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

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>

<< Nov 2018 >>
MTWTFSS
29 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 29 30 1 2

5th Asia Offshore Wind Day 2019

The event will bring together senior executives active in the offshore wind industry in Asia…

read more >

ACI’s Operating Specialist Wind Vessels 2018

Already on its 5th edition, ACI’s Operating Specialist Wind Vessels 2018 will bring together senior executives and experts from ship owners

read more >

Benelux Infrastructure Forum

This year’s highly-anticipated event will focus on exploring new financing mechanisms and alternative markets for future…

read more >

Offshore Wind Europe 2018

The Offshore Wind Europe speaker line-up is supported by executives who are leading the charge…

read more >

Jobs>

Senior Operations & Maintenance Engineer

The Senior O&M Engineer (Structural) sits within the Asset Integrity Management Department team of Offshore O&M, reporting to a Lead O&M Engineer...

apply

Senior Contract Manager

Here at Scottish Power Renewables we’re committed to remaining a UK leader in renewable energy. As well as investing in our technologies, we are committed to investing in the future of extraordinary people like you...

apply

O&M Lead Contract Manager

Here at Scottish Power Renewables we’re committed to remaining a UK leader in renewable energy. As well as investing in our technologies, we are committed to investing in the future of extraordinary people like you...

apply

Vessels>