Wind Turbine Monitoring Systems Market size is set to grow by USD 8.72 billion from 2024-2028, Rapid growth of global wind power market boost the market, Technavio

12.06.24 23:25 Uhr

NEW YORK, June 12, 2024 /PRNewswire/ -- The global wind turbine monitoring systems market size is estimated to grow by USD 8.72 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 19.34% during the forecast period. Rapid growth of global wind power market is driving market growth, with a trend towards rise in offshore wind energy installations. However, false alarms cast doubts on the reliability of turbine parts poses a challenge. Key market players include AB SKF, ACOEM Group, Advantech Co. Ltd., American Superconductor Corp., Ammonit Measurement GmbH, Avnet Inc., Campbell Scientific Inc., Dewesoft d.o.o., Envision Energy USA Ltd., ESCO Technologies Inc., General Electric Co., GreenStream Data Ltd., Hansford Sensors Ltd., Hexagon AB, Indutrade AB, James Fisher and Sons Plc, National Instruments Corp., NSK Ltd., Siemens AG, and Spectris Plc.

Technavio has announced its latest market research report titled Global wind turbine monitoring systems market 2024-2028

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Wind Turbine Monitoring Systems Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 - 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 19.34%

Market growth 2024-2028

USD 8728 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

16.49

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 49%

Key countries

China, US, UK, India, and Germany

Key companies profiled

AB SKF, ACOEM Group, Advantech Co. Ltd., American Superconductor Corp., Ammonit Measurement GmbH, Avnet Inc., Campbell Scientific Inc., Dewesoft d.o.o., Envision Energy USA Ltd., ESCO Technologies Inc., General Electric Co., GreenStream Data Ltd., Hansford Sensors Ltd., Hexagon AB, Indutrade AB, James Fisher and Sons Plc, National Instruments Corp., NSK Ltd., Siemens AG, and Spectris Plc

Market Driver

The global offshore wind energy sector has seen significant growth since 2010, with installations increasing by 20-25% annually. To reduce costs, larger turbines, increased competition, more installations, and supply-chain optimization are being implemented. In 2020, the global offshore wind capacity was 29.1 GW, with Europe leading the way at 22 GW. The UK and Germany accounted for three-quarters of this capacity.

The UK and Norway have recently announced substantial investments in floating offshore wind, and other countries like the US, Japan, China, South Korea, and India are expected to increase their offshore wind projects during the forecast period. This growth in offshore wind installations will boost the demand for wind turbine monitoring systems in the long run. 

The Wind Turbine Monitoring Systems market is experiencing significant growth due to the increasing demand for renewable energy sources. These systems enable efficient operation and maintenance of wind turbines by providing real-time data on performance, weather conditions, and system health.

The use of advanced technologies like IoT and AI is driving innovation in this sector, allowing for predictive maintenance and optimized energy production. Additionally, governments and organizations are investing in this technology to reduce carbon emissions and promote sustainability. The market is expected to continue growing as the world transitions to renewable energy sources. Key components include sensors, data analysis, and communication systems. 

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Market Challenges

  • Wind turbine monitoring systems play a crucial role in assessing turbine health by collecting data from various levels. However, the reliability of these systems is a concern due to false alarms, which can lead to unnecessary maintenance and significant costs. False alarms are generated by different subassemblies and can impact the entire wind farm's operation.
  • These false alarms result in component replacement, which is expensive. Mechanical failures, such as sensor disconnection, can cause false alarms and hinder market growth during the forecast period.
  • The Wind Turbine Monitoring Systems market faces several challenges. These include the need for consistent and accurate data collection from various wind farms, often located in remote areas. Cybersecurity is another concern, as these systems must be protected from potential threats.
  • Capabilities for predictive maintenance are essential to minimize downtime and maximize efficiency. Onshore and offshore wind farms require different monitoring solutions. Engaging energy companies and governments to invest in advanced technologies is also a challenge. Winning the race to provide reliable, cost-effective, and secure monitoring systems will be key to success in this market.

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Segment Overview 

  • Type 
    • 1.1 Vibration monitoring
    • 1.2 Automated oil-particulate systems
    • 1.3 Acoustic monitors
  • Application 
    • 2.1 Onshore
    • 2.2 Offshore
  • Geography 
    • 3.1 APAC
    • 3.2 Europe
    • 3.3 North America
    • 3.4 Middle East and Africa
    • 3.5 South America

    1.1 Vibration monitoring- Vibration sensors play a crucial role in wind turbine monitoring systems, providing real-time data on the condition and stress levels of towers. With a recommended range of 0.1 to 100 Hz, these sensors enable reliable readings and rapid deployment.

    Wireless sensors, paired with cloud-based analysis systems, offer the flexibility to monitor industrial wind turbines from any location. This enhances operational efficiency, increases energy management, and drives the growth of the vibration monitoring segment in the global wind turbine monitoring systems market.

    For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report

    Research Analysis

    The Wind Turbine Monitoring Systems Market encompasses advanced technologies and solutions designed to optimize the performance of wind projects throughout their lifespan. These systems focus on critical components such as rotor blades, which are subjected to high stresses due to varying wind speeds. High altitude wind and the need for tall towers necessitate reliable gearboxes and robust cybersecurity solutions to ensure uninterrupted energy production.

    Digitization of processes, control strategies, and remote monitoring systems enable predictive maintenance tools and sensor technologies to be integrated into hardware platforms. Individual turbine control, troubleshooting capabilities, and remote monitoring systems are essential for both onshore and offshore wind industry applications. Cybersecurity issues and security services are increasingly important considerations in the development and implementation of these systems.

    Market Research Overview

    The Wind Turbine Monitoring Systems market encompasses innovative technologies designed to optimize the performance and efficiency of wind energy projects. These systems leverage sensors and data analytics to provide real-time insights into wind turbine operations, enabling predictive maintenance and improved energy output.

    Key features include weather monitoring, blade condition assessment, and performance analysis. The integration of IoT and AI enhances system capabilities, enabling automated fault detection and resolution. The global market for Wind Turbine Monitoring Systems is expected to grow significantly due to increasing demand for renewable energy and the need for cost-effective and efficient energy production.

    Table of Contents:

    1 Executive Summary
    2 Market Landscape
    3 Market Sizing
    4 Historic Market Size
    5 Five Forces Analysis
    6 Market Segmentation

    • Type
      • Vibration Monitoring
      • Automated Oil-particulate Systems
      • Acoustic Monitors
    • Application
      • Onshore
      • Offshore
    • Geography
      • APAC
      • Europe
      • North America
      • Middle East And Africa
      • South America

    7 Customer Landscape
    8 Geographic Landscape
    9 Drivers, Challenges, and Trends
    10 Company Landscape
    11 Company Analysis
    12 Appendix

    About Technavio

    Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

    With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

    Contacts

    Technavio Research
    Jesse Maida
    Media & Marketing Executive
    US: +1 844 364 1100
    UK: +44 203 893 3200
    Email: media@technavio.com
    Website: www.technavio.com/

    Global wind turbine monitoring systems market 2024-2028

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