According to a report by wood Mackenzie, a world-renowned energy consulting firm, the global offshore wind power operation and maintenance (O & M) market is expected to grow by 16% every year and reach US $12 billion by 2029, when China will become the largest market.
According to the report, Europe is still the largest offshore operation and maintenance market by region, reaching US $6.6 billion by 2029, while the rapidly expanding markets in Asia and the United States may bring new challenges and opportunities to domestic and international investors.
On February 25, 2021, according to the latest data released by the Global Wind Energy Council (GWEC), the global offshore wind power installed capacity has exceeded 35gw, almost three times that of five years ago. The UK is still the country with the most offshore wind power installed, with a total installed capacity of more than 10 GW, while China is the second largest country in the world with more offshore wind power installed than Germany.
In 2020, the new installed capacity of global offshore wind power will exceed 6Gw, the highest level in history. China has become the largest offshore wind power market for the third year in a row. In 2020, the new offshore wind power grid connected capacity will exceed 3gw, accounting for half of the global increment. The European market has maintained a steady growth. The Netherlands ranks second in the world with nearly 1.5gw of new installed capacity, while Belgium, the UK and Germany rank third to fifth.
Earlier, windeurope, the European Wind Energy Association, released statistics on European offshore wind power in 2020. In 2020, the new installed capacity of offshore wind power in Europe will be 2.918 million KW, which is more than 700000 kW less than that in 2019. However, the cumulative installed capacity will still exceed the 25gw mark, and finally reach the scale of 25.014 million KW.
Statistics show that 356 new grid connected wind turbines will be added in Europe in 2019, involving 12 offshore wind farms and 5 countries.
From the domestic market, under the guidance of the "3060" carbon emission target, Guangdong, Jiangsu, Zhejiang and other coastal provinces have recently successively issued the new energy planning of the 14th five year plan, focusing on promoting the development of offshore wind power. The newly installed capacity of the above three provinces alone exceeds 32gw, ushering in the "golden period" of offshore wind power development.
Guosen Securities believes that Guangdong, Jiangsu and Zhejiang actively promote the development of offshore wind power and remove the valuation obstacles of leading offshore wind power enterprises. The global offshore wind power market is a golden track with a growth rate of 5 times in 10 years. Domestic leading enterprises are expected to successfully open the international market during the 14th Five Year Plan period by virtue of their technology accumulation and market foundation.
"We would like to see the development of O & M strategies for high subsidy projects (including offshore and small turbines) to adapt to the new market pattern of large turbines and reduced subsidies. With the growth of the overall operation and maintenance market, these changes will bring new opportunities for existing and new participants in the offshore wind power field. "SHIMENG Yang, a senior analyst at wood McKenzie, said.
As manufacturers devote more resources to O & M services for newer and larger turbine models, the report highlights that the aging turbine fleet presents "significant opportunities" for independent service providers and in-house experts.
Finlay Clark, research assistant at wood McKenzie, said: "as turbine complexity and project size continue to soar, the same innovative O & M practices must be adopted to cope with the design and manufacturing innovations that adapt to the rapid growth of turbine capacity.
"China will become the largest offshore wind power operation and maintenance market in the world."
The analysis emphasizes that China is expected to surpass the UK and become the world's largest single offshore wind power operation and maintenance market, with an increase of 41gw throughout the 2020's, resulting in a total installed capacity of 49gw, equivalent to an OPEX opportunity of US $2 billion.