Wind Turbine Monitoring Systems Market To Grow By $8.72 Bn: Report

Wind Turbine Monitoring Systems Market To Grow By $8.72 Bn

The global wind turbine monitoring systems market size is estimated to grow by USD 8.72 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 19.34% during the forecast period. The rapid growth of the global wind power market is driving market growth, with a trend towards a rise in offshore wind energy installations. However, false alarms cast doubt on the reliability of turbine parts poses a challenge. Key market players include AB SKF, ACOEM Group, Advantech Co. Ltd., American Superconductor Corp., Ammonit Measurement GmbH, Avnet Inc., Campbell Scientific Inc., Dewesoft d.o.o., Envision Energy USA Ltd., ESCO Technologies Inc., General Electric Co., GreenStream Data Ltd., Hansford Sensors Ltd., Hexagon AB, Indutrade AB, James Fisher and Sons Plc, National Instruments Corp., NSK Ltd., Siemens AG, and Spectris Plc.

The global offshore wind energy sector has seen significant growth since 2010, with installations increasing by 20-25% annually. To reduce costs, larger turbines, increased competition, more installations, and supply-chain optimization are being implemented. In 2020, the global offshore wind capacity was 29.1 GW, with Europe leading the way at 22 GW. The UK and Germany accounted for three-quarters of this capacity.

The UK and Norway have recently announced substantial investments in floating offshore wind, and other countries like the US, Japan, China, South Korea, and India are expected to increase their offshore wind projects during the forecast period. This growth in offshore wind installations will boost the demand for wind turbine monitoring systems in the long run.

The Wind Turbine Monitoring Systems market is experiencing significant growth due to the increasing demand for renewable energy sources. These systems enable efficient operation and maintenance of wind turbines by providing real-time data on performance, weather conditions, and system health.

The use of advanced technologies like IoT and AI is driving innovation in this sector, allowing for predictive maintenance and optimized energy production. Additionally, governments and organizations are investing in this technology to reduce carbon emissions and promote sustainability. The market is expected to continue growing as the world transitions to renewable energy sources. Key components include sensors, data analysis, and communication systems.