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The wind turbine monitoring systems market size is forecast to increase by USD 8.73 billion, at a CAGR of 19.34% between 2023 and 2028. Market growth hinges on multiple factors, including the rapid expansion of the global wind power market, driven by increasing environmental concerns and the pursuit of sustainable energy sources. However, challenges persist, notably the high failure rate of wind turbine components, prompting a focus on reliability and maintenance strategies within the industry. Additionally, the presence of regulations favoring power generation from renewable sources incentivizes investment in wind energy projects, further propelling market expansion. These interrelated factors underscore the dynamic landscape of the wind power market, where technological advancements, regulatory frameworks, and operational efficiency converge to shape industry growth. As stakeholders navigate these complexities, opportunities emerge for innovation, collaboration, and sustainable development, driving the transition towards a cleaner and more resilient energy future. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market is experiencing rapid growth, driven by the increasing complexity of wind turbine control systems and the need to maximize wind project lifespan. Innovations such as blades with curved tips and tall towers are enhancing wind farm performance by capturing high altitude wind more efficiently. Remote monitoring and predictive maintenance tools leverage sensor technologies to ensure the reliability of rotor blades and gearboxes. Moreover, digitization of processes enables real-time control strategies and troubleshooting capabilities, while robust cybersecurity solutions address cybersecurity issues in wind farm operations, particularly crucial for the offshore wind industry. As the demand for predictive tools and techniques grows, the market continues to evolve with advanced hardware platforms and software platforms catering to both onshore and offshore applications. Our researchers analyzed the market research and growth data with 2023 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 market growth is the rapid growth of the global wind power market. The growth of the 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 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 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 forecasting 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 market growth and forecasting strategies.
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.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 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 1.23 billion in 2018. 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 49% 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.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is witnessing substantial growth driven by a myriad of factors. With a keen focus on optimizing performance, remote monitoring systems are integral for assessing wind speeds and analyzing stresses on components like reliable gearboxes. Individual turbine control enables precise adjustments, while pitch and yaw systems ensure optimal blade orientation. Security services safeguard against cyber threats in this digitally connected landscape. Both onshore and offshore applications benefit from these advancements, catering not only to established OEMs but also to SMEs and startups entering the sector with innovative solutions and spare parts offerings. As the world grapples with harsh weather conditions and escalating maintenance and repair costs, the demand for sustainable energy solutions intensifies, driven by the imperative to meet global demand for electricity amid industrialization and urbanization. Wind turbine monitoring systems play a pivotal role alongside other renewable sources like solar, hydro, geothermal, and biofuel in diversifying the energy mix and reducing reliance on fossil fuels.
Further, the market is experiencing robust growth, driven by advancements in subsystems such as pitch systems and brake systems that optimize performance and ensure safety in both onshore and offshore wind farms. These systems, integrated with main control systems, enable efficient energy consumption management, contributing to the shift towards renewable energy sources like solar power and hydro energy while reducing reliance on fossil fuels. As the demand for clean energy solutions escalates, wind turbine monitoring systems play a crucial role in enhancing the reliability and productivity of windmills across diverse applications, further bolstering the expansion of the renewable energy sector.
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Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 19.34% |
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Market Growth 2024-2028 |
USD 8.73 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
16.49 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 49% |
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Key countries |
China, US, UK, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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 |
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Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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