The wind turbine condition monitoring market is expected to reach US$ 594.23 million by 2028 from US$ 380.12 million in 2021; it is estimated to grow at a CAGR of 6.6% from 2021 to 2028.
The overall market has been segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa, and South and Central America. North America is a quick adopter of all the latest technological advancements. Leading countries in this region, such as the US, Canada, and Mexico, find wide applications of wind turbine condition monitoring systems in rotors, towers, generators, and gearboxes. Most of the nations in Asia Pacific are still in the developing stage and are not as developed as the countries in the west. However, with the growing disposable income, the need for continuous power supply is rising substantially in various developing economies, thereby driving the requirement for these monitoring systems. However, due to distinct rules, regulations, norms, and policies of different countries, trade barriers in this market act as a restraining factor.
Additionally, the need for green energy generation and government measures to promote renewable energy sources are propelling the wind turbine condition monitoring market growth in Europe. The trend for constructing offshore wind turbines is rising worldwide. Furthermore, some of the largest wind farms in the world are located in the UK, the Netherlands, Germany, Spain, and Italy, among others. In June 2019, Scotland's largest offshore wind farm - Beatrice Offshore Wind Farm, became fully operational.
This wind farm is one of the world's largest wind farms and is situated 13 kilometers (8.1 miles) off the coast of Caithness in Scotland. The rapidly growing renewable sector in the MEA region is enhancing the need for respective wind turbine condition monitoring components, such as accelerometers, pressure sensors, and rotational speed sensors. Thus, augmenting the wind turbine condition monitoring market growth. With the surge in the ease of doing business and the increase in initiatives, such as 'Make in India,' the country is becoming a lucrative place for producing wind turbine condition monitoring components for various international wind turbine condition monitoring market players.
The global wind turbine condition monitoring market is segmented on the basis of component and application. Based on component, the wind turbine condition monitoring market is segmented into hardware, software, and services. Based on application, the wind turbine condition monitoring market is segmented into rotor, tower, gearbox, generator, and others.
Europe has the highest number of offshore wind farms, contributing to about 70% of the global share. High number of wind farms augment the growth of wind turbine condition monitoring market. Countries, such as France, the UK, Germany, and the Nordic countries contribute substantially to the overall offshore wind farms in Europe. Further, the European Union has set an ambitious target of becoming carbon free by 2050.