New York, March 24, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Wind Turbine Condition Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services) and Application (Rotor, Tower, Gearbox, Generator, and Others)”, the global wind turbine condition monitoring market growth is driven by the growing inclination towards renewable clean energy, technological advancement in wind turbine manufacturing and monitoring, the increasing deployment of offshore wind farms worldwide.
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| Report Coverage | Details |
| 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 |
| No. of Pages | 145 |
| No. Tables | 61 |
| No. of Charts & Figures | 77 |
| Historical data available | Yes |
| Segments covered | Component and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Wind Turbine Condition Monitoring Market: Competitive Landscape and Key Developments
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 key players that are profiled during this wind turbine condition monitoring market study. In addition, several other essential wind turbine condition monitoring market players were studied and analyzed to get a holistic view of the global wind turbine condition monitoring market and its ecosystem.
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.
In 2021, GE Renewable Energy announced that it had received an order from Continuum Trinethra Renewables Pvt Ltd (a subsidiary of Continuum Green Energy) to deliver, install, and commission 37 units of its 2.7-132 onshore wind turbines for the 99.9 MW Rajkot wind farm in Gujarat, India. Last year, GE and Continuum struck a deal to deliver turbines to the 148.5 MW Morjar, Bhuj wind farm in Gujarat, India.
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North America is one of the prominent regions for utilizing renewable and clean energy in their respective energy mix. Due to various factors, such as favorable economic policies for clean energy, high literacy rate and awareness about clean energy among masses, positive outlook for the adoption of new technologies across various verticals, and strong presence of energy ecosystem in North America supports the adoption of wind energy which is subsequently driving the wind turbine condition monitoring market. According to the North American Renewable Integration Study, wind and solar energy are projected to contribute 95% of energy generation in North America by 2050, subsequently increasing the growth of wind turbine condition monitoring market demand. Further, the United States Department of Energy, Secretaría de Energía de México, and Natural Resources Canada have partnered to inform grid planners, policymakers, utilities, and other stakeholders in the energy ecosystem throughout North America about the possible clean energy grid-integration scenarios on a country, as well as regional perspective, thereby contributing to wind turbine condition monitoring market growth.
Wind Turbine Condition Monitoring Market: Application Overview
Based on application, the wind is segmented into rotor, tower, gearbox, generator, and others. The gearbox segment led the wind turbine condition monitoring market in 2020. 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. 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. Thus, the growing inclination towards renewable energy accelerates the requirement for respective vibration sensors, thereby contributing to wind turbine condition monitoring market growth.
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Impact of COVID-19 Pandemic on Europe Wind Turbine Condition Monitoring Market Growth:
According to the International Energy Agency, the prolonged COVID-19 issue is causing the biggest decrease in MENA energy investment in history which negatively affected the wind turbine conditioning monitoring market. The lockdown has caused supply chain interruptions, personnel shortages, and project finance challenges, all of which have impacted energy projects which further impacted wind turbine condition monitoring market. Countries in the Middle East and others rely heavily on China, which generates more than half of the world's renewable energy technologies. As a result of the crisis, the global supply chain network, including that of renewable energy, has been badly affected including wind turbine conditioning monitoring market. As a result, the COVID-19 pandemic is limiting the demand development of wind turbine condition monitoring in the MEA.
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