It may indeed be structural. So if/when the windows are replaced they will usually need to support the bay with acro props during the installation. You also must ensure that the windows that will replace it (if you choose upvc)are fully reinforced. Upvc frames are not designed to take loads. They will slowly warp (unless reinforced) and the structure above may slowly collapse over the years. I would also agree that it is best to get a company with experience to do the job and who are fully insured for any mishaps.....
Is this your house? To live in or to rent out?
Now, I am going to get my conservation hat on....sorry....
When you say "renovate" try to avoid the temptation to gut the place and rip out any originality the property may have. As you may come to regret it in time.
Please, please try to retain what look to be very nice original features.
The leaded lights on the windows and that 1930s front door.
Yes...it is much easier to rip out and put in upvc...but you can loose so many wonderful details. Don't fall foul of thinking brand new is best.
Ok...I concede the windows are not the best example of 1930s window architecture but if they are beyond repair there are things you can do to retain elements of the original.
1)You can obviously repair what is there.
2) You can indeed place double glazed units into wooden frames. It depends on the rebate that exists though. A company experienced in this would be vital.
2)If beyond repair and decide on UPVC, why not get a company to encapsulate the existing leaded light top sections between double glazing. This is a nice way of giving a nod to the original design.
4)More expensive: New timber frames with d/g units and encapsulated top lights.
You can also save a lot of money by renovating what you have rather than replacing what is there.
For example; why not spruce up that front door rather than replace it with an awful composite or upvc door (which will probably only last 15 years before the internal mechanisms break or somthing....
Would you rather this:
View media item 76424
Or this:
View media item 76425
Once the door is renovated all you would need to do is apply a decent amount of draft proofing which you can buy at a diy store for less than £20.
Sorry about my rant......