Wind Turbine Condition Monitoring System Market Is Estimated To Witness High Growth Owing To Opportunity In Reducing Operational Downtime

wind turbine condition monitoring system market

Wind turbine condition monitoring systems play a vital role in improving wind turbine performance and reducing operational downtime by monitoring key components such as gearboxes, generators, bearings and blades. These systems identify potential equipment failures at an early stage by continuously monitoring various parameters including vibration levels, temperature, noise and pressure. This helps wind farm operators to plan and schedule maintenance activities accordingly to avoid unexpected breakdowns.

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.

Market Opportunity:

Reducing operational downtime represents a major market opportunity for wind turbine condition monitoring systems. Unexpected breakdowns and downtime result in significant revenue losses for wind farm operators due to lost generation. It is estimated that unplanned downtime can account for over 30% of lifetime maintenance costs for a wind turbine. Early fault detection enabled by condition monitoring systems allows issues to be addressed before failures occur, minimizing downtime. This improves turbine availability and reduces maintenance costs. The ability of these systems to schedule maintenance activities optimally based on real-time equipment health data analysis helps maximize turbine uptime. The growing need to minimize revenue losses from unplanned outages is driving increased demand for wind turbine condition monitoring solutions, representing a major market opportunity.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate given the current growth of the wind turbine condition monitoring market and the high capital required for manufacturing monitoring systems. However, emerging low-cost technologies can challenge existing players.

Bargaining power of buyers: The bargaining power of buyers is high due to the variety of products available and price sensitivity of buyers. Buyers can negotiate on prices and demand regular upgrades.

Bargaining power of suppliers: Component suppliers have moderate bargaining power due to consolidation among suppliers and dependency of OEMs on a few suppliers for critical components.

Threat of new substitutes: The threat of substitutes is low as condition monitoring systems have no close substitute and help reduce unplanned downtime of wind turbines.

Competitive rivalry: The competitive rivalry is high among global players to gain market share through new product launches and mergers.

SWOT Analysis

Strengths: Robust growth of wind energy generation and stringent regulations mandate condition monitoring.

Weaknesses: High initial installation cost and complexity of sensor integration and data analysis.

Opportunities: Scope for wireless monitoring solutions and integration with AI/IoT. Developing regions offer lucrative opportunities.

Threats: Supply chain disruptions and economic slowdowns can negatively impact investments. Deployment challenges in offshore wind farms.

Key Takeaways

The Global Wind Turbine Condition Monitoring System market is expected to witness high growth over the forecast period of 2023-2030 on account of growing investments in renewable energy sources globally. 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.

Asia Pacific holds the largest share of the wind turbine condition monitoring system market currently due to the presence of major wind energy markets such as China and India. China dominates the Asia Pacific market attributed to its large-scale investments in renewable energy capacity additions over the recent past.

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. BASF SE and Bayer CropScience AG hold a significant share of the market. Manufacturers are focusing on developing integrated solutions with advanced analytics capabilities.

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