Wind Turbine Condition Monitoring Market Size & Growth by 2028
The wind turbine condition monitoring market is expected to grow from US$ 380.12 million in 2021 to US$ 594.23 million by 2028; it is estimated to grow at a CAGR of 6.6% during 2021 to 2028.
The need to reduce greenhouse gas emissions and boost the amount of renewable energy in the energy mix prompted the development of offshore wind farms. There has been a considerable movement toward renewable and green energy in the energy sector to reduce carbon emissions, deplete fossil fuels, climate change, and others. This is driving the growth of wind turbine condition monitoring market.
The renewable energy demand will continue to climb due to dropping technology costs, the growing need to reduce CO2 emissions, and rising energy consumption in developing and underdeveloped countries. According to the International Renewable Energy Agency (IRENA), the share of renewables in annual global energy generation must climb from 25% to 86% by 2050, and the world will be needed to invest US$ 110 trillion in the sector by 2050, up from the US$ 95 trillion expected by 2030. As a result, there will be a noticeable shift from fossil fuels and renewable energy sources. In Europe, there are many offshore windmill projects in operation, accounting for 90% of total power generation. This is further fueling the growth of wind turbine condition monitoring market
The growing inclination towards renewable clean energy is a significant driving factor for the growth of the wind turbine condition monitoring market worldwide. The wind turbine condition monitoring market is mature in developed nations and is growing substantially in many developing countries. Due to the high output and long-term expansion of wind farms, the installation of offshore wind turbines is on the rise. Additionally, the growing global population and increasing disposable income in developing countries are driving energy consumption. However, the wind turbine condition monitoring market's growth is hampered by the high cost of offshore wind farm installations. The wind turbine condition monitoring system facilitates an accurate shaft bending, shaft signature or profile, torsional vibration of the shaft, shaft torque, shaft rpm, and shaft power measurement. These systems are widely utilized for the early detection of failures or faults and also help in maximizing productivity and minimizing downtime, thereby increasing the growth of the wind turbine condition monitoring market.
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Wind Turbine Condition Monitoring Market: Strategic Insights
Market Size Value in US$ 380.12 million in 2021 Market Size Value by US$ 594.23 million by 2028 Growth rate CAGR of 6.6% from 2021 to 2028. Forecast Period 2021-2028 Base Year 2021
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Wind Turbine Condition Monitoring Market: Strategic Insights
| Market Size Value in | US$ 380.12 million in 2021 |
| Market Size Value by | US$ 594.23 million by 2028 |
| Growth rate | CAGR of 6.6% from 2021 to 2028. |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Wind Turbine Condition Monitoring Market
North America has the highest rate of advanced technology adoption due to favorable government policies fostering innovation and enhancing infrastructural abilities. The COVID-19 pandemic had several implications for the renewable energy sector in the region. Wind power-generating facilities had reduced activity, including shutting down construction, operations, and maintenance projects at several locations, due to the implication of lockdown. Across the wind energy industry, these quarantine measures and shutdowns caused furloughs and layoffs of technical, construction, and manufacturing personnel, as well as project demobilizations in many cases. As a result, many solar and wind farms struggled to keep up with maintenance and operations. Furthermore, the COVID-19 pandemic made it more difficult for renewable energy producers to get project finance or equity capital. As a result, the COVID-19 pandemic negatively influenced the North American wind turbine condition monitoring market.
Wind Turbine Condition Monitoring Market Insights
Technological Advancement in Wind Turbine Manufacturing and Monitoring
Technological Advancement in Wind Turbine Manufacturing and Monitoring
Longer blades and taller towers, two of the most critical aspects in increasing wind turbine productivity, are driving the next-generation research and development effort to create a more powerful, efficient, durable, and cost-effective turbine. Other significant advancements include the creation of intelligent turbines that gather and understand real-time data and the modeling and adjustment of wind plant flows and turbine layouts to optimize wind harvest. The Wind Energy Technologies Office (WETO) collaborates with the industry to improve the performance and dependability of next-generation wind technologies while lowering wind energy costs. Further, the Wind Energy Technologies Office and the Advanced Manufacturing Office of the US Department of Energy are collaborating with public and private groups to use additive manufacturing, also known as 3D printing, to produce wind turbine blade molds. The traditional blade design method necessitates the development of a plug, or a full-scale model of the finished blade, which is then utilized to create the mold. The plug is one of the most time-consuming and labor-intensive operations in manufacturing wind turbine blades. Thus, 3D printing saves these valuable resources. Wind industry technology must continue to progress to secure future industry growth, building on previous triumphs to improve dependability, boost capacity factors, and lower costs. Modern wind turbines are becoming more cost-effective and stable, and their power ratings have increased to multi-megawatt levels. Therefore, the rising technological advancements and modernization in the wind turbine condition monitoring system will create numerous market opportunities.
