China aims to become largest offshore wind market by 2029
According to a Wood Mackenzie survey, the global offshore wind operations and maintenance (O&M) market is projected to rise 16 percent annually to $12 billion by 2029, with China set to become the largest market by then.
“We expect to see O&M strategies developed for highly subsidised projects featuring near shore and smaller turbines evolving to fit the new market landscape characterised by large turbines and waning subsidies. As the overall O&M market grows, these changes will open new opportunities for both existing and new players in the offshore wind sector,” explained Shimeng Yang, senior analyst at Wood Mackenzie.
According to the study, Europe will remain the largest O&M market by area, reaching $6.6 billion by 2029, although rapidly expanding markets in Asia and the United States will present new challenges and opportunities for both domestic and foreign investors.
According to Wood Mackenzie, as manufacturers commit more capital to O&M services for newer and larger turbine models, the aging turbine fleet represents a major opportunity for independent service providers as well as in-house expertise, and China is expected to overtake the UK as the world's largest single offshore wind O&M market in the 2020s, with 41 GW of expansion, resulting in a tonnage increase.
Maritime Business World