According to a new market research study on “North America Wind Turbine Condition Monitoring Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component and Application,” is expected to reach US$ 121.93 million by 2028 from US$ 83.25 million in 2021. The market is estimated to grow at a CAGR of 5.6% from 2021 to 2028. Increasing deployment of offshore wind farms is the major factor driving the growth of the North America wind turbine condition monitoring market. However, high installation cost of wind turbines and high cost of condition monitoring systems may hinder the growth of North America wind turbine condition monitoring market. The report provides trends prevailing in the North America wind turbine condition monitoring market along with the drivers and restraints pertaining to the market growth.
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North America Wind Turbine Condition Monitoring Market – Company Profiles
Advantech Co. Ltd.
Baker Hughes Company
ENERCON GmbH
ENVISION Group
General Electric Company
Goldwind
Nordex SE
Siemens Gamesa Renewable Energy, S.A
TÜV RHEINLAND
Vestas Wind Systems A/S
Wind energy is highly adopted as a sustainable alternative to electricity generation. Government bodies 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 country had more than 67,000 turbines installed across 44 states as of January 2021. The rapidly increasing deployment of offshore wind farms has been fueled by the surge in demand for carbon-neutral energy production. Offshore wind farms (OFWs) are approximately 1.5–2 times more expensive to build than onshore wind farms. Even though offshore wind farms are costly and complex to create and operate, these have various advantages. For example, wind speeds at offshore farm areas are often quicker and more consistent than those closer to the coast, increasing energy generation. Furthermore, as coastal populations are generally higher than those found in other sections of the country, quick and ecologically friendly energy production is especially essential in these places. Like any other renewable energy source, offshore wind farms do not require the usage of water to function correctly, and they also do not release any pollutants or greenhouse gases when in operation.
The North America wind turbine condition monitoring market is segmented into component, application, and country. Based on component, the North America wind turbine condition monitoring market is segmented into hardware, and software and services. In 2020, the hardware segment held the largest share North America wind turbine condition monitoring market. Based on application, the North America wind turbine condition monitoring market is segmented into rotor, tower, gearbox, generator, and others. In 2020, the gearbox segment held the largest share North America wind turbine condition monitoring market. Similarly, based on country, the North America wind turbine condition monitoring market is segmented into the US, Canada, and Mexico. The US contributed a substantial share in 2020.
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