Wind Turbine Condition Monitoring Market Research Report and Outlook by 2028

The wind turbine condition monitoring sector is projected to grow from US$ 380.12 million in 2021 to US$ 594.23 million by 2028, reflecting a compound annual growth rate (CAGR) of 6.6% during this period.

This global market is divided into several regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa, and South and Central America. North America is recognized for its rapid adoption of innovative technologies. The United States, Canada, and Mexico are at the forefront in utilizing wind turbine condition monitoring systems across various components such as rotors, towers, generators, and gearboxes. In contrast, many countries in the Asia Pacific are still developing and lag behind their Western counterparts in terms of technology. However, as disposable incomes rise, there is a growing demand for reliable power supply in these developing nations, which is subsequently increasing the need for monitoring systems. Nonetheless, trade barriers stemming from diverse regulations, norms, and policies across countries pose challenges to market growth.

In Europe, the expansion of the wind turbine condition monitoring market is fueled by the increasing demand for sustainable energy and governmental efforts to support renewable energy initiatives. The global trend towards the construction of offshore wind turbines is on the rise, with some of the largest wind farms situated in the UK, the Netherlands, Germany, Spain, and Italy. For instance, Scotland's Beatrice Offshore Wind Farm, which became fully operational in June 2019, is one of the largest wind farms globally, located 13 kilometers (8.1 miles) off the Caithness coast. In the Middle East and Africa (MEA), the burgeoning renewable energy sector is driving the demand for components used in wind turbine condition monitoring, such as accelerometers, pressure sensors, and rotational speed sensors, thereby enhancing the growth of the wind turbine condition monitoring market. Additionally, with improvements in the business environment and initiatives like 'Make in India', India is emerging as a favorable hub for manufacturing wind turbine condition monitoring components for various global players.

The global wind turbine condition monitoring market is categorized based on components and applications. In terms of components, the market is divided into hardware, software, and services. Regarding applications, it encompasses rotor, tower, gearbox, generator, and others.

Europe dominates the offshore wind farm sector, accounting for approximately 70% of the global market share, which significantly bolsters the wind turbine condition monitoring market. Countries such as the UK, Germany, France, and the Nordic nations play a vital role in the development of offshore wind farms in Europe. The European Union has set an ambitious goal of achieving carbon neutrality by 2050, leading to substantial investments in clean energy integration, including both onshore and offshore wind farms. For example, the Netherlands has announced plans for the world's largest offshore wind farm, with a capacity of 1.5 GW in the Dutch North Sea, expected to be operational by 2023. Similarly, the UK has invested around 19 billion from 2016 to 2021 in offshore wind projects, including the Hornsea Offshore Wind Farm and the Dogger Bank projects. France is also progressing with a 250 MW offshore wind farm in southern Brittany and plans to auction two additional offshore wind farms of similar capacity in the coming years. Furthermore, the Austrian government has set a target for carbon neutrality by 2030, which is anticipated to further stimulate the wind turbine condition monitoring market. The market is segmented by components and applications, with hardware, software, and services as the main components, and rotor, tower, gearbox, generator, and others as the applications.

Key players in the global wind turbine condition monitoring market include Advantech Co. Ltd., Baker Hughes Company, ENVISION Group, ENERCON GmbH, goldwind.com, General Electric, NORDEX SE, Siemens Gamesa Renewable Energy, TV Rheinland, and Vestas.