Growth in the global wind energy market is likely to have a cascading effect on the wind operations and maintenance (O&M) market, which is expected to reach $10.6 billion by 2016, according to an analysis by Lucintel.
According to Lucintel's report, ‘Growth Opportunities in Wind Operation and Maintenance Services Market 2011-2016,’ the global wind O&M market is expected to witness across-the-board growth, registering double-digit gains in the forecast period.
The global onshore wind energy market has grown with a compound annual growth rate of 27% from 2005 to 2010 and is expected to grow significantly in the future. Europe has the largest wind O&M market due to aging turbines and is expected to remain the largest in the future, according to the report. However, Europe is likely to lose relative market share to Asia Pacific and North America as O&M services grow in those regions.
Asia Pacific is expected to be the second-largest O&M market during the forecast period and is expected to be the leader in the future, mainly due to new wind farm installations in China. North America is also expected to increase market share, according to the report.
Lucintel's report makes separate analyses of Chinese, U.S., European and Indian wind O&M markets. The report also addresses the markets by types of service, detailing the role of these markets in relative regions and the global O&M market.