Component-Based Market Insights
Based on component, the wind turbine condition monitoring market is segmented into hardware, software, and services. Anemometer, displacement sensor, data acquisition systems, and accelerometer are widely used in monitoring the condition of the wind turbine. Condition monitoring tool helps monitor the health of the wind turbine components and associated electrical systems. These tools help wind farm operators and owners replace components whenever necessary by predicting maintenance issues. For instance, KK Wind Solutions offers versatile data acquisition and analyzing units, which can be placed in the wind turbine's nacelle. These data acquisition and analyzing units collect data from various connected accelerometers and sensors and transfer the analyzed information. Vibration-based condition monitoring systems are among the most established systems used to monitor the drivetrain in the wind turbine. The sensors used for vibration-based condition monitoring include velocity transducers, accelerometers, and displacement or distance transducers.
Application-Based Market Insights
Based on application, the wind turbine condition monitoring market is segmented into rotor, tower, gearbox, generator, and others. The basic function of the gearbox in the wind turbine is to transfer energy from the rotor to the generator. Due to frequent braking and variable wind speeds, the load fluctuates, which causes a lot of wear on the moving parts. Components of the wind turbine gearbox are typically monitored with vibration sensors. As the resonance of the bearings is particularly in multi-kHz, vibration sensors that perform in the realm of around 10 kHz and above are usually suggested to monitor the high and low-speed shafts. The datum wind turbine condition monitoring system is designed to detect and prevent gearbox failures. With accurate real-time monitoring and analysis, staff schedules can be consulted, and repairs can be conducted at an early stage, which helps in cost savings. Sweden is a global leader in de-carbonization as it aims to be carbon neutral by 2045, and the energy sector aims to achieve 100% renewable electricity generation by 2040. The contribution of wind energy is steadily rising in the county as the country aims to harness 50TWh of energy from wind by 2024. Thus, the growing inclination towards renewable energy accelerates the requirement for respective vibration sensors.
Players operating in the wind turbine condition monitoring market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In 2022, The National Offshore Wind Research & Development Consortium (NOWRDC) has awarded two GE research projects: one focused on establishing a robust joining technique for big iron castings and another on the use of an Autonomous Inspection Vessel (AIV) for offshore wind turbines.
Wind Turbine Condition Monitoring Market Report Scope
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.
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 a few key wind turbine condition monitoring market players considered for the research study. In addition, several other significant wind turbine condition monitoring market players have been studied and analyzed in this research report to get a holistic view of the global wind turbine condition monitoring market and its ecosystem.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major application of Wind turbine conditioning monitoring includes rotor, tower, gearbox, generator, and others.
The growing inclination towards renewable clean energy is acting as a significant driving factor for the growth of the wind turbine condition monitoring market across the world. The market is quite mature in developed nations and is growing substantially in many developing countries. Due to the high output and long-term expansion of wind farms, the installation of offshore wind turbines is on the rise. Additionally, the growing global population and increasing disposable income in developing countries are driving energy consumption. However, the market's growth is hampered by the high cost of offshore wind farm installations. The wind turbine condition monitoring system facilitates an accurate shaft bending, shaft signature or profile, torsional vibration of the shaft, shaft torque, shaft RPM, and shaft power measurement. These systems are widely utilized for the early detection of failures or faults. They help in maximizing productivity and minimizing downtime.
