According to the latest research report titled “Wind Turbine Condition Monitoring Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, 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.
Growing Demand for Wind Energy in Developing Countries to Drive Wind Turbine Condition Monitoring Market Growth during Forecast Period
The rising global population and the increasing disposable income in developing countries are driving energy consumption substantially. Various energy sources, such as fossil fuels, nuclear energy, and renewable energy, are utilized to meet energy needs. However, this energy balance is shifting internationally due to changing governmental measures and technological advancements. The increased amount of renewable energy sources in the global energy mix has spurred industry expansion, resulting in high wind towers.
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Furthermore, China has more than 1,000 GW of technical potential for offshore wind due to its 18,000 kilometer-long coastline. China added the largest offshore wind capacity for any country in 2018, that is, 1.6 GW. State-owned energy businesses are in charge of the majority of projects. In 2019, European corporations EDF and Equinor entered the market with CHN energy and SPIC collaborations.
The wind turbine condition monitoring market in the Asia Pacific is segmented into China, India, South Korea, Japan, Australia, and the Rest of Asia Pacific. The Asia Pacific is characterized by vast industrialization, a huge population, and emerging economies such as China, India, South Korea, Vietnam, and others. Owing to the above-mentioned factors, the need for energy across the Asia Pacific is increasing heavily. The use of renewables was not at par with developed regions such as North America and Europe until the last couple of years. With the rising concern over carbon emission, governments across the region have started investing in clean energy and initiated various programs. Thus, contributing towards the growth of the wind turbine condition monitoring market in the region.
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Wind Turbine Condition Monitoring Component-Based Market Insights
Based on components, the wind turbine condition monitoring market is segmented into hardware, software, and services. Anemometer, displacement sensor, data acquisition systems, and accelerometer are widely used in monitoring the condition of the wind turbine. Condition monitoring tool helps monitor the health of the wind turbine components and associated electrical systems. These tools help wind farm operators and owners replace components whenever necessary by predicting maintenance issues. For instance, KK Wind Solutions offers versatile data acquisition and analyzing units, which can be placed in the wind turbine’s nacelle. These data acquisition and analyzing units collect data from various connected accelerometers and sensors and transfer the analyzed information. Vibration-based condition monitoring systems are among the most established systems used to monitor the drivetrain in the wind turbine. The sensors used for vibration-based condition monitoring include velocity transducers, accelerometers, and displacement or distance transducers.
Wind Turbine Condition Monitoring Application-Based Market Insights
Based on application, the wind turbine condition monitoring market is segmented into rotor, tower, gearbox, generator, and others. The basic function of the gearbox in the wind turbine is to transfer energy from the rotor to the generator. Due to frequent braking and variable wind speeds, the load fluctuates, which causes a lot of wear on the moving parts. Components of the wind turbine gearbox are typically monitored with vibration sensors. As the resonance of the bearings is particularly in multi-kHz, vibration sensors that perform in the realm of around 10 kHz and above are usually suggested to monitor the high and low-speed shafts. The datum wind turbine condition monitoring system is designed to detect and prevent gearbox failures. With accurate real-time monitoring and analysis, staff schedules can be consulted, and repairs can be conducted at an early stage, which helps in cost savings. Sweden is a global leader in de-carbonization as it aims to be carbon neutral by 2045, and the energy sector aims to achieve 100% renewable electricity generation by 2040. The contribution of wind energy is steadily rising in the county as the country aims to harness 50TWh of energy from wind by 2024. Thus, the growing inclination towards renewable energy accelerates the requirement for respective vibration sensors.
The list of Companies – Wind Turbine Condition Monitoring Market
Advantech Co. Ltd, ENVISION Group, Baker Hughes Company, NERCON GmbH, Goldwind.com, General Electric Company, Nordex SE, Siemens Gamesa Renewable Energy, S.A, TÜV RHEINLAND and Vestas Wind Systems A/S
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Key Findings of Study:
The growing inclination towards renewable clean energy is a significant driving factor for the growth of the wind turbine condition monitoring market worldwide. The wind turbine condition monitoring market is mature in developed nations and is growing substantially in many developing countries. Due to the high output and long-term expansion of wind farms, the installation of offshore wind turbines is on the rise. Additionally, the growing global population and increasing disposable income in developing countries are driving energy consumption. However, the wind turbine condition monitoring market’s growth is hampered by the high cost of offshore wind farm installations. The wind turbine condition monitoring system facilitates an accurate shaft bending, shaft signature or profile, torsional vibration of the shaft, shaft torque, shaft rpm, and shaft power measurement. These systems are widely utilized for the early detection of failures or faults and also help in maximizing productivity and minimizing downtime, thereby increasing the growth of the wind turbine condition monitoring market.
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