Global Offshore Wind O&M Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Offshore Wind O&M Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Offshore wind O&M is the activity that follows commissioning to ensure the safe and economic running of the project. The objective of offshore wind O&M is to make sure the project achieves the best balance between running cost and electricity output. O&M occurs throughout the life of the project.

Market Overview:

The latest research study on the global Offshore Wind O&M Services market finds that the global Offshore Wind O&M Services market reached a value of USD 3720.91 million in 2022. It’s expected that the market will achieve USD 9892.53 million by 2028, exhibiting a CAGR of 17.7% during the forecast period.

Affect the normal operation of the industry

The impact of COVID-19 on the Wind Turbine Operation and Maintenance industry will involve all major links and all entities in the industry chain. The company's management efficiency has declined, commuting has been severely hindered, O&M plans have been severely hindered, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, market sales have declined, and company and employee revenue have declined. The government has also put forward higher requirements for the production and operation of enterprises. Although various industries around the world are gradually resuming work, the production of wind turbines and demand for wind turbines O&M will not pick up rapidly and substantially and will require a certain recovery period.

Disruption in Supply Chain Amid COVID-19 Pandemic to Negatively Impact Wind Energy Projects

In numerous countries, renewable energy projects are largely dependent on imports from other nations. Similarly, the wind industry is also reliant on imports of wind equipment from a wide range of countries. Most of the wind raw materials and components are imported from China and Europe. But, owing to the lockdown in many countries, key wind equipment suppliers such as GE, and Xinjiang Goldwin have faced production shutdowns, affecting a large number of projects. Moreover, the epidemic has affected employees' normal work, which has encouraged wind operators to focus on reactive turbine repairs and reduced scheduled maintenance activities. Several O&M workers have focused on corrective tasks and have postponed preventative maintenance tasks.

Growing demand for renewable energy

With the continuous intensification of the important contradiction between the continuous growth of contemporary energy demand and the deteriorating living environment, renewable energy has received more and more attention from the world, and its growth rate is the largest and fastest. Among all kinds of renewable energy, wind energy has been paid more and more attention as a kind of non-polluting, renewable, high-efficiency and clean new energy, and all countries in the world have been stepping up the development and utilization of wind energy. When the wave of onshore wind power development has passed, the advantages of offshore wind power have become increasingly prominent, offshore wind energy resources are abundant, and it has many unparalleled advantages of onshore wind power. Offshore wind power development has become the hot spot and frontier of global new energy development. Offshore wind power operation and maintenance is a key part of the offshore wind power industry. Therefore, this will greatly promote the development of the offshore wind power operation and maintenance industry.

Offshore wind power is expensive to operate and maintain.

With the development and construction of far-sea, deep-sea and ultra-large-scale offshore wind farms, the issue of offshore wind power operation and maintenance costs will become more prominent. First of all, the expenditure on the operation and maintenance cost of offshore wind turbines is related to the number of overseas maintenance and repairs, and is greatly affected by product reliability and operation and maintenance strategies. For example, large components such as generators and pitch systems of wind turbines are expensive, and the replacement is difficult and costly. Secondly, the offshore environmental conditions are harsh, the failure rate of wind turbines is high, and the accessibility of offshore wind farms is poor. On the one hand, special equipment is required to enter. Various types of operation and maintenance ships, crane ships and helicopters are currently several types of vehicles commonly used in the maintenance of offshore wind turbines. Special vehicles limit maritime maintenance operability and increase maintenance costs. On the other hand, it is necessary to meet certain weather conditions to enter. Due to the poor accessibility of offshore wind farms, the access time of wind farms is limited throughout the year. As a result, the operation and maintenance of offshore wind farms also puts forward corresponding requirements for personnel and spare parts management for offshore maintenance operations. Therefore, both labor costs, time, machines and other costs are relatively expensive.

Region Overview:

Geographically, Europe held the largest market share -- 65.51% in 2022.

Company Overview:

Siemens is one of the major players operating in the Offshore Wind O&M Services market, holding a share of 26.26% in 2022.

Siemens

Siemens Gamesa is a leader in the renewable energy industry, working to provide the world's best offshore and onshore wind turbines and services.

Vestas

Vestas Wind Systems A/S is a Danish manufacturer, seller, installer, and servicer of wind turbines. Founded in 1945, Vestas is a company integrating design, manufacturing, sales, installation and service of wind turbines, headquartered in Aarhus, Denmark.

Segmentation Overview:

As for product types, the Maintenance Services segment held the largest market share in 2022.

O&M services for offshore wind farms cover wind turbine maintenance, technicians, logistics and vessel supply, BoP inspection and maintenance, operations control center, asset integrity management and so on. Maintenance Services is mainly to maintain hardware problem, such as wind turbines; Operations Services mainly optimizes aspects such as production management.

Application Overview:

The market's largest segment by application is the segment Commercial, with a market share of 95.14% in 2022.

According to the construction nature of Offshore Wind projects, it is divided into Commercial Offshore Wind and Demonstration Offshore Wind. Both types of Offshore Wind produce electricity. Compared with Commercial Offshore Wind, Demonstration Offshore Wind generally has government support or participation, and its technology is more advanced.

Key Companies in the global Offshore Wind O&M Services market covered in Chapter 3:

Hitachi
Siemens
Goldwind
Envision
RWE
Taiwan Generations Corporation (TGC)
RES
MHI Vestas
Ingeteam
Sinovel
Shanghai Electric

In Chapter 4 and Chapter 14.2, on the basis of types, the Offshore Wind O&M Services market from 2018 to 2029 is primarily split into:

Maintenance Services
Operations Services

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Offshore Wind O&M Services market from 2018 to 2029 covers:

Commercial
Demonstration

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)