Increasing Deployment of Offshore Wind Farms to Provide Growth Opportunities for Wind Turbine Condition Monitoring Market during 2021–2028
According to our latest market study on “Wind Turbine Condition Monitoring Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Application, and Geography” the market is expected to grow from US$ 380.12 million in 2021 and is projected to reach US$ 594.23 million by 2028; it is estimated to grow at a CAGR of 6.6% from 2021 to 2028.
The global wind turbine condition monitoring market is segmented into five major regions— North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. In 2020, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Wind energy is highly adopted as a sustainable alternative to electricity generation worldwide. Government bodies globally established several windmills projects across their countries to produce electricity and reduce their carbon footprint. According to the United States Wind Turbine Database (USWTDB), the US had more than 67,000 turbines installed across 44 states as of January 2021.
According to the European Union, Europe has the largest floating wind energy capacity worldwide. The governments in these European countries are investing in floating substructures or integrated floating wind energy systems for deep waters to use in various climate conditions. The initiative expands deployment options and strengthens Europe's position on the global stage. The government is currently focusing on the North Sea, which has relatively shallow water for offshore wind generation in Europe. However, as floating technologies mature, greater attention has recently been directed to the Mediterranean and Atlantic coasts. Thus, the increasing deployment of offshore wind farms worldwide is driving the growth of wind turbine condition monitoring market.
The global wind turbine condition monitoring market is segmented on the basis of component, application, and geography. The wind turbine condition monitoring market, based on component, is segmented into hardware, software, and services. On the basis of application, wind turbine condition monitoring market is segmented into rotor, tower, gearbox, generator, and others. On the basis of geography, the wind turbine condition monitoring market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (China, India, South Korea, Japan, Australia, and the Rest of APAC), the Middle East & Africa (South Africa, Saudi Arabia, UAE, Iran, and Rest of the MEA), and South America (Brazil, Argentina and the Rest of SAM).
Impact of COVID-19 Pandemic on Wind Turbine Condition Monitoring Market in Europe
The COVID-19 pandemic in Europe has had a diverse impact on various nations due to the increase in the number of cases, resulting in stringent, long-term lockdown periods or social isolation standards. Because of their excellent healthcare systems, Western European nations such as Germany, France, Russia, and the UK have witnessed a comparably slight decline in their growth activities. The governments of these nations have made significant expenditures in improving the efficiency and efficacy of disease detection and treatment. Following the relaxation of limitations across Europe, wind turbine and component manufacturing has now resumed. Sanitary measures are reinforced within locations to ensure full compliance with regulatory requirements. As a result, the European wind turbine condition monitoring market is growing significantly and is expected to create further opportunities in the next years.
Advantech Co. Ltd., Baker Hughes Company, ENVISION Group, ENERCON GmbH, goldwind.com, General Electric, NORDEX SE, Siemens Gamesa Renewable Energy, TÜV Rheinland, and Vestas are among the major companies operating in the wind turbine condition monitoring market.
Wind Turbine Condition Monitoring Market — by Geography, 2020 and 2028 (%)
Wind Turbine Condition Monitoring Market Size & Growth by 2028
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