The major companies in wind turbine conditioning monitoring includes Advantech Co.Ltd, Baker Hughes Company, Envision Group, NERCON GmbH, Goldwind.Com, General Electric Company, Nordex SE, Siemens Gemesa Renewable Energy SA, TUV RHEINLAND, VESTAS Wind System A/S
Brushless DC motor, also known as electronically commutated motor or synchronous DC motor, utilizes electronic closed loop controller to switch DC currents to the motor windings generating magnetic fields. The brushless DC is a synchronous motor is similar to a permanent magnet synchronous motor, however it can also be a switched reluctance motor, or an induction motor. Advantages such as high power-to-weight ratio, high efficiency, nearly instantaneous control of speed (rpm) and torque, high speed, and low maintenance over the conventional brushed DC motors has led to the higher adoption rate of brushless DC motors. Further, owing to the above mentioned advantages the adoption of brushless DC motors is getting increases in computer peripherals (disk drives, printers), consumer electronics, hand-held power tools, vehicles ranging from model aircraft to automobiles, healthcare devices, and among others.
The rising global population and the increasing disposable income in developing countries are driving energy consumption substantially. Various energy sources, such as fossil fuels, nuclear energy, and renewable energy, are utilized to meet energy needs. However, this energy balance is shifting internationally due to changing governmental measures and technological advancements. The increased amount of renewable energy sources in the global energy mix has spurred industry expansion, resulting in high wind towers. However, in the face of the rising demand for increased power generation and improved development activities, most countries are focusing on providing inexpensive, dependable, and secure energy, which is projected to boost the overall expansion of the wind turbine condition monitoring market.
In 2020, Asia Pacific (APAC) held the largest share of the global wind turbine condition monitoring market, followed by Europe, and North America.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Wind Turbine Condition Monitoring Market – By Component
1.3.2 Wind Turbine Condition Monitoring Market – By Application
1.3.3 Wind Turbine Condition Monitoring Market- By Region
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Wind Turbine Condition Monitoring Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Wind Turbine Condition Monitoring Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Dependence on Renewable Energy Sources
5.1.2 Increasing Deployment of Offshore Wind Farms
5.2 Market Restraints
5.2.1 High Installation Cost of Wind Turbines and High Cost of Condition Monitoring Systems
5.3 Market Opportunities
5.3.1 Growing Demand for Wind Energy in Developing Countries
5.4 Future Trends
5.4.1 Technological Advancement in Wind Turbine Manufacturing and Monitoring
5.5 Impact Analysis of Drivers and Restraints
6. Wind Turbine Condition Monitoring Market – Global Analysis
6.1 Global Wind Turbine Condition Monitoring Market Overview
6.2 Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning – Five Key Players
7. Wind Turbine Condition Monitoring Market Analysis – By Component
7.1 Overview
7.2 Wind Turbine Condition Monitoring Market, By Component (2020 and 2028)
7.3 Hardware
7.3.1 Overview
7.3.2 Hardware: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
7.3.2.1 Anemometer
7.3.2.1.1 Overview
7.3.2.1.2 Anemometer: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
7.3.2.2 Displacement Sensor
7.3.2.2.1 Overview
7.3.2.2.2 Displacement Sensor: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
7.3.2.3 Data Acquisition Systems
7.3.2.3.1 Overview
7.3.2.3.2 Data Acquisition Systems: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
7.3.2.4 Accelerometer
7.3.2.4.1 Overview
7.3.2.4.2 Accelerometer: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
7.3.2.5 Others
7.3.2.5.1 Overview
7.3.2.5.2 Others: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
7.4 Software And Services
7.4.1 Overview
7.4.2 Software And Services: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
8. Wind Turbine Condition Monitoring Market Analysis – By Application
8.1 Overview
8.2 Wind Turbine Condition Monitoring Market, By Application (2020 and 2028)
8.3 Rotor
8.3.1 Overview
8.3.2 Rotor: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
8.4 Tower
8.4.1 Overview
8.4.2 Tower: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
8.5 Gearbox
8.5.1 Overview
8.5.2 Gearbox: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
8.6 Generator
8.6.1 Overview
8.6.2 Generator: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
8.7 Others
8.7.1 Overview
8.7.2 Others: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
