The global wind power operations and maintenance (O&M) market will be worth about $27.4bn by 2025, compared with just over $13.7bn in 2016, according to a new report.
The report by research and consulting company GlobalData said aging turbines and the failure of components, such as blades and gearboxes, are the major drivers of the O&M market.
GlobalData expects China to maintain its current position as the world’s largest O&M market, with the US projected to hold on to second spot by 2025.
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% share in 2025.
Newer markets, such as India and the UK, will increase the share of the O&M market by 2025 compared with 2016, the report added.
GlobalData power analyst Anchal Agarwal said: “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.”