Wind turbine condition monitoring systems play a crucial role in maximizing wind turbine availability and performance by detecting mechanical faults at early stages thereby reducing maintenance costs. Wind turbine condition monitoring systems offer several advantages such as real time operating condition analysis, preventive maintenance scheduling, remote diagnosis and analysis minimizing downtime.
The global Wind Turbine Condition Monitoring System Market is estimated to be valued at US$ 3,776.1 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing demand for renewable energy sources is one of the key trends driving the growth of wind turbine condition monitoring systems market. With growing environmental concerns, many countries around the world are investing heavily in developing renewable energy infrastructure with wind energy being a major contributor. According to resource plans by national governments, wind power installed capacity is expected to increase substantially over the next decade. This positive outlook towards wind power generation is expected to drive the demand for wind turbine condition monitoring systems in order to maximize turbine uptime and operational efficiency thereby accelerating the market growth over the forecast period.
Segment Analysis
The global wind turbine condition monitoring system market is segmented by type into software and hardware. The hardware segment dominates the market and is expected to remain dominant over the forecast period. Various sensors installed in wind turbines to monitor vibration, temperature and acoustic emission require hardware devices that collect and transmit condition parameter data for analysis. This makes hardware the largest segment by type in the market.
Key Takeaways
The Global Wind Turbine Condition Monitoring System Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Wind Turbine Condition Monitoring System Market is estimated to be valued at US$ 3,776.1 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030.
Regional analysis: Europe dominates the wind turbine condition monitoring system market currently. Countries like Germany, UK and France have contributed significantly to the growth of wind energy in the region. High renewable energy targets set by these countries and presence of leading wind turbine OEMs have made Europe the dominant region.
Key players: Key players operating in the wind turbine condition monitoring system market are General Electric Company, SKF Group, Siemens Gamesa Renewable Energy, Inc., Vestas Wind Systems A/S, 3M Company.
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