In 2029, China will become the world's largest market

     A report by globally renowned energy consulting firm Wood Mackenzie shows that the global offshore wind operation and maintenance (O&M) market is expected to grow by 16% annually, reaching $12 billion by 2029, with China becoming the largest market.

According to the report, Europe remains the largest maritime operations and maintenance market by region, reaching $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.

"We hope to see the development of O&M strategies for high subsidy projects, including nearshore and small turbines, to adapt to the new market landscape of large turbines and reduced subsidies. With the overall growth of the operation and maintenance market, these changes will bring new opportunities for existing and new participants in the offshore wind power sector," said Shimeng Yang, senior analyst at Wood McKenzie.

As manufacturers allocate more resources to O&M services for updating and larger models of turbines, the report highlights that aging turbine fleets provide "significant opportunities" for independent service providers and internal experts.

Finlay Clark, research assistant at Wood Mackenzie, said, "As turbine complexity and project scale continue to soar, equally innovative operational practices must be adopted to address design and manufacturing innovations that adapt to the rapid growth of turbine capacity.".

"China will become the world's largest offshore wind power operation and maintenance market."

The analysis emphasizes that China is expected to surpass the UK to become the world's largest single offshore wind power operation and maintenance market, growing by 41 GW throughout the 2020 era, resulting in a total installed capacity of 49 GW, equivalent to an operating cost (opex) opportunity of 2 billion US dollars.