9. Wind Turbine Condition Monitoring Market – Geographic Analysis
9.1 Overview
9.2 North America: Wind Turbine Condition Monitoring Market
9.2.1 Overview
9.2.2 North America Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
9.2.3 North America Wind Turbine Condition Monitoring Market Breakdown, By Component
9.2.4 North America Wind Turbine Condition Monitoring Market Breakdown, By Application
9.2.5 North America Wind Turbine Condition Monitoring Market Breakdown, by Country
9.2.5.1 US Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028
9.2.5.1.1 US Wind Turbine Condition Monitoring Market Breakdown, By Component
9.2.5.1.2 US Wind Turbine Condition Monitoring Market Breakdown, By Application
9.2.5.2 Canada Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028
9.2.5.2.1 Canada Wind Turbine Condition Monitoring Market Breakdown, By Component
9.2.5.2.2 Canada Wind Turbine Condition Monitoring Market Breakdown, By Application
9.2.5.3 Mexico Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028
9.2.5.3.1 Mexico Wind Turbine Condition Monitoring Market Breakdown, By Component
9.2.5.3.2 Mexico Wind Turbine Condition Monitoring Market Breakdown, By Application
9.3 Europe: Wind Turbine Condition Monitoring Market
9.3.1 Overview
9.3.2 Europe: Wind Turbine Condition Monitoring Market Revenue and Forecast to 2028 (US$ Million)
9.3.3 Europe Wind Turbine Condition Monitoring Market Breakdown, By Component
9.3.4 Europe Wind Turbine Condition Monitoring Market Breakdown, By Application
9.3.5 Europe Wind Turbine Condition Monitoring Market Breakdown, by Country
9.3.5.1 Germany Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028
9.3.5.1.1 Germany Wind Turbine Condition Monitoring Market Breakdown, By Component
9.3.5.1.2 Germany Wind Turbine Condition Monitoring Market Breakdown, By Application
9.3.5.2 France Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028
9.3.5.2.1 France Wind Turbine Condition Monitoring Market Breakdown, By Component
9.3.5.2.2 France Wind Turbine Condition Monitoring Market Breakdown, By Application
9.3.5.3 Italy Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028
9.3.5.3.1 Italy Wind Turbine Condition Monitoring Market Breakdown, By Component
9.3.5.3.2 Italy Wind Turbine Condition Monitoring Market Breakdown, By Application
9.3.5.4 UK Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028
9.3.5.4.1 UK Wind Turbine Condition Monitoring Market Breakdown, By Component
9.3.5.4.2 UK Wind Turbine Condition Monitoring Market Breakdown, By Application
9.3.5.5 Russia Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028
9.3.5.5.1 Russia Wind Turbine Condition Monitoring Market Breakdown, By Component
9.3.5.5.2 Russia Wind Turbine Condition Monitoring Market Breakdown, By Application
9.3.5.6 Rest of Europe Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028
9.3.5.6.1 Rest of Europe Wind Turbine Condition Monitoring Market Breakdown, By Component
9.3.5.6.2 Rest of Europe Wind Turbine Condition Monitoring Market Breakdown, By Application
9.4 APAC: Wind Turbine Condition Monitoring Market
9.4.1 Overview
9.4.2 APAC Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
9.4.3 APAC Wind Turbine Condition Monitoring Market Breakdown, By Component
9.4.4 APAC Wind Turbine Condition Monitoring Market Breakdown, By Application
9.4.5 APAC Wind Turbine Condition Monitoring Market Breakdown, by Country
9.4.5.1 China Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
9.4.5.1.1 China Wind Turbine Condition Monitoring Market Breakdown, By Component
9.4.5.1.2 China Wind Turbine Condition Monitoring Market Breakdown, By Application
9.4.5.2 India Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
9.4.5.2.1 India Wind Turbine Condition Monitoring Market Breakdown, By Component
9.4.5.2.2 India Wind Turbine Condition Monitoring Market Breakdown, By Application
9.4.5.3 Japan Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
9.4.5.3.1 Japan Wind Turbine Condition Monitoring Market Breakdown, By Component
9.4.5.3.2 Japan Wind Turbine Condition Monitoring Market Breakdown, By Application
9.4.5.4 South Korea Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
9.4.5.4.1 South Korea Wind Turbine Condition Monitoring Market Breakdown, By Component
9.4.5.4.2 South Korea Wind Turbine Condition Monitoring Market Breakdown, By Application
9.4.5.5 Australia Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
9.4.5.5.1 Australia Wind Turbine Condition Monitoring Market Breakdown, By Component
9.4.5.5.2 Australia Wind Turbine Condition Monitoring Market Breakdown, By Application
9.4.5.6 Rest of APAC Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
9.4.5.6.1 Rest of APAC Wind Turbine Condition Monitoring Market Breakdown, By Component
9.4.5.6.2 Rest of APAC Wind Turbine Condition Monitoring Market Breakdown, By Application
9.5 MEA: Wind Turbine Condition Monitoring Market
