind energy operations and maintenance market is set to double by 2025, growing from just over $13.7 billion in 2016 to around $27.4 billion, according to a new report from GlobalData. This represents a compound annual growth rate of 8 percent.
Aging wind turbines and the failure of components such as blades and gearboxes are the major drivers of the rapidly growing O&M market.
Anchal Agarwal, Power Analyst for GlobalData, stated: “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.”
The report states China is expected to maintain its current position as the largest wind O&M market worldwide with the United States holding on to the number two spot. 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 percent share in 2025.
These new wind turbine designs are pretty exciting! I am looking forward to see more of these new designs in the market and see how they perform compared to existing designs and models. To this end, here is a study that we have completed regarding the efficiency of commercial wind turbines ( Please check our research here: http://ertekprojects.com/url/b ) Also, we have completed another research study on wind turbine failures and accidents. This is also a very important topic, but sadly there is very limited literature on this topic: http://ertekprojects.com/wind-turbine-accidents/ All the best, Dr. Gurdal Ertek