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The wind turbine monitoring systems market size is estimated to grow at a CAGR of 17.42% between 2022 and 2027. The market size is forecast to increase by USD 6.55 billion. The growth of the market depends on several factors such as the rapid growth of the global wind power market, the high failure of wind turbine components, and the presence of regulations that encourage power generation from renewable sources.
This wind turbine monitoring systems market report extensively covers market segmentation by type (vibration monitoring, automated oil-particulate systems, and acoustic monitors), application (onshore and offshore), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the wind turbine monitoring systems market growth is the rapid growth of the global wind power market. The growth of the global wind turbine monitoring systems market is fuelled by Europe and China and the significant growth of the offshore sector. The advent of sophisticated and innovative electronics and efficient planning and management has created several opportunities for commercialization. for onshore wind development which has enhanced reliability and reduced costs.
Moreover, the emergence of machines that support a capacity of more than 1 MW has made offshore wind development viable. Furthermore, several factors such as competitive pricing, the provision for sophisticated grid management, and the availability of affordable power storage have positively impacted the market. Hence, such factors are expected to drive market growth during the forecast period.
A key factor shaping the wind turbine monitoring systems market growth is the reduction in cost for wind projects. Some of the key factors that determine the e cost of electricity generated from wind energy from wind energy include capital costs, operating costs, and capacity. In addition, CAPEX, OPEX, project design, and cost of financing turbine performance are the main drivers that significantly contribute to the reduction of wind energy.
Moreover, another significant factor that fuels the reduction of the cost of wind energy is the decline in prices for offshore applications. Furthermore, as wind-generated electricity prices are extremely competitive, they incur costs that are lower than all other renewable resources which is positively impacting the market. Hence, such factors are expected to drive market growth during the forecast period.
Competition from fossil fuels is one of the key challenges hindering the wind turbine monitoring systems market growth. There is an increasing preference by governments of several countries with e abundant coal reserves to replace coal-based electricity with costlier renewable energy sources, including wind power. In addition, there is an increasing effort by many developing countries to scale up their wind power capabilities.
However, factors such as the lack of stable and favorable government policies in such countries result in the inflated cost of wind power. In addition, increasing concerns over the dangers and possible adverse effects of climate change are encouraging many countries to lower the use of fossil fuels and replace them with low-emission sources of energy. Hence, such factors negatively impact the market which, in turn, will hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Wind Turbine Monitoring Systems Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB SKF: The company offers wind turbine monitoring systems namely Protean, a new diagnostic tool that helps operation and maintenance technicians concentrate on potential real performance issues, and thereby reduce the risk of false alarms.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The vibration monitoring segment is estimated to witness significant growth during the forecast period. The main purpose of vibration sensors is to monitor vibrations with a minimum range of between 0.1 to 100 Hz recommended to achieve reliable readings. The key advantage of measuring vibrations is that it helps to identify the condition and state of stress that the tower is under, collecting vibrational data from the bottom, middle, and top of the turbine.
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The vibration monitoring segment was the largest segment and was valued at USD 1.10 billion in 2017. Another significant feature of the vibration sensor is its rapid deployment. These vibration sensors are embedded with stud-mounting on existing equipment and immediately connected to the console which helps to monitor the reading in real time. One of the best methods to improve and streamline operations in large equipment scenarios, including industrial wind turbines is the deployment of wireless vibration sensors paired with a vibration analysis system. The main advantage of wireless sensors is that they offer a reliable way to monitor your systems from any location as they are rated for industrial and outdoor applications. In addition, there is an increasing adoption of vibration sensors for efficient energy management and monitoring wind turbine performance Hence, such factors are expected to fuel the growth of this segment which, in turn, will drive the market growth during the forecast period.
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APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Factors such as the rising population and an enhanced standard of living in APAC are fuelling the energy demand in the region. As a result, there is an increasing focus on renewable energy for the generation of power. Some of the main countries in APAC which have more installations of wind turbines include India and China.
Additionally, the increase in wind energy harnessing as an alternative source of energy production is significantly contributing to the market growth in the region. There is an increasing adoption of energy turbines due to the growing need to overcome high energy costs associated with non-renewable energy sources. For example, in November 2022, according to Global Times, China developed a 16-megawatt offshore wind turbine that rolled off the assembly line in east China Fujian province. Hence, such factors are expected to drive the market growth in APAC during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global wind turbine monitoring systems market witnessed a significant slowdown due to the halt in investments in the renewable power sector in APAC. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to an increase in demand for wind turbine systems. Such factors are expected to drive the market during the forecast period.
The wind turbine monitoring systems market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Wind Turbine Monitoring Systems Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.42% |
Market growth 2023-2027 |
USD 6.55 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
15.42 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 48% |
Key countries |
US, China, India, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB SKF, ACOEM Group, Advantech Co. Ltd., American Superconductor Corp., Ammonit Measurement GmbH, Avnet Inc., Campbell Scientific Inc., Dewesoft d.o.o., Envision Energy USA Ltd., ESCO Technologies Inc., General Electric Co., GreenStream Data Ltd., Hansford Sensors Ltd., Hexagon AB, Indutrade AB, James Fisher and Sons Plc, National Instruments Corp., NSK Ltd., Siemens AG, and Spectris Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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