9.5.1 MEA: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
9.5.2 MEA: Wind Turbine Condition Monitoring Market- by Component
9.5.3 MEA: Wind Turbine Condition Monitoring Market- by Application
9.5.4 MEA: Wind Turbine Condition Monitoring Market- by Key Country
9.5.4.1 South Africa: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
9.5.4.1.1 South Africa: Wind Turbine Condition Monitoring Market- by Component
9.5.4.1.2 South Africa: Wind Turbine Condition Monitoring Market- by Application
9.5.4.2 Saudi Arabia: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
9.5.4.2.1 Saudi Arabia: Wind Turbine Condition Monitoring Market- by Component
9.5.4.2.2 Saudi Arabia: Wind Turbine Condition Monitoring Market- by Application
9.5.4.3 UAE: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
9.5.4.3.1 UAE: Wind Turbine Condition Monitoring Market- by Component
9.5.4.3.2 UAE: Wind Turbine Foundation Market- by Application
9.5.4.4 Rest of MEA: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
9.5.4.4.1 Rest of MEA: Wind Turbine Condition Monitoring Market- by Component
9.5.4.4.2 Rest of MEA: Wind Turbine Condition Monitoring Market- by Application
9.6 SAM: Wind Turbine Condition Monitoring Market
9.6.1 SAM: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
9.6.2 SAM: Wind Turbine Condition Monitoring Market- by Component
9.6.3 SAM: Wind Turbine Condition Monitoring Market- by Application
9.6.4 SAM: Wind Turbine Condition Monitoring Market- by Key Country
9.6.4.1 Brazil: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
9.6.4.1.1 Brazil: Wind Turbine Condition Monitoring Market- by Component
9.6.4.1.2 Brazil: Wind Turbine Condition Monitoring Market- by Application
9.6.4.2 Argentina: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
9.6.4.2.1 Argentina: Wind Turbine Condition Monitoring Market- by Component
9.6.4.2.2 Argentina: Wind Turbine Condition Monitoring Market- by Application
9.6.4.3 Rest of SAM: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
9.6.4.3.1 Rest of SAM: Wind Turbine Condition Monitoring Market- by Component
9.6.4.3.2 Rest of SAM: Wind Turbine Condition Monitoring Market- by Application
10. Wind Turbine Condition Monitoring Market - COVID-19 Impact Analysis
10.1 Overview
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Middle East and Africa
10.6 South America
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
12.1 Advantech Co. Ltd.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Baker Hughes Company
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 ENVISION Group
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 NERCON GmbH
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Goldwind.com
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 General Electric Company
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Nordex SE
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 iemens Gamesa Renewable Energy, S.A.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 TÜV RHEINLAND
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Vestas Wind Systems A/S
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. North America Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 – By Component (US$ Million)
Table 3. North America Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 – By Application (US$ Million)
Table 4. North America Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 5. US Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 6. US Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 7. Canada Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 8. Canada Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 9. Mexico Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 10. Mexico Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 11. Europe Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 – By Component (US$ Million)
Table 12. Europe Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 – By Application (US$ Million)
Table 13. Europe Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 14. Germany Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 15. Germany Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 16. France Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 17. France Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 18. Italy Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 19. Italy Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 20. UK Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 21. UK Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 22. Russia Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 23. Russia Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 24. Rest of Europe Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 25. Rest of Europe Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 26. APAC Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 – By Component (US$ Million)
