LONDON--(BUSINESS WIRE)--The global wind turbine monitoring systems market size is poised to grow by USD 4.23 billion during 2020-2024, progressing at a CAGR of almost 16% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The increase in the failure of wind turbine components is one of the key factors driving the growth of the global wind turbine monitoring system during the forecast period. Due to the dynamic nature of wind, these generators endure various recurrent load variations and mechanical stress, which can lead to their breakdown. Any damage to the wind turbine generator will adversely impact the entire operation of the wind turbine. This is where the monitoring system comes in very handy, as it can detect accidents early and provide a timely response before significant losses occur. Thus, the failure of components is expected to drive the market for wind turbine monitoring systems.
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Report Highlights:
- The major wind turbine monitoring systems market growth came from the onshore wind farms segment. The increase in onshore wind capacity will be supported by a rise in the number of wind turbine installations during the forecast period
- APAC was the largest wind turbine monitoring system in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the increase in investments in wind power capacity expansion in emerging economies
- The global wind turbine monitoring systems market is fragmented. AB SKF, Advantech Co. Ltd., American Superconductor Corp., Bruel & Kjaer Vibro GmbH, EIT InnoEnergy SE, General Electric Co., Hottinger Brüel & Kjaer GmbH, Romax Technology Ltd., Siemens AG, and Strainstall UK Ltd, are some of the major market participants. To help clients improve their market position, this wind turbine monitoring systems market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global wind turbine monitoring systems market 2020-2024 is expected to have a negative impact. As the pandemic spreads in some regions and plateaus in other regions, we continue to re-evaluate the impact on businesses and update our report forecasts.
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The reduction in cost for wind projects will be a Key Market Trend
This reduction in the cost of wind projects is mainly due to the drop in prices for offshore applications. Given that wind-generated electricity prices are extremely competitive, they incur costs that are lower than all other renewable resources. Moreover, further cost reduction will further drive the growth of the wind energy market during the forecast period.
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Wind Turbine Monitoring Systems Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist wind turbine monitoring systems market growth during the next five years
- Estimation of the wind turbine monitoring systems market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the wind turbine monitoring systems market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of wind turbine monitoring systems market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Market characteristics
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Onshore - Market size and forecast 2019-2024
- Offshore - Market size and forecast 2019-2024
- Market opportunity by Application
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
- Competitive scenario
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- AB SKF
- Advantech Co. Ltd.
- American Superconductor Corp.
- Bruel & Kjaer Vibro GmbH
- EIT InnoEnergy SE
- General Electric Co.
- Hottinger Brüel & Kjaer GmbH
- Romax Technology Ltd.
- Siemens AG
- Strainstall UK Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
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