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Global wind operations and maintenance market set to hit $27.4 billion by 2025, says GlobalData

 

June 21, 2017 (Investorideas.com Newswire) The global wind operations and maintenance (O&M) market is set to grow from just over $13.7 billion in 2016 to around $27.4 billion by 2025, representing a compound annual growth rate of 8.0%, according to research and consulting firm GlobalData.

Anchal Agarwal, Power Analyst for GlobalData, explains: "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."

China is the largest wind O&M market in the world and accounted for 30% of the global market size in 2016. GlobalData expects that the country will maintain its leading position, with a share of 27.4% in 2025. Increasing installations of wind power will provide opportunities for O&M in the forecast period. A large installation base, government plans, and strict environmental laws are the major drivers for the growth of the country's wind power market.

The US is the second-largest wind O&M market, with a share of 14.6% in 2016, and is also expected to maintain its position in 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. The major reason for key countries losing their market share is the emergence of newer markets, such as India and the UK. India's share of the global wind O&M market is expected to increase from 5.6% in 2016 to 6.4% in 2025, while the UK's share will increase from 5.3% to 7.1% over the same period.

Editor's notes

About GlobalData

4,000 of the world's largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData's unique data, expert analysis and innovative solutions, all in one platform. GlobalData's mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

For more information

Please get in contact if you have any questions about this or other GlobalData products. Analysts are available to comment. Contact the GlobalData press office +44 (0)161 359 5822 or email pr@globaldata.com.


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