Wind Turbine Condition Monitoring System Market Size, Share, Growth, And Industry Analysis, By Type (Equipment and Software), By Application (Onshore and Offshore), Regional Insights, and Forecast From 2024 To 2032

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Wind Turbine Condition Monitoring System Market Report Overview

The global wind turbine condition monitoring system market size was USD 0.11 billion in 2023 and is projected to grow from USD 0.11 billion in 2024 to USD 0.19 billion by 2032, exhibiting a CAGR of 8.4% during the forecast period. Asia-Pacific holds leading position in wind turbine condition monitoring system market share in 2023.

One of the most rapidly expanding sources of energy generation in the world is wind energy, and there is a continuing need to lower the cost of running and maintaining turbines. To improve production and reduce downtime, condition monitoring (CM) is a method frequently used for the early detection of problems or breakdowns. A precise shaft power measurement, shaft torque, shaft RPM, torsional shaft vibration, shaft signature or profile, and shaft bending are all provided by the wind turbine condition monitoring system. Additionally, the wind turbine condition monitoring system can be mounted on a high-speed output shaft following the gearbox installation, enabling power generation to be measured and providing details on the generator's condition.

COVID-19 Impact: Pandemic Hamper the Demand of Wind Turbine Condition Monitoring System to Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the wind turbine condition monitoring system market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic has a number of effects on the wind turbine condition monitoring system. Due to the potential for lockdown, wind power-generating facilities limited their activity, including stopping construction, operations, and maintenance projects at various places. These shutdowns and quarantine measures affected the whole wind energy sector, leading to project demobilization in many instances as well as furloughs and layoffs of technical, building, and manufacturing staff. Many solar and wind farms thus found it difficult to keep up with maintenance and operations. The COVID-19 epidemic also made it more challenging for producers of renewable energy to get project financing or equity money. As a result, some locations experienced a negative impact from the COVID-19 epidemic on the wind turbine condition monitoring system market in some regions.

Latest Trends

"Component Developments Market Drivers for Wind Turbine Control Systems to Enhance Market Demand "

The market for wind turbine condition monitoring systemhas become increasingly driven by the need for improved electricity generation. Stakeholders in the value chain are working to minimise operating costs while extending the lifespan of wind projects with the help of technical improvements. As a result, factors including developments in longer, lighter rotor blades and blades with curved tips are creating new opportunities for businesses involved in the wind turbine control systems industry. As a result, producers are creating blades that are built to maximise the benefits of all wind speeds.

Wind Turbine Condition Monitoring System Market Segmentation

• By Type Analysis

According to type, the wind turbine condition monitoring system market can be segmented into Equipment and Software

In terms of type, the Equipment is anticipated to be the largest segment during the forecast period.

• By Application Analysis

Based on application, the wind turbine condition monitoring system market can be divided into Onshore and Offshore.

In terms of application, Onshore market is projected to hold the largest market share through 2028.

Driving Factors

"Monitoring Systems with Sensor Technology Help to Maintain the Safety of Wind Farms to Raise Market Demand"

To improve the performance of wind farms, market participants in wind turbine condition monitoring systemare implementing a variety of control mechanisms. To enhance turbine performance, remote monitoring is also spreading like wildfire. Monitoring systems also benefit end-user stakeholders since they provide a wealth of information on both individual turbines and entire wind farms. To maximise energy production, cutting-edge diagnostic and preventative maintenance technologies are taking advantage of the benefits of integrating sophisticated wind turbine condition monitoring system.

"Modern Software Platforms Boost energy production while reducing maintenance costs Which Led to Boost Market Growth "

Since the end-user stakeholders for wind turbine condition monitoring system market are now priorities electricity generation, businesses are becoming more effective in automated technology-based solutions. The value chain's participants are concentrating on increasing yearly energy production (AEP). As a result, manufacturers of wind turbine control systems are expanding their capacity to produce systems that incorporate automation technologies. Automated systems are receiving a lot of attention since they can reliably control and monitor a range of power producing equipment.

Restraining Factors

"Lack of requisite technological competence for Doing Data analysis is Decline Market Growth "

For handling the most recent hardware and software, condition monitoring demands qualified personnel. For system optimization, software updates, system networking, data transmissions, etc., technical competence is required. As a result, training is required for existing resources to operate new systems. As a result, there can be a skills gap between trained professionals and current employees. Operators of industrial plants may be reluctant to accept new technology due to a shortage of trained personnel. Due to a lack of data analysis professionals, emerging nations still struggle to adopt wind turbine condition monitoring system effectively and achieve next-level industrialization.

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Wind Turbine Condition Monitoring System Market Regional Insights

"Europe Region Holds a Leading Position Due to Rising Project Acquisition and Refinancing Costs"

Europe currently holds a leading position in the wind turbine condition monitoring systemmarket, and it is anticipated that it will continue to do so over the projection period. This is due to rising project acquisition and refinancing costs, an increase in the number of pipeline projects that have been approved and rising private sector investment in the region's offshore wind energy industry. Over the course of the projected period, this is anticipated to subsequently support market expansion for wind turbine condition monitoring systems worldwide.

Additionally, there are government programs and frameworks for policy that aim to minimize carbon footprints in the area, as well as an increase in the deployment of wind turbines and the demand for renewable energy for power generation.

Key Industry Players

"Adoption Experiential Marketing Services by Key Players Influencing Market Development"

The top key players in the market areSKF, Ronds, Bruel & Kjær Vibro, Siemens, National Instruments, AMSC, HBM (HBK), JF Strainstall, and Beijing Weiruida Control System. Most of the top players hold the wind turbine condition monitoring system market share in some regions. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the wind turbine condition monitoring system market growth in the competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession of market shares by the key players stimulates the wind turbine condition monitoring system market.

LIST OF TOP WIND TURBINE CONDITION MONITORING SYSTEM COMPANIES

• SKF(Sweden)
• Ronds (India)
• Bruel & Kjær Vibro(U.S.)
• Siemens (Germany‎)
• National Instruments(U.S.)
• AMSC(U.S.)
• HBM (HBK) (Germany)
• JF Strainstall (UK.)
• Beijing Weiruida Control System (China)
• Moventas(Europe)
• Ammonit Measurement (Germany)
• Power Factors(U.S.)
• Hansford Sensors (U.S.)
• Mita-Teknik (Europe)
• SPM Instrument AB (Sweden)

Report Coverage

This report examines an understanding of the wind turbine condition monitoring system market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.