wind turbine condition monitoring Market

The wind turbine condition monitoring market is expected to reach US$ 594.23 million by 2028 from US$ 380.12 million in 2021; it is estimated to grow at a CAGR of 6.6% from 2021 to 2028.

The global market has been categorized into North America, Europe, Asia Pacific (APAC), the Middle East and Africa, and South and Central America. North America is known for its quick adoption of new technological advancements. The US, Canada, and Mexico are leading countries in this region that widely use wind turbine condition monitoring systems in rotors, towers, generators, and gearboxes. Most nations in the Asia Pacific are still in the developing stage and are less advanced than their Western counterparts. However, with the rise in disposable income, the demand for uninterrupted power supply is increasing significantly in various developing economies, which in turn is driving the need for these monitoring systems. Nevertheless, trade barriers due to different rules, regulations, norms, and policies of different countries act as a hindrance in this market.

The growth of the wind turbine condition monitoring market in Europe is driven by the need for green energy generation and government initiatives to promote renewable energy sources. The trend for constructing offshore wind turbines is increasing globally, with some of the largest wind farms in the world located in the UK, the Netherlands, Germany, Spain, and Italy, among others. Scotland's Beatrice Offshore Wind Farm, which became fully operational in June 2019, is one of the world's largest wind farms located 13 kilometers (8.1 miles) off the coast of Caithness in Scotland. In the Middle East and Africa (MEA) region, the growing renewable sector is boosting the demand for wind turbine condition monitoring components, such as accelerometers, pressure sensors, and rotational speed sensors, thereby contributing to the wind turbine condition monitoring market growth. Furthermore, with the increase in ease of doing business and initiatives such as 'Make in India,' India is becoming an attractive location for manufacturing wind turbine condition monitoring components for various international market players.

The global wind turbine condition monitoring market is segmented on the basis of component and application. Based on component, the wind turbine condition monitoring market is segmented into hardware, software, and services. Based on application, the wind turbine condition monitoring market is segmented into rotor, tower, gearbox, generator, and others.

Europe holds the highest number of offshore wind farms, accounting for about 70% of the global share, which significantly contributes to the growth of the wind turbine condition monitoring market. The UK, Germany, France, and the Nordic countries are among the countries that have a substantial contribution to the offshore wind farms in Europe. The European Union has set an ambitious target of achieving carbon neutrality by 2050, and this has led to the allocation of significant funds for integrating clean energy, including onshore and offshore wind farms. For instance, the Netherlands announced the development of the world's largest offshore wind farm with a 1.5 GW capacity in the Dutch North Sea, scheduled to be commissioned in 2023. Similarly, the UK has invested approximately 19 billion between 2016 and 2021 in the development of offshore wind farms, such as Hornsea Offshore Wind Farm, Dolphyn Floating Offshore Wind-to-Hydrogen Project, Dogger Bank Creyke Beck, and Dogger Bank Teesside. France has also announced the development of a 250 MW offshore wind farm in the south of Brittany, and the country plans to auction two other offshore wind farms of similar capacity in the next two years. The Austrian government also announced its aim to achieve carbon neutrality by 2030, which is expected to further drive the growth of the wind turbine condition monitoring market. The wind turbine condition monitoring market is segmented based on component and application, with hardware, software, and services being the components and rotor, tower, gearbox, generator, and others being the applications.

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