Report : Asia Pacific Wind Turbine Condition Monitoring Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Hardware, and Software and Services) and Application (Rotor, Tower, Gearbox, Generator, and Others)
Gearbox Segment to Dominate Asia-Pacific Wind Turbine Condition Monitoring Market during 2019–2028
According to a new market research study on “Asia-Pacific Wind Turbine Condition Monitoring Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component and Application,” is expected to reach US$ 270.65 million by 2028 from US$ 164.66 million in 2021. The market is estimated to grow at a CAGR of 7.4% from 2021 to 2028. Growing demand for wind energy in developing countries is the major factor driving the growth of the Asia-Pacific wind turbine condition monitoring market. However, high installation cost of wind turbines and high cost of condition monitoring systems may hinder the growth of Asia-Pacific wind turbine condition monitoring market. The report provides trends prevailing in the Asia-Pacific wind turbine condition monitoring market along with the drivers and restraints pertaining to the market growth.
The Asia-Pacific wind turbine condition monitoring market is segmented into component, application, and country. Based on component, the Asia-Pacific wind turbine condition monitoring market is segmented into hardware, and software and services. In 2020, the hardware segment held the largest share Asia-Pacific wind turbine condition monitoring market. Based on application, the Asia-Pacific wind turbine condition monitoring market is segmented into rotor, tower, gearbox, generator, and others. In 2020, the gearbox segment held the largest share Asia-Pacific wind turbine condition monitoring market. Similarly, based on country, the Asia-Pacific wind turbine condition monitoring market is segmented into Australia, China, India, Japan, South Korea, and the rest of Asia-Pacific. China contributed a substantial share in 2020.
Advantech Co. Ltd.; Baker Hughes Company; ENERCON GmbH; ENVISION Group; General Electric Company; Goldwind; Nordex SE; Siemens Gamesa Renewable Energy, S.A; TÜV RHEINLAND; and Vestas Wind Systems A/S are among the leading companies in the Asia-Pacific wind turbine condition monitoring market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, The portfolio to be adapted includes several models from Enercon, Senvion, Vestas, Siemens, Nordex, and Fuhrländer, as well as turbines that are regularly installed in Germany. The wind turbines are spread throughout 25 wind farms in Germany, and the ADLS systems will be built in some instances to cover several wind farms at the same time.
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