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Wind Turbine Automation Market Opportunities And Strategies 2024-2033 - Growth Analysis, Outlook, Overview
Wind Turbine Automation Market
Wind Turbine Automation Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $21.03 Bn In 2028 At A CAGR Of 7.8% :
The wind turbine automation market size has grown strongly in recent years. It will grow from $14.16 billion in 2023 to $15.56 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to innovation in automation technology, cost reduction initiatives, scaling of wind energy capacity, supportive regulatory environment, emphasis on safety standards.
The wind turbine automation market size is expected to see grown strongly in the next few years. It will grow to $21.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to integration of automation with digitalization and IoT, advancements in artificial intelligence (AI) for wind turbines, adoption of automation in hybrid renewable energy systems, automation solutions for energy storage integration, automation solutions for offshore wind farms. Major trends in the forecast period include autonomous operations, predictive maintenance, edge computing and real-time monitoring, cybersecurity solutions, integration with grid management systems.
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Wind Turbine Automation Market Major Segments
The wind turbine automation market covered in this report is segmented -
1) By System: Supervisory Control And Data Acquisition (SCADA) Systems, Programmable Logic Controllers (PLC) Systems, Distributed Control Systems (DCS), Condition Monitoring Systems (CMS), Other Systems
2) By Component: Hardware, Software, Services
3) By Application: Offshore Wind Power Generation, Onshore Wind Power Generation, Other Applications
Key Driver - Increasing Adoption Of Wind Energy Fuels Growth In The Wind Turbine Automation Market
The increasing adoption of wind energy is expected to propel the growth of the wind turbine automation market going forward. Wind energy refers to the kinetic energy generated from the movement of air masses across the Earth's surface, primarily harnessed through wind turbines to produce electricity. The adoption of wind energy is increasing because of its sustainability and cost-effectiveness in renewable energy production. Wind turbine automation improves efficiency, reliability, and safety in turbine operations. It helps monitor, schedule maintenance, detect faults, and optimize turbine performance to increase energy production and reduce operational costs. For instance, according to the International Energy Agency, a France-based intergovernmental organization, the electricity generated by wind surged by 265 TWh in 2022, marking a 14% increase from 2021, the second-largest growth among all power generation technologies. Wind energy remains the foremost non-hydro renewable technology, having produced over 2100 TWh in 2022, surpassing the combined output of all other renewable sources. Therefore, the increasing adoption of wind energy is driving the growth of the wind turbine automation market.
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Prominent Trend - Development Of Strategic Partnerships To Enhance Wind Turbine Automation And Performance
Major companies operating in the wind turbine automation market are focusing on strategic partnerships to develop new products and strengthen their positions in the market. A strategic alliance is a collaborative relationship between two or more entities, often organizations or businesses, that join forces to achieve mutual objectives or strategic goals. For instance, in September 2023, ABB Ltd., a Switzerland-based automation company, announced a partnership with WindESCo Inc., a US-based software company. The strategic alliance involves ABB acquiring a minority stake in WindESCo. ABB aims to enhance its wind energy portfolio by integrating WindESCo's digital solutions, thus improving turbine performance and reliability. WindESCo benefits from ABB's expertise and market presence to expand its offering in electrical system optimization. The partnership aims to provide end-to-end solutions to wind customers, enhance wind turbine performance and reliability, and open new market channels for digital offerings.
Wind Turbine Automation Market Players
Major companies operating in the wind turbine automation market are Siemens AG, General Electric, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Eaton Corporation, Parker Hannifin Corporation, Vestas Wind Systems A/S, Emerson Electric Co., Danfoss, Rockwell Automation Inc., Nordex SE, Omron Corporation, Fanuc Corporation, Enercon GmbH, Yaskawa Electric Corporation, Yokogawa Electric Corporation, Moog Inc., Suzlon Energy Limited, Axiomtek, Bachmann electronic GmbH, Inox Wind, Prima Automation
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Largest And Fastest Growing Region In The Market
Europe was the largest region in the wind turbine automation market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the wind turbine automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Wind Turbine Automation Market Report Structure
3. Wind Turbine Automation Market Trends And Strategies
4. Wind Turbine Automation Market - Macro Economic Scenario
5. Wind Turbine Automation Market Size And Growth
…..
27. Wind Turbine Automation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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