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
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Wind Turbine Condition Monitoring Market: Strategic Insights
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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 Regional Insights
The regional trends and factors influencing the Wind Turbine Condition Monitoring Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Wind Turbine Condition Monitoring Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
- Get the Regional Specific Data for Wind Turbine Condition Monitoring Market
Wind Turbine Condition Monitoring Market Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 380.12 Million |
| Market Size by 2028 | US$ 594.23 Million |
| Global CAGR (2021 - 2028) | 6.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Market Players Density: Understanding Its Impact on Business Dynamics
The Wind Turbine Condition Monitoring Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Wind Turbine Condition Monitoring Market are:
- Advantech Co. Ltd
- ENVISION Group
- Baker Hughes Company
- NERCON GmbH
- Goldwind.com
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Wind Turbine Condition Monitoring Market top key players overview
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.
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
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.
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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
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