The US and Canadian wind industry will reach this "critical turning point" in 2021, stated the IHS Market report, Wind O&M Benchmarking in North America: ageing turbines, rising costs.
Operations and maintenance (O&M) expenses for wind power assets will cost the industry about $7.5 billion annually by 2021.
"The average age of installed capacity will rise from seven years in 2018 to 14 years in 2030," said maxwell Cohen, IHS Markit associate director, and the report's co-author.
"As projects age, they cost more, making the O&M business even more intriguing than it is today, and many players are expanding into this sector of the business," he said.
Growth in O&M is driven both by the greater number of turbines and, as they age, the spending per turbine.
IHS Markit estimates the current North American wind O&M sector to be worth approximately $5-6 billion annualy, but it expects it to exceed $8.3 billion by 2027, an increase of nearly 40%.