Report: O&M Market to Grow as Wind Energy Becomes Cheaper

Image for illustrative purposes. Source: MHI Vestas Offshore Wind

The global wind Operations and Maintenance (O&M) is estimated to increase from USD 10 billion in 2015 to USD 17 billion by 2020, at a compound annual growth rate of 11.2%, according to research and consulting firm GlobalData.

The company’s latest viewpoint states that technological developments have paved the way for more effective and reliable equipment and machinery, making wind one of the fastest-growing energy sources in the global market.

The exponential growth of the wind energy market is fueled by the declining cost of wind energy generation, depleting fossil fuel reserves, and a growing sensitivity for the environment, supported by financial incentives by various governments across the world.

Ankit Mathur, GlobalData’s Practice Head for Power, said: “The O&M of a wind farm is essential as it contributes to value creation, increases turbine availability – lowering downtime – and increases returns. Regular O&M reduces the downtime of a turbine and optimizes electricity generation, which results in an increase in revenue.”

Drivers of the market include advancing technologies, increasing demand for wind power, and innovation in components and predictive maintenance.

“Advanced connected technologies such as the Internet of Things (IoT) will enable a much more effective and efficient evaluation of wind turbines along with its associated components,” Mathur said.

”The IoT platform, through its collective and predictive analytics, can alert a service provider to any machinery problems in advance and to stay away from any crucial issues. Technological improvements and innovations will also help to drive down wind O&M costs. Direct drive technology and tension control measurement technology for turbine bolts are considered among the innovations that significantly decrease such costs. Direct drive technology works by eliminating the gearbox, which is one of the major areas of failure in a turbine. Tension control measurement works by minimizing bolted joint failures caused by insufficient bolt tension in wind installations. Although nuts and bolts are simple devices, their failure can be costly.”

Share this article

Follow Offshore Wind

Events>

<< Feb 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 1 2 3 4 5

Resource Assessment 2017

The first 10 WindEurope Members and 10 non-members to register for Resource Assessment will save on registration fees…

read more >

Offshore wind energy – an opportunity for the Polish economy

Foundation for Sustainable Energy (FNEZ) together with industry partners is organizing for the third time the international conference…

read more >

SNS2017 – The Southern North Sea Conference & Exhibition

EEEGR’s flagship Southern North Sea conference is the most important event for the energy sector in the East of England…

read more >

Corrosion Protection for Offshore Wind

The 3rd International Conference Corrosion Protection for Offshore Wind will focus on technical challenges for the installation, reliability…

read more >

Jobs>

Business Manager Renewables

We are looking for an experienced Business Manager Renewables to lead the dedicated Operations team in our Bristol office...

apply

QHSE Officer, Liverpool based

As QHSE Officer you will be providing support and cover for the QHSE Manager in managing the office and vessels with regard to compliance ...

apply

Offshore wind jobs at Shell Netherlands BV

Commercial Lead New Energies, Offshore Wind Operations Lead and Wind Turbine Engineer.

apply

Vessels>