Global solar PV operation and maintenance market to top $10B annual
Updated: 2 days ago
According to recent projections the global solar photovoltaic (PV) operation and maintenance (O&M) market is set to top $10B in upcoming years. The expected surge in solar PV installations is due to drive a dramatic increase in the scale of solar O&M globally. Though O&M pricing per kW is expected to go down, the total solar PV O&M market size is still set to grow.
In October 2019, Woodmac estimated that solar plant O&M costs would soar from $4.5B in 2019 to $9.0B in 2024. Woodmac also specified that the cost of uplanned repairs alone in solar power plants is at $3,000 per MW annually, while total O&M costs per MW are much higher. Furthermore, the report emphasized the adoption of digital solutions, as O&M pricing is pressed down.
According to October 2020 research by LNRG Technology, the global solar O&M market is set to grow from $8.8B in 2020 to $15.8B in 2025. Specifically, solar plants O&M segment is expected to grow from $5.5B in 2020 to $8.1B in 2025, while distributed solar O&M segment is expected to grow even more aggressively from $3.3B in 2020 to $7.7B in 2025.
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