Report : Europe 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 Europe Wind Turbine Condition Monitoring Market during 2019–2028
According to a new market research study on “Europe Wind Turbine Condition Monitoring Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component and Application,” is expected to reach US$ 170.52 million by 2028 from US$ 108.43 million in 2021. The market is estimated to grow at a CAGR of 6.7% from 2021 to 2028. Technological advancement in wind turbine manufacturing and monitoring is the major factor driving the growth of the Europe wind turbine condition monitoring market. However, high installation cost of wind turbines and high cost of condition monitoring systems may hinder the growth of Europe wind turbine condition monitoring market. The report provides trends prevailing in the Europe wind turbine condition monitoring market along with the drivers and restraints pertaining to the market growth.
The Europe wind turbine condition monitoring market is segmented into component, application, and country. Based on component, the Europe wind turbine condition monitoring market is segmented into hardware, and software and services. In 2020, the hardware segment held the largest share Europe wind turbine condition monitoring market. Based on application, the Europe wind turbine condition monitoring market is segmented into rotor, tower, gearbox, generator, and others. In 2020, the gearbox segment held the largest share Europe wind turbine condition monitoring market. Similarly, based on country, the Europe wind turbine condition monitoring market is segmented into France, Germany, Italy, UK, Russia, and the rest of Europe. Germany 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 Europe 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 2020, Velocita Energies, an Envision Group company in France, has completed the commissioning of the 40MW Entre Tille et Venelle wind farm in Burgundy-Franche-Comte. The Entre Tille et Venelle wind farm, with a potential to produce 107GWh of sustainable electric energy annually, is anticipated to cover the energy demands of 50,000 people.
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