Enjoy complimentary customisation on priority with our Enterprise License!
The wind turbine condition monitoring system market size is forecast to increase by USD 159.5 million, at a CAGR of 8.2% between 2023 and 2028. The market is experiencing significant growth due to several key trends and drivers. One major factor is the increasing adoption of Supervisory Control and Data Acquisition (SCADA) systems in wind turbine operations, enabling real-time monitoring and automated response to system anomalies. Another trend is the rising necessity for remote and e-monitoring of wind turbines to minimize downtime and optimize performance. However, the high initial investment and cost associated with installing WT CMS remain challenges for market growth. These systems require advanced sensors and data analytics capabilities to accurately monitor turbine health and predict potential failures, adding to the overall cost. Despite these challenges, the benefits of improved efficiency, increased productivity, and enhanced safety make WT CMS an essential component of modern wind energy infrastructure.
Request Free Wind Turbine Condition Monitoring System Market Sample
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The equipment segment is estimated to witness significant growth during the forecast period. The market is witnessing significant growth due to the increasing focus on renewable energy sources and the need to reduce greenhouse gas emissions from power generation. Offshore wind farms are a key area of investment, as they offer vast potential for carbon emissions reduction, decarbonization, and power production. Intelligent turbines equipped with data acquisition systems, including vibration sensors, temperature monitoring, and shaft power measurement, enable predictive maintenance and fault detection, minimizing downtime and enhancing wind turbine productivity.
Get a glance at the market share of various regions Download the PDF Sample
The equipment segment was the largest and was valued at USD 157.00 million in 2018. Advancements in technology, such as 3D printing and autonomous inspection vessels, are driving innovation in the component-based and application-based markets. Shaft torque, shaft RPM, torsional vibration, and shaft signature analysis are critical parameters for monitoring wind turbine health. The affordability and accessibility of renewable energy, driven by electricity demand and natural resources, are further fueling market growth. Private sector investment in wind farm construction and the shift towards alternative energy sources are expected to continue, contributing to a reduction in carbon footprint and mitigating climate change. Automation and remote monitoring are essential for optimizing wind turbine performance and minimizing maintenance costs.
For more insights on the market share of various regions Request Free Sample
APAC is estimated to contribute 55% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Wind Turbine Condition Monitoring Systems (CTMS) play a crucial role in optimizing the performance and longevity of wind turbines. These systems enable permanent monitoring of critical components such as the gearbox installation, high-speed output shaft, and generator condition. By providing real-time data on wind plant flows, turbine layouts, and multimegawatt power ratings, CTMS enables predictive maintenance, reducing overall maintenance costs. In offshore wind energy, where durable turbines are essential due to harsh environmental conditions, CTMS is indispensable. Real-time data analysis helps in identifying potential issues before they escalate, ensuring optimal site performance. Larger turbines with rotors and towers require more comprehensive monitoring, making CTMS an essential investment for wind farm operators. The plug-and-play model of these systems allows for easy integration, making them a cost-effective solution for enhancing the efficiency and reliability of wind energy generation.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB SKF - The company offers wind turbine condition monitoring system such as SKF WindCon System, which provides continuous monitoring of wind turbine components, allowing operators to assess the mechanical condition of their turbines in real-time.
Technavio provides the ranking index for the top 20 companies along with insights on market positioning of:
Explore our company rankings and market positioning Request Free Sample
Market structure |
Fragmented |
YoY growth 2023-2024 |
7.6 |
The market is witnessing significant growth due to the increasing focus on renewable energy sources and reducing greenhouse gas emissions. Offshore wind farms are a major contributor to this market, as they generate a large amount of electricity and help reduce carbon emissions from fossil fuels. Intelligent turbines, which use data acquisition and automation for fault detection, shaft power measurement, vibration monitoring, temperature monitoring, and real-time data analysis, are becoming increasingly popular. These systems help improve wind turbine productivity, reduce downtime, and lower maintenance costs. The market is also driven by the need for durable turbines that can withstand harsh weather conditions and the demand for affordable renewable energy to meet growing electricity demand. Remote monitoring and autonomous inspection vessels are also gaining traction in the market, enabling real-time data analysis and efficient maintenance. Wind plant flows and turbine layouts are also important factors influencing the market. Shaft torque, shaft RPM, torsional vibration, and shaft signature are critical parameters monitored in wind turbine condition monitoring systems. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising adoption of SCADA in wind turbine systems is notably driving the market growth. In the context of addressing climate change and reducing greenhouse gas emissions, the renewable energy sector, specifically wind power generation, has gained significant attention. The increasing focus on decarbonization and the shift away from fossil fuels necessitates the optimization of wind turbine productivity and efficient maintenance. Intelligent turbines equipped with advanced condition monitoring systems, including data acquisition from vibration sensors, temperature monitoring, and shaft power measurement, play a crucial role in this transition. The market encompasses both component-based and application-based offerings. Component-based systems focus on individual components such as gearboxes, while application-based systems cater to specific applications like fault detection and autonomous inspection vessels. These systems enable predictive maintenance, reducing downtime and maintenance costs, thereby enhancing the overall productivity of wind farms.