Table 27. APAC Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 – By Application (US$ Million)
Table 28. APAC Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 29. China Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 30. China Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 31. India Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 32. India Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 33. Japan Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 34. Japan Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 35. South Korea Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 36. South Korea Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 37. Australia Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 38. Australia Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 39. Rest of APAC Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 40. Rest of APAC Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 41. MEA: Wind Turbine Condition Monitoring Market- by Component– Revenue and Forecast to 2028 (US$ Million)
Table 42. MEA: Wind Turbine Condition Monitoring Market- by Application – Revenue and Forecast to 2028 (US$ Million)
Table 43. MEA: Wind Turbine Condition Monitoring Market- by Key Country – Revenue and Forecast to 2028 (US$ Million)
Table 44. South Africa: Wind Turbine Condition Monitoring Market- by Component –Revenue and Forecast to 2028 (US$ Million)
Table 45. South Africa: Wind Turbine Condition Monitoring Market- by Application –Revenue and Forecast to 2028 (US$ Million)
Table 46. Saudi Arabia: Wind Turbine Condition Monitoring Market- by Component –Revenue and Forecast to 2028 (US$ Million)
Table 47. Saudi Arabia: Wind Turbine Condition Monitoring Market- by Application –Revenue and Forecast to 2028 (US$ Million)
Table 48. UAE: Wind Turbine Condition Monitoring Market- by Component –Revenue and Forecast to 2028 (US$ Million)
Table 49. UAE: Wind Turbine Foundation Market- by Application –Revenue and Forecast to 2028 (US$ Million)
Table 50. Rest of MEA: Wind Turbine Condition Monitoring Market- by Component –Revenue and Forecast to 2028 (US$ Million)
Table 51. Rest of MEA: Wind Turbine Condition Monitoring Market- by Application –Revenue and Forecast to 2028 (US$ Million)
Table 52. SAM: Wind Turbine Condition Monitoring Market- by Component – Revenue and Forecast to 2028 (US$ Million)
Table 53. SAM: Wind Turbine Condition Monitoring Market- by Application – Revenue and Forecast to 2028 (US$ Million)
Table 54. SAM: Wind Turbine Condition Monitoring Market- by Key Country – Revenue and Forecast to 2028 (US$ Million)
Table 55. Brazil: Wind Turbine Condition Monitoring Market- by Component –Revenue and Forecast to 2028 (US$ Million)
Table 56. Brazil: Wind Turbine Condition Monitoring Market- by Application –Revenue and Forecast to 2028 (US$ Million)
Table 57. Argentina: Wind Turbine Condition Monitoring Market- by Component –Revenue and Forecast to 2028 (US$ Million)
Table 58. Argentina: Wind Turbine Condition Monitoring Market- by Application –Revenue and Forecast to 2028 (US$ Million)
Table 59. Rest of SAM: Wind Turbine Condition Monitoring Market- by Component–Revenue and Forecast to 2028 (US$ Million)
Table 60. Rest of SAM: Wind Turbine Condition Monitoring Market- by Application –Revenue and Forecast to 2028 (US$ Million)
Table 61. List of Abbreviation
LIST OF FIGURES
Figure 1. Wind Turbine Condition Monitoring Market Segmentation
Figure 2. Wind Turbine Condition Monitoring Market Segmentation – By Geography
Figure 3. Global Wind Turbine Condition Monitoring Market Overview
Figure 4. Hardware Component Segment held the Largest Share of Wind Turbine Condition Monitoring Market
Figure 5. Gearbox Application Segment held the Largest Share of Wind Turbine Condition Monitoring Market
Figure 6. APAC to Show Great Traction During Forecast Period
Figure 7. North America: PEST Analysis
Figure 8. Europe: PEST Analysis
Figure 9. Asia-Pacific: PEST Analysis
Figure 10. MEA: PEST Analysis
Figure 11. South America: PEST Analysis
Figure 12. Expert Opinion
Figure 13. Wind Turbine Condition Monitoring Market: Impact Analysis of Drivers and Restraints
Figure 14. Geographic Overview of Wind Turbine Condition Monitoring Market
Figure 15. Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Wind Turbine Condition Monitoring Market Revenue Share, by Component (2020 and 2028)
Figure 17. Hardware: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 18. Anemometer: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 19. Displacement Sensor: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 20. Data Acquisition Systems: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 21. Accelerometer: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 22. Others: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 23. Software And Services: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 24. Wind Turbine Condition Monitoring Market Revenue Share, by Application (2020 and 2028)
