Global wind operations and maintenance market set for strong growth to $17 billion by 2020 as technology improves, says GlobalData
The global wind Operations and Maintenance (O&M) is estimated to increase from $10 billion in 2015 to $17 billion by 2020, at a compound annual growth rate of 11.2%, according to research and consulting firm GlobalData.
The company’s latest viewpoint states that technological developments have paved the way for more effective and reliable equipment and machinery, making wind one of the fastest-growing energy sources in the global market. The exponential growth of the wind energy market is fueled by depleting fossil fuel reserves, the declining cost of wind energy generation, and a growing sensitivity for the environment, supported by financial incentives by various governments across the world. ….