Wind Turbine Monitoring Systems Size to Grow by USD 5.23 Bn| 49% of the growth to originate from APAC| Technavio

NEW YORK, March 8, 2022 /PRNewswire/ -- According to the research report "Wind Turbine Monitoring Systems Market by Application and Geography - Forecast and Analysis 2021-2025", the market will witness a YOY growth of 15.45% in 2021 at a CAGR of 18.45% during the forecast period. The report is segmented by application (onshore and offshore) and geography (APAC, Europe, North America, MEA, and South America).

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Vendor Insights 

Global wind turbine monitoring systems is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. 

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the wind turbine market.   

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• AB SKF
• ACOEM Group
• Advantech Co. Ltd.
• American Superconductor Corp.
• EIT InnoEnergy SE
• General Electric Co.
• Hexagon AB
• NSK Ltd.
• Siemens AG
• Spectris Plc 

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Geographical Market Analysis 

APAC will provide maximum growth opportunities in wind turbine market during the forecast period. According to our research report, the region will contribute to 49% of the global market growth and is expected to dominate the market. China and India are the key markets for wind turbine monitoring systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Wind turbine monitoring systems market growth in APAC will be aided by an increased focus on renewable energy for power generation, expanding population, and improved living standards throughout the forecast period. Furthermore, countries such as the China, US, UK, India, and Germany are expected to emerge as prominent markets for Wind Turbine Monitoring Systems during the forecast period. 

Know more about this market's geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/wind-turbine-monitoring-systems-market-industry-analysis 

Key Segment Analysis

During the projection period, the onshore segment's market share of wind turbine market will expand significantly. In comparison to offshore wind farms, the market for onshore wind farms is predicted to increase steadily. Monitoring systems for wind turbines are still a relatively new technology. On the other hand, they have a lot of potential in onshore applications. Developers of wind farms are adopting this technology since it is simple to implement.

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Key Market Drivers & Challenges: 

The rise in wind energy consumption is one of the primary factors driving growth in the wind turbine monitoring systems market. Due to the depletion of traditional energy sources, countries are moving their attention from non-renewable to renewable energy sources to generate electricity. Among all renewable energy sources, wind power is considered to be the most efficient. With rising wind energy usage, demand for wind turbine monitoring systems is likely to rise in the coming years.

Another key reason driving the growth of the wind turbine monitoring systems market is the increased risk of failure associated with wind turbine components. Wind turbines are made by combining technology and components from the fields of aeronautics, hydraulics, and automation. Damage to the wind turbine generator or misalignment of the gearbox bearings, as well as overheating, will have a negative impact on the wind turbine's overall operation. Accidents involving wind turbines can be avoided with the use of monitoring systems. Wind monitoring systems can spot accidents early on and respond quickly, preventing major losses.

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Table of Contents

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2020
• Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

• 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 2020-2025
• Offshore - Market size and forecast 2020-2025
• Market opportunity by Application

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2020-2025
• Europe - Market size and forecast 2020-2025
• North America - Market size and forecast 2020-2025
• MEA - Market size and forecast 2020-2025
• South America - Market size and forecast 2020-2025
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• AB SKF
• ACOEM Group
• Advantech Co. Ltd.
• American Superconductor Corp.
• EIT InnoEnergy SE
• General Electric Co.
• Hexagon AB
• NSK Ltd.
• Siemens AG
• Spectris Plc

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Us: 
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. 

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