North America 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)
The wind turbine condition monitoring market in North America is expected to grow from US$ 83.25 million in 2021 to US$ 121.93 million by 2028; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028.
Wind energy is highly adopted as a sustainable alternative to electricity generation. Government bodies established several windmills projects across their countries to produce electricity and reduce their carbon footprint. According to the United States Wind Turbine Database (USWTDB), the country had more than 67,000 turbines installed across 44 states as of January 2021. The rapidly increasing deployment of offshore wind farms has been fueled by the surge in demand for carbon-neutral energy production. Offshore wind farms (OFWs) are approximately 1.5–2 times more expensive to build than onshore wind farms. Even though offshore wind farms are costly and complex to create and operate, these have various advantages. For example, wind speeds at offshore farm areas are often quicker and more consistent than those closer to the coast, increasing energy generation. Furthermore, as coastal populations are generally higher than those found in other sections of the country, quick and ecologically friendly energy production is especially essential in these places. Like any other renewable energy source, offshore wind farms do not require the usage of water to function correctly, and they also do not release any pollutants or greenhouse gases when in operation. The Wind Energy Technologies Office (WETO) of the US Department of Energy funds research across the country to develop and implement offshore wind technologies that capture wind resources off the US coasts and convert them to power. This diverse portfolio of research, development, and demonstration projects will aid the industry in overcoming fundamental barriers to offshore wind development, such as the comparatively high cost of electricity, environmental mitigation, project installation, technical challenges, and grid connections. Thus, the increasing deployment of offshore wind farms is propelling the demand for wind turbine conditioning monitoring in wind energy plants, driving the market.
North America Wind Turbine Condition Monitoring Market Revenue and Forecast to 2028 (US$ Million)
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North America Wind Turbine Condition Monitoring Market Segmentation
The North America wind turbine condition monitoring market is segmented on the basis of component, application, and country. Based on component, the market is segmented into hardware, and software and services. In 2020, the hardware segment held a larger market share. Based on application, the North America wind turbine condition monitoring market is segmented into rotor, tower, gearbox, generator, and others. In 2020, the gearbox segment held the largest market share. Based on country, the market is segmented into the US, Canada, and Mexico. The US 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 North America wind turbine condition monitoring market
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Wind Turbine Condition Monitoring Market – By Component
1.3.2 North America Wind Turbine Condition Monitoring Market – By Application
1.3.3 North America Wind Turbine Condition Monitoring Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Wind Turbine Condition Monitoring Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Wind Turbine Condition Monitoring Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Dependence on Renewable Energy Sources
5.1.2 Increasing Deployment of Offshore Wind Farms
5.2 Market Restraints
5.2.1 High Installation Cost of Wind Turbines and High Cost of Condition Monitoring Systems
5.3 Market Opportunities
5.3.1 Growing Demand for Wind Energy in Developing Countries
5.4 Future Trends
5.4.1 Technological Advancement in Wind Turbine Manufacturing and Monitoring
5.5 Impact Analysis of Drivers and Restraints
6. Wind Turbine Condition Monitoring Market – North America Analysis
6.1 North America Wind Turbine Condition Monitoring Market Overview
6.2 North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
7. North America Wind Turbine Condition Monitoring Market Analysis – By Component
7.1 Overview
7.2 North America Wind Turbine Condition Monitoring Market, By Component (2020 and 2028)
7.3 Hardware
7.3.1 Overview
7.3.2 Hardware: North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Software and Services
7.4.1 Overview
7.4.2 Software and Services: North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
8. North America Wind Turbine Condition Monitoring Market Analysis – By Application
8.1 Overview
8.2 North America Wind Turbine Condition Monitoring Market, By Application (2020 and 2028)
8.3 Rotor
8.3.1 Overview
8.3.2 Rotor: North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Tower
8.4.1 Overview
8.4.2 Tower: North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Gearbox
8.5.1 Overview
8.5.2 Gearbox: North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Generator
8.6.1 Overview
8.6.2 Generator: North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Others
8.7.1 Overview
8.7.2 Others: North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Wind Turbine Condition Monitoring Market – Country Analysis
9.1 Overview
9.1.1 North America Wind Turbine Condition Monitoring Market Breakdown, by Country
9.1.1.1 US Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028
9.1.1.1.1 US Wind Turbine Condition Monitoring Market Breakdown, By Component
9.1.1.1.2 US Wind Turbine Condition Monitoring Market Breakdown, By Application
9.1.1.2 Canada Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028
9.1.1.2.1 Canada Wind Turbine Condition Monitoring Market Breakdown, By Component
9.1.1.2.2 Canada Wind Turbine Condition Monitoring Market Breakdown, By Application
9.1.1.3 Mexico Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028
9.1.1.3.1 Mexico Wind Turbine Condition Monitoring Market Breakdown, By Component
9.1.1.3.2 Mexico Wind Turbine Condition Monitoring Market Breakdown, By Application
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 New Product Development
10.4 Merger and Acquisition
11. Company Profiles
11.1 Advantech Co. Ltd.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Baker Hughes Company
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 ENVISION Group
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 ENERCON GmbH
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Goldwind
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 General Electric Company
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Nordex SE
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Siemens Gamesa Renewable Energy, S.A.
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 TÜV RHEINLAND
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Vestas Wind Systems A/S
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Word Index
LIST OF TABLES
Table 1. North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. North America Wind Turbine Condition Monitoring Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 3. US Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 4. US Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 5. Canada Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 6. Canada Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 7. Mexico Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 8. Mexico Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 – By Application (US$ Million)
Table 9. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Wind Turbine Condition Monitoring Market Segmentation
Figure 2. North America Wind Turbine Condition Monitoring Market Segmentation – By Country
Figure 3. North America Wind Turbine Condition Monitoring Market Overview
Figure 4. Hardware Component Segment held the Largest Share of North America Wind Turbine Condition Monitoring Market
Figure 5. Gearbox Segment held the Largest Share of North America Wind Turbine Condition Monitoring Market
Figure 6. US to Show Great Traction During Forecast Period
Figure 7. North America: PEST Analysis
Figure 8. Expert Opinion
Figure 9. North America Wind Turbine Condition Monitoring Market: Impact Analysis of Drivers and Restraints
Figure 10. North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. North America Wind Turbine Condition Monitoring Market Revenue Share, by Component (2020 and 2028)
Figure 12. Hardware: North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Software and Services: North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Wind Turbine Condition Monitoring Market Revenue Share, by Application (2020 and 2028)
Figure 15. Rotor: North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Tower: North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Gearbox: North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Generator: North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Others: North America Wind Turbine Condition Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. North America: Wind Turbine Condition Monitoring Market, by key Country – Revenue (2020) (US$ Million)
Figure 21. North America Wind Turbine Condition Monitoring Market Breakdown, by Country, 2020 & 2028 (%)
Figure 22. US Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 23. Canada Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
Figure 24. Mexico Wind Turbine Condition Monitoring Market, Revenue and Forecast to 2028 (US$ Million)
- Advantech Co. Ltd.
- Baker Hughes Company
- ENERCON GmbH
- ENVISION Group
- General Electric Company
- Goldwind
- Nordex SE
- Siemens Gamesa Renewable Energy, S.A
- TÜV RHEINLAND
- Vestas Wind Systems A/S
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America Wind Turbine Condition Monitoring Market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the North America Wind Turbine Condition Monitoring Market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the Wind Turbine Condition Monitoring Market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution