Lewes, DE -- (SBWIRE) -- 04/08/2015 -- Global expenditure for wind turbine Operations and Maintenance (O&M) will rise from $9.25 billion in 2014 to an estimated $17 billion by 2020, driven by increasing numbers of installations and aging turbines, according to new report.

The company's latest report states that on average, offshore O&M is two to four times more expensive than onshore O&M. Offshore wind power accounted for about 2.4% of the world's cumulative wind power capacity in 2014, but accounts for approximately 10% of the global wind O&M market.

Senior Analyst covering Power, says that a wind farm's O&M is essential as it contributes to value creation, increases turbine availability and boosts returns.

Senior Analyst explains: "Regular O&M reduces the downtime of a turbine and optimizes electricity generation, which leads to an increase in revenue. In optimal conditions, O&M activity guarantees a useful life of 20 years for a wind farm, which is further extended through improvements and adaptations during the later years of its lifecycle.

"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."

The analyst adds that 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.

Senior Analyst continues: "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 Compound Annual Growth Rate (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 report 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.

This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by Publisher's team of industry experts.

For further information on this report, please visit- http://www.marketresearchreports.com/globaldata/global-wind-turbine-operations-maintenance-market-update-2015-market-size-major

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