WIND TURBINE CONDITION MONITORING SYSTEM MARKET ANALYSIS
Europe held dominant position in the global wind turbine condition monitoring system market and is projected to maintain its dominance during the forecast period. This is owing to increasing investment for construction of new wind farms, project acquisitions, refinancing operations, increasing number of approved pipeline projects, and increasing investment from private sector for offshore wind energy production in the region. According to Coherent Market Insights’ analysis, a total of 3,344 offshore wind turbines are installed in European waters off the coasts of 11 countries, with a combined capacity of 11,538 MW. This is expected to consequently aid in growth of the global wind turbine condition monitoring system market over the forecast period. In addition, according to GTAI, in 2016, Germany held the dominant position in the Europe’s wind turbine condition monitoring system market, with more new offshore wind project having capacity of 5.4 GW installed.
Moreover, Asia Pacific region is expected to be the fastest growing region in the market, owing to increasing deployment of wind turbines, increasing demand for renewable energy for power generation, government initiatives, and policy frameworks to reduce carbon footprints in the region.
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