Wind turbine condition monitoring systems enable maintenance of wind turbines in a cost-effective manner by continuously monitoring various components for potential faults. Condition monitoring helps detect issues at an early stage and plan maintenance accordingly, thus reducing downtime and maximizing productivity of turbines.
The global wind turbine condition monitoring system market is estimated to be valued at US$ 3,776.1 million in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Wind turbines harness the kinetic energy of wind to generate electricity in a sustainable manner. Condition monitoring systems play a vital role in optimizing performance of wind turbines by monitoring hundreds of operational and environmental parameters. They help detect potential issues in key components like blades, gearboxes, generators and control systems. This allows repairs to be scheduled during planned downtime rather than emergencies, improving overall efficiency. Remote condition monitoring enabled by technologies like acoustic emission sensors, vibration sensors and infrared thermography allows continuous oversight of turbines from a central control facility.
The growing adoption of remote condition monitoring technologies is expected to fuel growth of the wind turbine condition monitoring system market over the forecast period. Advancements in sensor technologies and cloud computing have enabled real-time monitoring of wind turbines from remote locations. This helps utility operators stay updated about the health of each turbine and take prompt action. Moreover, it reduces inspection and maintenance costs by eliminating need for frequent physical checks. The report also indicates another major driver to be the increasing installation of larger wind turbines, especially offshore. Larger turbines experience more complex load patterns and extreme weather conditions, necessitating more rigorous condition monitoring to minimize downtime. Continuous technology upgrades aimed at monitoring additional subsystems will further support expansion of the market between 2023 and 2030.
The global wind turbine condition monitoring system market is dominated by two segments – hardware and software. The hardware segment accounts for over 65% of the total market share owing to the high demand for condition monitoring equipment such as vibration sensors, optical sensors, corrosion probes, and current/voltage sensors. These hardware components are installed in nacelles, hubs, and other critical components of wind turbines to monitor the operating parameters and detect early signs of failure.
Political: Government policies and regulations promoting renewable energy adoption in various countries are boosting the installation of wind turbines. This is positively impacting the demand for condition monitoring systems.
Economic: With falling prices of renewable energy technologies, wind power has become a more viable and cost-effective energy source. This is encouraging investments in wind farms and related infrastructure including condition monitoring.
Social: Rising global commitment towards clean and sustainable energy is generating demand for renewable energy resources. This social trend is favoring the growth of the wind power industry.
Technological: Advancements in remote monitoring technologies, predictive analytics, and sensor technologies are enabling improved predictive maintenance of wind turbines using condition monitoring systems.
The Global Wind Turbine Condition Monitoring System market is expected to witness high growth at a CAGR of 8.1% during the forecast period of 2023 to 2030. 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.
The Asia Pacific region accounts for over 40% of the global wind turbine condition monitoring system market share. China has emerged as a major market contributing to the region’s large share. The country had a total wind power capacity of over 272 GW in 2021 and is targeting massive capacity additions through 2030. This is creating significant demand for condition monitoring systems to monitor the large wind turbine fleet in the country.
Key players operating in the wind turbine condition monitoring system market are BASF SE, Bayer Cropscience AG, Bioworks Inc., Syngenta AG. BASF SE is one of the leading players offering a wide range of condition monitoring hardware like vibration sensors, gear box monitors, and software solutions. The company has a strong global presence with significant sales in the Asia Pacific region.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it