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According to a new report by key information, analytics and solutions firm IHS Markit, annual spending on U.
S.
wind operations and maintenance (O&M) is expected to increase to more than $7.
5 billion by 2030, a 50 percent
increase from 2018.
The report notes that the projected increase in O&M spending is a race against the expiring U.
S.
federal tax credit
.
Tax credits and technological advancements have driven significant investment in new wind energy projects, with capital expenditures in the wind industry reaching $12 billion
in 2018.
IHS Markit predicts that new project development will continue to grow and capital expenditures are expected to average $14 billion
per year for 2019-2021.
Capital expenditures are expected to slow following
the surge triggered by tax credits and the maturing credit.
However, the current surge will drive growth
in O&M spending in the 2020s.
In addition, the early 2020s will mark the shift of wind industry jobs from construction to operations jobs
.
Michael McNulty, partner at IHS Markit and author of the report, said: "Job growth in the wind energy sector will be particularly strong
over the next decade.
We estimate that the number of these jobs in North America will increase from about 6,000 today to nearly 9,000 by 2030
.
”
The overall employment rate in the wind power industry is significantly higher
.
Max Cohen, associate director at IHS Markit, said: "Opportunities for wind farm construction jobs are likely to diminish
for most of the next decade.
However, there will certainly be growth in operations and maintenance positions and the remaining work at various points in the supply chain, which is necessary for
component replacement and upgrades.
”
According to a new report by key information, analytics and solutions firm IHS Markit, annual spending on U.
S.
wind operations and maintenance (O&M) is expected to increase to more than $7.
5 billion by 2030, a 50 percent
increase from 2018.
The report notes that the projected increase in O&M spending is a race against the expiring U.
S.
federal tax credit
.
Tax credits and technological advancements have driven significant investment in new wind energy projects, with capital expenditures in the wind industry reaching $12 billion
in 2018.
IHS Markit predicts that new project development will continue to grow and capital expenditures are expected to average $14 billion
per year for 2019-2021.
Capital expenditures are expected to slow following
the surge triggered by tax credits and the maturing credit.
However, the current surge will drive growth
in O&M spending in the 2020s.
In addition, the early 2020s will mark the shift of wind industry jobs from construction to operations jobs
.
Michael McNulty, partner at IHS Markit and author of the report, said: "Job growth in the wind energy sector will be particularly strong
over the next decade.
We estimate that the number of these jobs in North America will increase from about 6,000 today to nearly 9,000 by 2030
.
”
The overall employment rate in the wind power industry is significantly higher
.
Max Cohen, associate director at IHS Markit, said: "Opportunities for wind farm construction jobs are likely to diminish
for most of the next decade.
However, there will certainly be growth in operations and maintenance positions and the remaining work at various points in the supply chain, which is necessary for
component replacement and upgrades.
”
