Wind Turbine Condition Monitoring Market Size Worth US$ 594.23 million By 2028 | CAGR 6.6%: The Insight Partners

According to our latest market study on "Wind Turbine Condition Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Application, and Geography" the market is expected to grow from US$ 380.12 million in 2021 and is projected to reach US$ 594.23 million by 2028; it is estimated to grow at a CAGR of 6.6% from 2021 to 2028.

The global wind turbine condition monitoring market is segmented into five major regions- North America, Europe, Asia Pacific, the Middle East, Africa, and South and Central America. In 2020, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Wind energy is highly adopted as a sustainable alternative to electricity generation worldwide. Government bodies globally established several windmills projects across their countries to produce electricity and reduce their carbon footprint. According to the United States Wind Turbine Database (USWTDB), the US had more than 67,000 turbines installed across 44 states as of January 2021.

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According to the European Union, Europe has the largest floating wind energy capacity worldwide. The governments in these European countries are investing in floating substructures or integrated floating wind energy systems for deep waters to use in various climate conditions. The initiative expands deployment options and strengthens Europe's position on the global stage. The government is currently focusing on the North Sea, which has relatively shallow water for offshore wind generation in Europe. However, as floating technologies mature, greater attention has recently been directed to the Mediterranean and Atlantic coasts. Thus, the increasing deployment of offshore wind farms worldwide is driving the growth of the wind turbine condition monitoring market.

The global wind turbine condition monitoring market is segmented on the basis of components, applications, and geography. The wind turbine condition monitoring market, based on components, is segmented into hardware, software, and services. On the basis of application, the wind turbine condition monitoring market is segmented into the rotor, tower, gearbox, generator, and others. On the basis of geography, the wind turbine condition monitoring market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (China, India, South Korea, Japan, Australia, and the Rest of APAC), the Middle East & Africa (South Africa, Saudi Arabia, UAE, Iran, and Rest of the MEA), and South America (Brazil, Argentina and the Rest of SAM).

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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.

Leading Wind Turbine Condition Monitoring market Players:

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 major companies operating in the wind turbine condition monitoring market.

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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.

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