Advancements in technology, such as 3D printing and automation, are revolutionizing the wind energy industry. Remote monitoring and affordable renewable energy solutions are becoming increasingly important to meet electricity demand and minimize the carbon footprint. Key components of wind turbines, including shaft torque, shaft RPM, torsional vibration, and shaft signature, are continuously monitored to ensure optimal power production. Wind farm construction, both onshore and offshore, and private sector investment are significant drivers for the growth of the market. Thus, such factors are driving the growth of the market during the forecast period.
Rising necessity of remote and e-monitoring of wind turbines is the key trend in the market. The market is witnessing significant growth due to the increasing emphasis on renewable energy sources, decarbonization, and the need to reduce greenhouse gas emissions from power generation. Offshore wind farms, which contribute a substantial portion of renewable energy, require advanced monitoring systems due to their remote locations and complex operating conditions. Traditional monitoring methods can be costly and inefficient, leading to an increased demand for intelligent turbines and remote condition monitoring systems. These systems enable continuous data acquisition and analysis of wind turbine productivity, including shaft power measurement, vibration monitoring, temperature monitoring, and fault detection.
Component-based and application-based monitoring systems are gaining popularity, focusing on specific components such as gearboxes and using advanced technologies like 3D printing for maintenance. Remote monitoring and autonomous inspection vessels are essential for offshore wind farm construction and maintenance, reducing downtime and maintenance costs. Key components monitored include shaft torque, shaft RPM, torsional vibration, and shaft signature. Affordable renewable energy sources and increasing electricity demand further drive the market growth. Remote and e-monitoring systems offer a cost-effective solution by providing real-time analysis and fast internet facilities, enhancing overall wind turbine performance and reducing the carbon footprint. Thus, such trends will shape the growth of the market during the forecast period.
High initial investment and cost in installing wind turbine condition monitoring systems is the major challenge that affects the growth of the market. Wind Turbine Condition Monitoring Systems play a crucial role in the renewable energy sector, particularly in power generation from wind farms. With the increasing focus on reducing greenhouse gas emissions and decarbonization, the demand for affordable renewable energy sources, such as wind power, is surging. Offshore wind farms, in particular, are gaining popularity due to their potential to generate substantial amounts of electricity to meet electricity demand. The installation and operation of wind turbines in offshore environments necessitate advanced monitoring systems to ensure wind turbine productivity and minimize downtime. Intelligent turbines equipped with sensors for vibration, temperature, shaft power measurement, and other parameters facilitate data acquisition and analysis for fault detection and predictive maintenance. The vast amounts of data generated by wind turbines require data transfer protocols and sophisticated software for analysis.
The cost of these systems is substantial due to the hardware, such as sensors and data acquisition systems, as well as the software for data analysis and predictive maintenance. The component-based and application-based market for wind turbine condition monitoring systems includes various components like gearboxes, vibration sensors, temperature sensors, and autonomous inspection vessels. These systems employ automation, remote monitoring, and autonomous inspection vessels to minimize maintenance costs and maximize productivity. As wind farm construction continues to expand, private sector investment in wind turbine condition monitoring systems is expected to grow. The reduction of carbon footprint and the shift towards alternative energy sources are significant drivers for the market's growth. Key trends include the integration of 3D printing technology for customized components and the development of autonomous systems for fault detection and maintenance. Wind turbine condition monitoring systems enable the optimization of wind farm operations by providing real-time data on shaft torque, shaft RPM, torsional vibration, and shaft signature. This data is crucial for ensuring wind turbine productivity, reducing downtime, and minimizing carbon emissions in the power production process. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Wind Turbine Condition Monitoring Systems (CTMS) play a pivotal role in the renewable energy sector, ensuring high wind turbine productivity and reducing carbon emissions. CTMS utilizes advanced technologies such as vibration sensors, temperature monitoring, and shaft power measurement to optimize power generation in wind farms. The global market is thriving due to the increasing demand for affordable renewable energy and electricity demand. Offshore wind farms, with their significant carbon footprint reduction potential, are a major application area for CTMS. Intelligent turbines, featuring autonomous inspection vessels and automation, are the future of wind power production.
These systems enable fault detection, remote monitoring, and decarbonization, contributing to the decarbonization of the power sector. Key components of CTMS include gearboxes, which require regular maintenance to minimize downtime and ensure optimal performance. Shaft torque, RPM, and torsional vibration are crucial parameters monitored by CTMS to maintain wind turbine health. 3D printing technology is revolutionizing the component-based market, enabling cost-effective and efficient manufacturing of CTMS components. The application-based market for CTMS is expanding, with onshore and offshore wind farm construction driving demand. Private sector investment in wind energy and the need to reduce natural resource dependence further fuel the growth of the market.
Market Scope |
|
Report Coverage |
Details |
Page number |
203 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.2% |
Market growth 2024-2028 |
USD 159.5 million |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 55% |
Key countries |
China, US, Brazil, Germany, Sweden, France, Finland, India, UK, and Spain |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB SKF, Advantech Co. Ltd., American Superconductor Corp., Avnet Inc., Bachmann electronic GmbH, Baker Hughes Co., Emerson Electric Co., ENERCON GmbH, Envision Group, Flender GmbH, Fluke Corp., General Electric Co., Hansford Sensors Ltd., HIMA Paul Hildebrandt GmbH, ifm electronic gmbh, James Fisher and Sons Plc, Nordex SE, NSK Ltd., ONYX Insight, Robert Bosch GmbH, Siemens AG, TUV Rheinland AG, and Yokogawa Electric Corp. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market Trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Type
9 Market Segmentation by Application
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.