Wind Turbine Condition Monitoring System Market Size 2020: By Keyplayers General Electric, TÜV Rheinland, WTWH Media, LLC, Datum Electronics, Moventas, Romax Technology Limited, SKF, Brüel & Kjær Vibro GmbH, ifm electronic ltd., Advantech Co., Ltd., Sieme

Wind turbines (WT) are one of the fastest growing sources of power production in the world and there is a constant need to reduce the cost of operating and maintaining turbines. Condition monitoring (CM) is a tool commonly employed for the early detection of faults or failures so as to maximize productivity and minimize downtime. The wind turbine condition monitoring system provides an accurate shaft power measurement, shaft torque, shaft RPM, torsional vibration of the shaft, shaft signature or profile, and shaft bending.

Additionally, the wind turbine condition monitoring system can also be installed after the gearbox installation, on a high-speed output shaft, allowing power generated to be measured, as well as providing information on the condition of the generator.

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Global Wind Turbine Condition Monitoring System Market Competitive Landscape:

Key players operating in the global wind turbine condition monitoring system market include General Electric, TÜV Rheinland, WTWH Media, LLC, Datum Electronics, Moventas, Romax Technology Limited, SKF, Brüel & Kjær Vibro GmbH, ifm electronic ltd., Advantech Co., Ltd., Siemens, and HBM - Wind Turbine Testing and condition monitoring among others.

Prominent market players maintain competitive edge in the global wind turbine condition monitoring system market by focusing on new product launches. For instance, in June 2016, Romax Technology Limited, a U.K.-based software company, announced the launch of its two new products, ecoCMS and Field Pro, to increase effectiveness of wind turbine operations and maintenance, and to reduce cost. Moreover, Brüel & Kjaer Vibro, HBM, Datum Electronics, Moventas, and SKF are other prominent players that offer permanent and reliable condition monitoring solutions for wind turbines.

Technological advancements for the development of wind turbines and increasing deployment of wind turbines worldwide have led to rising demand for wind turbine condition monitoring systems
Wind is one of the significant source of affordable renewable energy that currently contributes to 5% of the global electricity demand, according to Coherent Market Insights' analysis. Depleting natural resources and government initiatives to explore alternative sources of energy drive demand for wind turbine condition monitoring system. Therefore, these factors are expected to create substantial growth opportunity for the global wind turbine condition monitoring system market in the near future.

Furthermore, condition monitoring systems (CMS) aim at improving site performance and reducing turbine maintenance costs by providing accurate data and helping to resolve faults before any failure occurs to a wind turbine. Increasing automation in wind turbine manufacturing, and increasing investment in renewable energy are other factors that are expected to boost growth of the global wind turbine condition monitoring system market during the forecast period.
However, high investment for the production and installation of wind turbines, high cost of condition monitoring systems, and unpredictable turbine maintenance periods are expected to hinder growth of the global wind turbine condition monitoring system market during the forecast period.

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Global Wind Turbine Condition Monitoring System Market Regional Insights:

Europe held dominant position in the global wind turbine condition monitoring system market and is projected to maintain its dominance during the forecast period. This is owing to increasing investment for construction of new wind farms, project acquisitions, refinancing operations, increasing number of approved pipeline projects, and increasing investment from private sector for offshore wind energy production in the region. According to Coherent Market Insights' analysis, a total of 3,344 offshore wind turbines are installed in European waters off the coasts of 11 countries, with a combined capacity of 11,538 MW. This is expected to consequently aid in growth of the global wind turbine condition monitoring system market over the forecast period. In addition, according to GTAI, in 2016, Germany held the dominant position in the Europe's wind turbine condition monitoring system market, with more new offshore wind project having capacity of 5.4 GW installed.

Moreover, Asia Pacific region is expected to be the fastest growing region in the market, owing to increasing deployment of wind turbines, increasing demand for renewable energy for power generation, government initiatives, and policy frameworks to reduce carbon footprints in the region.

Global Wind Turbine Condition Monitoring System Market Taxonomy:

On the basis of product type, the global wind turbine condition monitoring system market is segmented into:
o Software
o Equipment

On the basis of application, the global wind turbine condition monitoring system market is segmented into:
o Onshore
o Offshore

On the basis of region, the global wind turbine condition monitoring system market is segmented into:
o North America
o Europe
o Asia Pacific
o Latin America
o Middle East
o Africa

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This release was published on openPR.