Asia Pacific Wind Turbine Condition Monitoring Market

The wind turbine condition monitoring market in Asia-Pacific is expected to grow from US$ 164.66 million in 2021 to US$ 270.65 million by 2028; it is estimated to grow at a CAGR of 7.4% from 2021 to 2028.

The rising population and the increasing disposable income in developing countries are driving energy consumption substantially. Various energy sources, such as fossil fuels, nuclear energy, and renewable energy, are utilized to meet energy needs. However, this energy balance is shifting internationally due to changing governmental measures and technological advancements. The increased amount of renewable energy sources in the energy mix has spurred industry expansion, resulting in high wind towers. However, in the face of the rising demand for increased power generation and improved development activities, most countries are focusing on providing inexpensive, dependable, and secure energy, which is projected to boost the overall expansion of the wind turbine condition monitoring market. China has more than 1,000 GW of technical potential for offshore wind due to its 18,000-kilometer-long coastline. China added the largest offshore wind capacity for any country in 2018, that is, 1.6 GW. State-owned energy businesses are in charge of the majority of projects. In 2019, European corporations EDF and Equinor entered the market in collaborations with CHN energy and SPIC Jiangsu Zhugensha H1 Offshore Wind Farma US$ 600 million projects, built on China's first foreign-backed wind farm, were completed in December 2019. EDF and China Energy Investment Corporation collaborated on the first project, the 300 MW Dongtai IV wind farm. Phase two, dubbed Dongtai V, will add 200 MW of power to the Dongtai in Jiangsu province. Further, by 2040, Japan plans to construct 4 GW of capacity, accounting for 7% of total power generation. According to the IEA, Japan has the technical ability to generate nine times as much electricity. The number of shallow regions available is the critical limiting factor. Japan's Akita Noshiro Offshore Wind Farm Project, "The Akita Offshore Wind Farm Corporation," is constructing a 54.6 MW wind farm in Akita Port. The manufacturer of the 13 turbines has been chosen as MHI Vestas. Another 20 MHI Vestas turbines will be used in a nearby project in Noshiro Port. Commercial operations will commence in 2022, with 130,000 houses being served. The quickly expanding wind energy installation capacity and falling wind turbine prices are expected to propel the wind turbine condition monitoring market forward in the forecast period. All-above-mentioned factors are expected to create lucrative opportunities for the wind turbine condition monitoring market.

Asia-Pacific Wind Turbine Condition Monitoring Market Revenue and Forecast to 2028 (US$ Million)

Asia-Pacific Wind Turbine Condition Monitoring Market Segmentation

The Asia-Pacific 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 Asia-Pacific 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 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.

Asia Pacific Wind Turbine Condition Monitoring Market Strategic Insights

Asia Pacific Wind Turbine Condition Monitoring Market Segmentation Analysis

Asia Pacific Wind Turbine Condition Monitoring Market Report Highlights

Asia Pacific Wind Turbine Condition Monitoring Report Scope

Asia Pacific Wind Turbine Condition Monitoring Market Country and Regional Insights