Jul 21, 2017   SOURCE: BusinessWire

Global Wind Turbine Monitoring Systems Market: Top Drivers and Forecasts by Technavio

Technavio market research analysts forecast the global wind turbine monitoring systems market to grow at a CAGR of close to 17% during the forecast period, according to their latest report.

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Technavio has published a new report on the global wind turbine monitoring systems market from 2017- ...

Technavio has published a new report on the global wind turbine monitoring systems market from 2017-2021. (Graphic: Business Wire)

The market study covers the present scenario and growth prospects of the global wind turbine monitoring systems market for 2017-2021. The report also lists the Americas, APAC, and EMEA as the three major geographical segments. In terms of capacity, EMEA held the largest share of the market, accounting for close to 43% in 2016. This was followed by the Americas and APAC.

According to Thanikachalam Chandrasekaran, a lead analyst at Technavio for power research, “The market is growing as the capacity of wind energy installation is increasing drastically in developing countries owing to factors such as rising environmental concerns, increased power demand, favorable government regulations, and the need to reduce the dependence on fossil fuels. Many countries worldwide have set renewable energy targets, which are likely to provide the necessary boost to the wind energy market during the forecast period.”

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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global wind turbine monitoring systems market:

  • Rise in wind energy consumption
  • High failure of wind turbine components
  • Regulatory support for wind energy projects

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Rise in wind energy consumption

Countries are shifting their focus from non-renewable sources of energy to renewable sources due to the depletion of conventional sources of energy. Wind power is one of the most efficient sources of renewable energy. According to GWEC, China was the leading country in terms of cumulative installed wind power capacity, accounting for 168,690 MW in 2016, followed by the US, with wind power capacity of 82184 MW.

The increased focus of these countries to tap wind energy potential bodes well for the growth of the global wind turbine monitoring systems. Countries, such as Denmark, Spain, Germany, and the UK produce over 10% of their power by using wind energy. Increased consumption of wind energy will lead to a proportionate increase in the demand for wind turbine monitoring systems over the next few years.

High failure of wind turbine components

A wind turbine is built by integrating various technologies and components from aeronautics, hydraulics, and automation. Any damage to the wind turbine generator will adversely impact the entire operation of the wind turbine. Due to the dynamic nature of wind, these generators endure various recurrent load variations and mechanical stress, which can lead to their breakdown. Thus, the failure of components negatively impacts the performance of the wind turbine. However, with the presence of wind turbine monitoring systems, the occurrence of these accidents can be prevented.

“Wind monitoring systems can detect accidents early and provide a timely response before significant losses occur. Thus, the failure of components is expected to drive the market for wind turbine monitoring systems, which can self-diagnose issues and minimize failures in the system,” says Thanikchalam.

Regulatory support for wind energy projects

Governments worldwide are supporting wind energy projects through favorable policies and tax incentives. For instance, the feed-in tariff (FiT) policy was designed to encourage investments in technologies related to renewable energy generation. This kind of government support encourages many investors to invest more in wind energy projects, which in turn, fuels the demand for wind turbine monitoring systems. Governments worldwide are realizing the potential and long-term benefits of utilizing wind energy.

FiTs are being provided in almost all countries with wind power installations. The Paris Agreement at COP21 in 2015 led governments to set internal targets to increase the share of renewables in their electricity generation mix. As a result, all participants of COP21 have set targets for wind power installations.

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