Lewes, DE -- (SBWire) -- 04/27/2015 --Global expenditure for wind turbine Operations and Maintenance will rise from $9.25 billion in 2014 to an estimated $17 billion by 2020, driven by increasing numbers of installations and aging turbines.
A wind farm's O&M costs account for 10-15% of the total cost of power generation in an onshore wind farm and 25% in an offshore wind farm. Offshore wind maintenance is more expensive as it requires specialists to lift and install components during repairs and general maintenance, while accessibility for scheduled O&M work can be hampered by harsh weather conditions. While the onshore wind O&M market was valued at over nine times that of its offshore equivalent in 2014, the offshore arena is set to expand at a much faster rate over the forecast period.
The global onshore wind O&M market is forecast to grow in value from $8.34 billion in 2014 to $13.43 billion by 2020, at a CAGR of 9.2%. However, the offshore wind O&M market value will increase at a rapid CAGR of 26%, from an estimated $0.91 billion in 2014 to $3.57 billion by 2020, boosting its share from 9.8% to 21%.
Global Wind Turbine Operations & Maintenance Market, Update 2015 - Market Size, Major Contenders, Trends, and Analysis to 2020 provides insight into the global wind turbine operations and maintenance market, explaining the key drivers and challenges affecting this sector. It includes annualized market size data from 2014 and forecast to 2020, both globally and in the key wind power countries of the US, Germany, Spain, UK, China and India.
Reasons to Buy
- Facilitate decision-making based on strong historic and forecast data for the wind turbine O&M market
- Maximize potential in the growth of the wind power market
- Identify key partners and business-development avenues
- Respond to competitors' business structure, strategy and prospects
For further information on this report, please visit- http://www.marketresearchreports.com/globaldata/global-wind-turbine-operations-maintenance-market-update-2015-market-size-major
Find all Wind Power Reports at: http://www.marketresearchreports.com/wind-power
About Market Research Reports, Inc.
Market Research Reports, Inc. is the world's leading source for market research reports and market data. We provide you with the latest market research reports on global markets, key industries, leading companies, new products and latest industry analysis & trends.
For regular industry updates subscribe to our newsletter at: http://www.marketresearchreports.com/subscribe-to-newsletter
