Market Research Reports, Inc. has announced the addition of “Wind Operations & Maintenance Market, 2013 Update - Global Market Size, Share by Component, Competitive Landscape and Key Country Analysis to 2020” research report to their offering.
Lewes, DE -- (SBWIRE) -- 12/13/2013 -- In 2012, global wind power capacity reached 281 Gigawatts (GW), with an addition of 44 GW over the year. Offshore wind power capacity also grew at pace, with 1.3 GW of installations in 2012. More than 187 GW of wind power capacity was added during the period 2008 to 2012, which has drastically increased Operations and Maintenance (O&M) expenditure, from $3.5 billion in 2008 to $7.3 billion in 2012, at a Compound Annual Growth Rate (CAGR) of 15.6%. The increasing age of wind turbines and the failure of components such as blades and gearboxes are the major reasons for the increasing O&M costs in the wind industry.
The O&M market’s growth is currently restrained by a lack of skilled manpower, and the cost of logistics. However, the increase in the wind power O&M market is leading to an increase in companies providing specialized wind turbine O&M services, which in turn is decreasing the cost of O&M services. Considering the above factors, the wind power O&M market is expected to reach $19 billion by 2020.
Offshore wind accounted for 8% of the total wind O&M market in 2012, with a market size of $0.55 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 revenues from the offshore wind O&M market segment will continue to grow to reach a market size of $5.6 billion, equating to a 29% share of the total wind power O&M market in 2020.
The UK, Germany and China will be largest contributors to the offshore wind power O&M market, with contributions of $1.7 billion, $0.632 billion and $0.628 billion respectively.
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