Close Menu
Energy NewsEnergy News
  • NEWS
    • Breaking News
    • Hydrogen
    • Energy Storage
    • Grid
    • SMR
    • Projects
    • Production
    • Transport
    • Research
  • SPOTLIGHT
    • Interviews
    • Face 2 Face
    • Podcast
    • Webinars
    • Analysis
    • Columnists
    • Reviews
    • Events
  • REGIONAL
    • Africa
    • Americas
    • Asia
    • Europe
    • Middle east
    • Pacific
  • COMMUNITY
  • ABOUT
    • Advisory Board
    • Contact us
    • Report Your News
    • Advertize
    • Subscribe
LinkedIn X (Twitter) YouTube Facebook
Trending
  • Hy24 Joins Hynamics UK to Back £300M Green Hydrogen Project at ExxonMobil’s Fawley Complex
  • Primary Hydrogen Advances Natural Hydrogen Exploration in Atlantic Canada
  • Legal Challenge Halts Brazil’s Coastal Hydrogen Project Over Environmental Violations
  • Hyundai Bets on Indian Hydrogen Ecosystem with New R&D Hub at IIT Madras
  • Falling Capture Rates and Rising Volatility Reshape Investment in European Power Markets
  • Why Most Hydrogen Research Will Never Scale—and How Balkan Labs Are Quietly Changing the Game
  • E.ON Cancels 20MW Hydrogen Plant in Essen
  • Repsol Abandons 130MW Hydrogen Project in Puertollano Amid Economic and Technical Concerns
LinkedIn X (Twitter) YouTube Facebook
Energy NewsEnergy News
  • NEWS
    • Breaking News
    • Hydrogen
    • Energy Storage
    • Grid
    • SMR
    • Projects
    • Production
    • Transport
    • Research
  • SPOTLIGHT
    • Interviews
    • Face 2 Face
    • Podcast
    • Webinars
    • Analysis
    • Columnists
    • Reviews
    • Events
  • REGIONAL
    • Africa
    • Americas
    • Asia
    • Europe
    • Middle east
    • Pacific
  • COMMUNITY
  • ABOUT
    • Advisory Board
    • Contact us
    • Report Your News
    • Advertize
    • Subscribe
Energy NewsEnergy News
Home Home - Analysis
Green Hydrogen H2 News

GWEC expects 3% annual growth for new wind installations from 2020-2024

Arnes BiogradlijaBy Arnes Biogradlija13/01/20213 Mins Read
Share
LinkedIn Twitter Facebook Email WhatsApp Telegram

GWEC Market Intelligence released the second edition of its annual Wind O&M Service Provider Overview and Database, that shows the global wind O&M service market is poised to experience a significant increase over the next five years.

While the latest market forecast GWEC Market Intelligence predicts a strong 3 percent annual compound growth rate (CAGR) for new wind installations from 2020-2024, the CAGR for the after-sales and service market is projected to be double-digit over the same span.

O&M plays a major role in the advancement of the wind energy industry and the energy transition as it ensures long-term sustainability and growth of wind power worldwide. In addition, after-sales and service sector continues to be an increasingly significant source of revenue for the wind industry.

According to the database, of more than 650 GW of wind power deployed by the end of 2019, around 75 percent of 488 GW is out of warranty, assuming the usual three-year warranty normally provided by OEM wind turbines.

This means that there is a growing demand for O&M services to sustain the existing global wind power fleet in order to keep turbines going and deliver renewable energy around the world.

“As wind power’s installed capacity base continues to grow across the world, the service business is now fully recognised as an increasingly important business opportunity for the wind industry. In fact, leading wind turbine OEMs generate around one-fifth of their revenues from their service business, with profitability in the service business being much higher than new turbine production”.

Feng Zhao, strategy director at GWEC.

In general, there are now five major categories of companies actively offering O&M services in the wind sector: wind turbine OEMs; component suppliers; Independent Service Providers (ISPs); Specialised Independent Companies; and Asset Owners.

Wind turbine and component manufacturers use their partnerships with asset owners from the initial equipment sales to market their service packages, but certain asset owners with large fleets have their own in-house O&M services or acquire independent service providers and specialised independent players to deliver these services in order to eliminate their reliance on OEMs. However, turbine suppliers will continue to play a key role in this sector and offer high-quality service solutions, such as efficiency improvements.

“As the O&M service market provides a stable revenue stream, we are seeing a diversification of players involved in the service market. New players are entering the market from outside the wind industry through acquisitions to expand their capabilities and increase their service offering. Although the players and strategies involved in O&M differ regionally and will depend on the maturity and challenges of a certain market, there is a clear trend globally of mergers and acquisitions to better capture and service this growing sector.”

Feng Zhao, strategy director at GWEC.

The detailed summary and database provides analysis of key O&M industry developments at global and regional level as well as detailed information on leading players in the global O&M sector, such as type of service provider companies, geographic coverage, year of establishment, type of solutions provided and customers.

Share. LinkedIn Twitter Facebook Email

Related Posts

Hy24 Joins Hynamics UK to Back £300M Green Hydrogen Project at ExxonMobil's Fawley Complex

Hy24 Joins Hynamics UK to Back £300M Green Hydrogen Project at ExxonMobil’s Fawley Complex

09/07/2025
Hydrogen

Primary Hydrogen Advances Natural Hydrogen Exploration in Atlantic Canada

09/07/2025
Legal Challenge Halts Brazil’s Coastal Hydrogen Project Over Environmental Violations

Legal Challenge Halts Brazil’s Coastal Hydrogen Project Over Environmental Violations

09/07/2025
Hyundai Hydrogen

Hyundai Bets on Indian Hydrogen Ecosystem with New R&D Hub at IIT Madras

09/07/2025
Falling Capture Rates and Rising Volatility Reshape Investment in European Power Markets

Falling Capture Rates and Rising Volatility Reshape Investment in European Power Markets

09/07/2025
Hydrogen

Why Most Hydrogen Research Will Never Scale—and How Balkan Labs Are Quietly Changing the Game

08/07/2025
Hy24 Joins Hynamics UK to Back £300M Green Hydrogen Project at ExxonMobil's Fawley Complex

Hy24 Joins Hynamics UK to Back £300M Green Hydrogen Project at ExxonMobil’s Fawley Complex

09/07/2025
Hydrogen

Primary Hydrogen Advances Natural Hydrogen Exploration in Atlantic Canada

09/07/2025
Legal Challenge Halts Brazil’s Coastal Hydrogen Project Over Environmental Violations

Legal Challenge Halts Brazil’s Coastal Hydrogen Project Over Environmental Violations

09/07/2025
Hyundai Hydrogen

Hyundai Bets on Indian Hydrogen Ecosystem with New R&D Hub at IIT Madras

09/07/2025

Subscribe to Updates

Get the latest news from the hydrogen market subscribe to our newsletter.

LinkedIn X (Twitter) Facebook YouTube

News

  • Inteviews
  • Webinars
  • Hydrogen
  • Spotlight
  • Regional

Company

  • Advertising
  • Media Kits
  • Contact Info
  • GDPR Policy

Subscriptions

  • Subscribe
  • Newsletters
  • Sponsored News

Subscribe to Updates

Get the latest news from EnergyNewsBiz about hydrogen.

© 2025 EnergyNews.biz
  • Privacy Policy
  • Terms
  • Accessibility

Type above and press Enter to search. Press Esc to cancel.