WIND TURBINE CONDITION MONITORING SYSTEM MARKET ANALYSIS

Market Challenges And Opportunities

Challenges and Opportunities

Wind is one of the significant source of affordable renewable energy that currently contributes to 5% of the global electricity demand, according to Coherent Market Insights’ analysis. Depleting natural resources and government initiatives to explore alternative sources of energy drive demand for wind turbine condition monitoring system. Therefore, these factors are expected to create substantial growth opportunity for the global wind turbine condition monitoring system market in the near future.

Furthermore, condition monitoring systems (CMS) aim at improving site performance and reducing turbine maintenance costs by providing accurate data and helping to resolve faults before any failure occurs to a wind turbine. Increasing automation in wind turbine manufacturing, and increasing investment in renewable energy are other factors that are expected to boost growth of the global wind turbine condition monitoring system market during the forecast period.

However, high investment for the production and installation of wind turbines, high cost of condition monitoring systems, and unpredictable turbine maintenance periods are expected to hinder growth of the global wind turbine condition monitoring system market during the forecast period.