by The wind turbine condition monitoring system is an integral part of the turbines, which help detect the occurrence of any faults and issues at an early stage of their development. Wind turbine condition monitoring systems detect problems in components like gearbox, generator, bearings, blade, and other parts of wind turbines. Early detection of issues helps prevent major component failure and unplanned downtime. Condition monitoring systems use advanced techniques like vibration analysis, oil analysis, acoustical emissions analysis, and infrared thermography to continuously monitor the health of wind turbine components.
The global Wind Turbine Condition Monitoring System market is estimated to be valued at US$ 3,776.1 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The rising demand for cost-effective renewable energy sources globally has fueled the installation of wind turbines over the past few years. This has propelled the demand for wind turbine condition monitoring systems to efficiently operate and ensure the safety of these turbines. Technological advancements have enabled condition monitoring systems to detect problems at an early stage and schedule timely maintenance well before major component failures occur. The increasing integration of advanced analytics, AI/ML capabilities, and IoT technologies to monitor wind turbine operations remotely and predict future performance is a key trend in the market. Cloud-based predictive maintenance solutions allow real-time data monitoring from wind farms located anywhere. This improves overall equipment effectiveness and reduces operational and maintenance costs considerably. The development of compact and wireless condition monitoring devices integrated into wind turbines also simplifies installation and maintenance.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the wind turbine condition monitoring system market requires high initial investments and established distribution channels.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of numerous suppliers offering similar products. However, products certified by wind turbine OEMs have an advantage.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw material suppliers have minimal influence and switching costs are low.
Threat of new substitutes: Threat from new substitutes is low as there are limited alternatives for reliable wind turbine condition monitoring.
Competitive rivalry: Competition in the market is high due to the presence of major wind turbine OEMs offering comprehensive CBM solutions.
Key Takeaways
The Global Wind Turbine Condition Monitoring System Market Size is expected to witness high growth over the forecast period. Europe currently dominates the market owing to supportive clean energy policies and high penetration of wind energy in countries like Germany and Denmark. Rapid installation of offshore wind farms in the U.K. and Netherlands is fueling market growth in the region.
The Asia Pacific region is expected to grow at the fastest pace during the forecast period driven by growing wind energy investments in China and India. China’s thrust towards achieving its carbon neutral goals through renewable power additions and growing focus on offshore wind presents significant opportunities for condition monitoring system providers in the region.
Key players operating in the Wind Turbine Condition Monitoring System market are General Electric Company, SKF Group, Siemens Gamesa Renewable Energy, Inc., Vestas Wind Systems A/S, 3M Company. Major players are focusing on developing integrated software solutions to obtain real-time health data of wind turbines and enable predictive maintenance. Partnerships with wind farm operators are helping them to increase market share.
