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)

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. Advantech Co. Ltd.
2. Baker Hughes Company
3. ENERCON GmbH
4. ENVISION Group
5. General Electric Company
6. Goldwind
7. Nordex SE
8. Siemens Gamesa Renewable Energy, S.A
9. TÜV RHEINLAND
10. Vestas Wind Systems A/S

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