The global wind power operation and maintenance (O & M) market is expected to grow from $ 13.7 billion in 2016 to an astonishing $ 27.4 billion in 2025, according to a new analysis by Research and Consulting Global Data.
Specifically, GlobalData explains that due to the duration of the wind turbine and the failure of parts such as blades and gearboxes, its operation and maintenance will become increasingly important, which will help maintain the value creation of wind farms and improve the availability of turbines And increase returns.
In August 2016, GlobalData predicted that by 2020, the wind turbine operation and maintenance market will reach 17 billion US dollars, higher than 2015, 10 billion US dollars. "Technology development paves the way for more efficient and reliable equipment and machinery," said GlobalData. "The wind power industry has become one of the world's fastest growing energy sources.
Surprisingly, GlobalData has updated its forecast for 2025 in the first quarter of 2017, given the tremendous growth in the wind power industry in 2016. 2016 - 2025, the market compound annual growth rate of 8.0%.
"In 2016, offshore wind power accounted for more than 8% of the wind power operation and maintenance market, and it is expected to contribute 18.4% by 2025." GlobalData Power Analyst Anchal Agarwal explains: "This is because compared to onshore wind The wind is more robust and there is a greater scope to build large-scale projects, so offshore wind power technology is being developed more and more, resulting in high returns. "
In fact, the cost of offshore wind power is higher than that of onshore wind power due to higher turbine maintenance costs, higher logistics costs and lack of technical talent.
In addition, GlobalData confirmed that China is the world's largest wind power operation and maintenance market, accounting for 2016 global market size of 30%, by 2025 its share fell to 27.4%. China's wind power installed capacity of more than 23 GW, 2016 accounted for nearly half of the global new wind power, the cumulative wind power capacity increased to 168.7 GW. China's wind power industry continues to grow to provide more work for the operation and maintenance contractors.
The United States is the second largest wind power operation and maintenance market, accounting for 14.6% in 2016, is expected to remain unchanged during the forecast period. Germany accounted for 14.3% of the global market share in 2016 and is expected to reach 11.9% of the market share in 2025. Britain and India are expected to grow, leading to a slight decline in other markets, India's share rose from 5.6% in 2016 to 6.4% in 2025, the UK's share will grow from 5.3% to 7.1%.