Wind Turbine Monitoring Systems Market - 2021-2025 | Rise in Wind Energy Consumption to Boost Market Growth | 17,000+ Technavio Research Reports

Key Market Dynamics:

• Market Driver
• Market Challenges

The rise in wind energy consumption and a high chance of failure associated with wind turbine components are some of the key market drivers. There has been a gradual shift of focus among economies across the globe toward non-renewable sources of energy to produce power. Countries such as Denmark, Spain, Germany, and the UK produce over 10% of their power by using wind energy. This spike in wind energy consumption is likely to impact the market positively. In addition, the failure of components negatively impacts the performance of the wind turbine. However, with the presence of wind turbine monitoring systems, the occurrence of these accidents can be prevented. Wind monitoring systems can detect accidents early and provide a timely response before significant losses occur, thus driving their adoption.

However, factors such as false alarms cast doubts on the reliability of turbine parts will challenge market growth. False alarms have an impact on the overall operation of the wind farm. These failures typically cause the entire replacement of the component, which is extremely expensive.  In addition, These false alarms incur heavy losses, and any critical subsystem alarm will result in a turbine shut down until a trained technician inspects the component.

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The wind turbine monitoring systems market report is segmented by application (onshore and offshore) and geography (APAC, Europe, North America, MEA, and South America).  APAC will be the leading region with 49% of the market's growth during the forecast period. China and India are the key markets for wind turbine monitoring systems in APAC. In terms of applications, the onshore segment led close to 78% of the market share in 2020 and will continue to retain its dominance in the upcoming years due to its ease of implementation.

View our sample report for additional insights into the contribution of all the segments, and regional opportunities in the report.

Some Companies Mentioned with their Offerings

• AB SKF
• ACOEM Group
• Advantech Co. Ltd.
• American Superconductor Corp.
• EIT InnoEnergy SE
• General Electric Co.
• Hexagon AB
• NSK Ltd.
• Siemens AG
• Spectris Plc
• To gain access to more vendor profiles with their key offerings available with Technavio, Click Here

Related Reports:

Wind Turbine Foundation Market by Application and Geography - Forecast and Analysis 2021-2025

Wind Turbine Market by Type and Geography - Forecast and Analysis 2022-2026

Key Topics Covered:

• Executive Summary
• Market Landscape
• Market Sizing
• Five Forces Analysis
• Market Segmentation by End-user
• Customer landscape
• Geographic Landscape
• Vendor Landscape
• Vendor Analysis
• Appendix

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