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Classified in: Environment, Covid-19 virus
Subject: MRR

Wind Turbine Monitoring Systems Market - 2021-2025 | Rise in Wind Energy Consumption to Boost Market Growth | 17,000+ Technavio Research Reports


NEW YORK, Nov. 30, 2021 /PRNewswire/ -- The "Wind Turbine Monitoring Systems Market by Application and Geography  - Forecast and Analysis 2021-2025" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. 

The potential growth difference for the wind turbine monitoring systems market between 2020 and 2025 is USD 5.23  billion. To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst

Key Market Dynamics:

The rise in wind energy consumption and a high chance of failure associated with wind turbine components are some of the key market drivers. There has been a gradual shift of focus among economies across the globe toward non-renewable sources of energy to produce power. Countries such as Denmark, Spain, Germany, and the UK produce over 10% of their power by using wind energy. This spike in wind energy consumption is likely to impact the market positively. In addition, the failure of components negatively impacts the performance of the wind turbine. However, with the presence of wind turbine monitoring systems, the occurrence of these accidents can be prevented. Wind monitoring systems can detect accidents early and provide a timely response before significant losses occur, thus driving their adoption.

However, factors such as false alarms cast doubts on the reliability of turbine parts will challenge market growth. False alarms have an impact on the overall operation of the wind farm. These failures typically cause the entire replacement of the component, which is extremely expensive.  In addition, These false alarms incur heavy losses, and any critical subsystem alarm will result in a turbine shut down until a trained technician inspects the component.

To learn about additional key drivers, trends, and challenges available with TechnavioRead our FREE Sample Report!

The wind turbine monitoring systems market report is segmented by application (onshore and offshore) and geography (APAC, Europe, North America, MEA, and South America).  APAC will be the leading region with 49% of the market's growth during the forecast period. China and India are the key markets for wind turbine monitoring systems in APAC. In terms of applications, the onshore segment led close to 78% of the market share in 2020 and will continue to retain its dominance in the upcoming years due to its ease of implementation.

View our sample report for additional insights into the contribution of all the segments, and regional opportunities in the report.

Some Companies Mentioned with their Offerings

Related Reports:

Wind Turbine Foundation Market by Application and Geography - Forecast and Analysis 2021-2025

Wind Turbine Market by Type and Geography - Forecast and Analysis 2022-2026

Wind Turbine Monitoring Systems Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of almost 18.45%

Market growth 2021-2025

USD 5.23 billion

Market structure

Fragmented

YoY growth (%)

15.45

Regional analysis

APAC, Europe, North America, MEA, and South America

Performing market contribution

APAC at 49%

Key consumer countries

China, US, UK, India, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

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

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Key Topics Covered:

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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 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.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:media@technavio.com
Website: www.technavio.com/

SOURCE Technavio


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