Figure 25. Rotor: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 26. Tower: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 27. Gearbox: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 28. Generator: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 29. Others: Wind Turbine Condition Monitoring Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 30. Wind Turbine Condition Monitoring Market Revenue Share, By Region (2020 and 2028)
Figure 31. North America Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 32. North America Wind Turbine Condition Monitoring Market Breakdown, By Component, 2020 & 2028 (%)
Figure 33. North America Wind Turbine Condition Monitoring Market Breakdown, By Application, 2020 & 2028 (%)
Figure 34. North America Wind Turbine Condition Monitoring Market Breakdown, by Country, 2020 & 2028 (%)
Figure 35. US Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 36. Canada Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 37. Mexico Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 38. Europe Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 (US$ Million)
Figure 39. Europe Wind Turbine Condition Monitoring Market Breakdown, By Component, 2020 & 2028 (%)
Figure 40. Europe Wind Turbine Condition Monitoring Market Breakdown, By Application, 2020 & 2028 (%)
Figure 41. Europe Wind Turbine Condition Monitoring Market Breakdown, by Country, 2020 & 2028(%)
Figure 42. Germany Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 43. France Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 44. Italy Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 45. UK Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 46. Russia Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 47. Rest of Europe Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 48. APAC Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 (US$ Million)
Figure 49. APAC Wind Turbine Condition Monitoring Market Breakdown, By Component, 2020 & 2028 (%)
Figure 50. APAC Wind Turbine Condition Monitoring Market Breakdown, By Application, 2020 & 2028 (%)
Figure 51. APAC Wind Turbine Condition Monitoring Market Breakdown, by Country, 2020 & 2028 (%)
Figure 52. China Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 (US$ Million)
Figure 53. India Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 (US$ Million)
Figure 54. Japan Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 (US$ Million)
Figure 55. South Korea Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 (US$ Million)
Figure 56. Australia Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 (US$ Million)
Figure 57. Rest of APAC Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 (US$ Million)
Figure 58. MEA: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 59. MEA: Wind Turbine Condition Monitoring Market Revenue Share, By Component (2020 and 2028)
Figure 60. MEA: Wind Turbine Condition Monitoring Market Revenue Share, By Application (2020 and 2028)
Figure 61. MEA: Wind Turbine Condition Monitoring Market Revenue Share, By Key Country (2020 and 2028)
Figure 62. South Africa: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 63. Saudi Arabia: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 64. UAE: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 65. Rest of MEA: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 66. SAM: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 67. SAM: Wind Turbine Condition Monitoring Market Revenue Share, By Component (2020 and 2028)
Figure 68. SAM: Wind Turbine Condition Monitoring Market Revenue Share, By Application (2020 and 2028)
Figure 69. SAM: Wind Turbine Condition Monitoring Market Revenue Share, By Key Country (2020 and 2028)
Figure 70. Brazil: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 71. Argentina: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 72. Rest of SAM: Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 73. Impact of COVID-19 Pandemic in North American Country Markets
Figure 74. Impact of COVID-19 Pandemic in Europe Country Markets
Figure 75. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
Figure 76. Impact of COVID-19 Pandemic in Middle East and Africa Country Markets
Figure 77. Impact of COVID-19 Pandemic in South America Country Markets
The list of Companies - Wind Turbine Condition Monitoring Market
- Advantech Co. Ltd
- ENVISION Group
- Baker Hughes Company
- NERCON GmbH
- Goldwind.com
- General Electric Company
- Nordex SE
- Siemens Gamesa Renewable Energy, S.A
- TÜV RHEINLAND
- Vestas Wind Systems A/S
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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