As more and more wind turbines reach the end of their initial warranty contracts, demand for post-warranty maintenance is increasing and is becoming one of the major drivers of the increase in revenue in the wind energy operations and maintenance (O&M) market, a new report from GBI Research finds.
According to the report, the global wind energy O&M market grew at a compound annual growth rate (CAGR) of 17.6% from 2005 to 2011 and is expected to increase by a CAGR of 9.6% over the period from 2012 to 2020.
Europe is the largest O&M market, recording an estimated market revenue of $2.8 billion in 2011, followed by North America, the Asia Pacific and South America.
According to GBI Research, the global wind energy O&M market is driven by the increasing number of installations backed by financial incentives, capital subsidies and tax rebates; the component failure rates of turbines; and the aging nature of the majority of wind turbines in operation.
