NEW YORK, Nov. 30, 2021 /PRNewswire/ -- The "Wind Turbine Monitoring Systems Market by Application and Geography - Forecast and Analysis 2021-2025" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the wind turbine monitoring systems market between 2020 and 2025 is USD 5.23 billion. To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.
Key Market Dynamics:
- Market Driver
- Market Challenges
The rise in wind energy consumption and a high chance of failure associated with wind turbine components are some of the key market drivers. There has been a gradual shift of focus among economies across the globe toward non-renewable sources of energy to produce power. Countries such as Denmark, Spain, Germany, and the UK produce over 10% of their power by using wind energy. This spike in wind energy consumption is likely to impact the market positively. In addition, the failure of components negatively impacts the performance of the wind turbine. However, with the presence of wind turbine monitoring systems, the occurrence of these accidents can be prevented. Wind monitoring systems can detect accidents early and provide a timely response before significant losses occur, thus driving their adoption.
However, factors such as false alarms cast doubts on the reliability of turbine parts will challenge market growth. False alarms have an impact on the overall operation of the wind farm. These failures typically cause the entire replacement of the component, which is extremely expensive. In addition, These false alarms incur heavy losses, and any critical subsystem alarm will result in a turbine shut down until a trained technician inspects the component.
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The wind turbine monitoring systems market report is segmented by application (onshore and offshore) and geography (APAC, Europe, North America, MEA, and South America). APAC will be the leading region with 49% of the market's growth during the forecast period. China and India are the key markets for wind turbine monitoring systems in APAC. In terms of applications, the onshore segment led close to 78% of the market share in 2020 and will continue to retain its dominance in the upcoming years due to its ease of implementation.
View our sample report for additional insights into the contribution of all the segments, and regional opportunities in the report.
Some Companies Mentioned with their Offerings
- AB SKF
- ACOEM Group
- Advantech Co. Ltd.
- American Superconductor Corp.
- EIT InnoEnergy SE
- General Electric Co.
- Hexagon AB
- NSK Ltd.
- Siemens AG
- Spectris Plc
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Wind Turbine Monitoring Systems Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of almost 18.45%
Market growth 2021-2025
USD 5.23 billion
YoY growth (%)
APAC, Europe, North America, MEA, and South America
Performing market contribution
APAC at 49%
Key consumer countries
China, US, UK, India, and Germany
Leading companies, competitive strategies, consumer engagement scope
AB SKF, ACOEM Group, Advantech Co. Ltd., American Superconductor Corp., EIT InnoEnergy SE, General Electric Co., Hexagon AB, NSK Ltd., Siemens AG, and Spectris Plc
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Key Topics Covered:
- Executive Summary
- Market Landscape
- Market Sizing
- Five Forces Analysis
- Market Segmentation by End-user
- Customer landscape
- Geographic Landscape
- Vendor Landscape
- Vendor Analysis
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