Wind turbine condition monitoring systems help monitor critical components and operation of wind turbines. They monitor gearboxes, generators, bearings and other vital parts that are prone to defects and failures. Condition monitoring helps detect faults at an early stage, forecast downtime and reduce maintenance costs of wind turbines. It provides maintenance history and performance trends to take preventive measures.
The global wind turbine condition monitoring system market size was estimated at US$ 3,776.1 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, according to a new report by Coherent Market Insights.
Market key trends: Remote wind turbine monitoring is becoming popular as it allows real time condition monitoring from any location. It transmits sensor data through Ethernet, cellular or satellite networks. This trend helps reduce installation and maintenance costs. Cloud based condition monitoring is another key trend. Cloud platforms store vast amounts of operational data which is then analyzed using advanced algorithms to detect anomalies. They provide easy access to monitoring systems via web and mobile apps. This improves efficiency and uptime of wind turbines. Integrating artificial intelligence and machine learning capabilities is being explored by vendors. AI assisted condition monitoring can predict component failures more accurately by identifying patterns in large operational data sets. This helps achieve predictive maintenance of wind turbines.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the wind turbine condition monitoring system market requires significant investments in R&D and technology development. However, the growing demand offers opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of a large number of wind turbine OEMs and wind farm operators in the market. Buyers can negotiate on price and demand additional services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are several component manufacturers present in the market. However, suppliers of specialized sensors and condition monitoring equipment have some bargaining power.
Threat of new substitutes: The threat of substitutes is low as condition monitoring helps reduce operating costs and enhances productivity and reliability of wind turbines significantly.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous international and regional players competing in terms of pricing, technology, and product innovations.
Key Takeaways
The Global Wind Turbine Condition Monitoring System market is expected to witness high growth over the forecast period driven by the rising installations of wind turbines globally. The global wind turbine condition monitoring system market size was estimated at US$ 3,776.1 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030.
Regional analysis: Europe is currently the largest market for wind turbine condition monitoring systems followed by Asia Pacific. Germany, UK, China, and India are among the major markets. The increasing investments in renewable energy offer opportunities for growth in emerging markets such as Latin America and the Middle East & Africa.
Key players: Key players operating in the wind turbine condition monitoring system market are BASF SE, Bayer Cropscience AG, Bioworks Inc., Syngenta AG, Agrauxine by Lesaffre, Germains Seed Technology, Koppert Biological Systems, Novozymes, Marrone Bio Innovations, and Groundwork BioAg. Players are focusing on new product launches and partnerships with OEMs for technology advancements and increased market penetration.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.