Mar 10, 2021, 02:25 am
The global offshore wind operations and maintenance (O&M) market is seen to expand by 16% a year and reach USD 12 billion (EUR 10bn) by 2029, according to a new report by Wood Mackenzie.
Europe continues to be the largest O&M market by region and is expected to hit USD 6.6 billion by that year, with the UK currently being the world’s largest single offshore wind O&M market.
China, however, is set to take the crown in this regard by achieving growth of 41 GW this decade and reaching a total of 49 GW by 2029. This is the equivalent of USD 2 billion of operating expenditure (OPEX) opportunities, WoodMac says.
The report notes that just 1.8 GW of offshore wind capacity has been operating around the world for more than 10 years. Thus, the O&M market in this sector qualifies as “young” since operators lack experience in long-term issues and failures. The cumulative figure is seen to jump 11 times to 20 GW by 2029. At that point, 90% of the operational fleet, or 165 GW, will still be under 10 years old.
WoodMac estimates that the global average OPEX per megawatt will decrease by 20% in the period 2020-2029 thanks to economies of scale and the improved efficiency of related services.
https://www.renewablesnow.com/news/globa...ac-733782/
Europe continues to be the largest O&M market by region and is expected to hit USD 6.6 billion by that year, with the UK currently being the world’s largest single offshore wind O&M market.
China, however, is set to take the crown in this regard by achieving growth of 41 GW this decade and reaching a total of 49 GW by 2029. This is the equivalent of USD 2 billion of operating expenditure (OPEX) opportunities, WoodMac says.
Quote:“China’s young and rapidly growing fleet will require sweeping changes in asset management strategy to deal with massive uptake throughout the 2020s,” commented senior analyst Shimeng Yang.
The report notes that just 1.8 GW of offshore wind capacity has been operating around the world for more than 10 years. Thus, the O&M market in this sector qualifies as “young” since operators lack experience in long-term issues and failures. The cumulative figure is seen to jump 11 times to 20 GW by 2029. At that point, 90% of the operational fleet, or 165 GW, will still be under 10 years old.
WoodMac estimates that the global average OPEX per megawatt will decrease by 20% in the period 2020-2029 thanks to economies of scale and the improved efficiency of related services.
https://www.renewablesnow.com/news/globa...ac-733782/