Hardware Segment to Dominate South America Wind Turbine Condition Monitoring Market during 2019–2028
According to The Insight Partners market research study on “South America Wind Turbine Condition Monitoring Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component and Application,” is expected to reach US$ 20.96 million by 2028 from US$ 16.48 million in 2021. The market is estimated to grow at a CAGR of 3.5% from 2021 to 2028. Increasing dependence on renewable energy sources is the major factor driving the growth of the South America wind turbine condition monitoring market. However, high installation cost of wind turbines and high cost of condition monitoring systems may hinder the growth of South America wind turbine condition monitoring market. The report provides trends prevailing in the South America wind turbine condition monitoring market along with the drivers and restraints pertaining to the market growth.
The South America wind turbine condition monitoring market is segmented into component, application, and country. Based on component, the South America wind turbine condition monitoring market is segmented into hardware, and software and services. In 2020, the hardware segment held the largest share South America wind turbine condition monitoring market. Based on application, the South America wind turbine condition monitoring market is segmented into rotor, tower, gearbox, generator, and others. In 2020, the gearbox segment held the largest share South America wind turbine condition monitoring market. Similarly, based on country, the South America wind turbine condition monitoring market is segmented into Brazil, Argentina, and the rest of South America. Brazil contributed a substantial share in 2020.
Advantech Co. Ltd.; Baker Hughes Company; ENERCON GmbH; 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 South America wind turbine condition monitoring market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Siemens Gamesa and Iberdrola have signed various maintenance contracts totaling 1,928 MW at 69 of the energy group's wind farms in Spain and Portugal for three to five years. The agreements encompass a total of 1,963 Siemens Gamesa wind turbines from the G4X (660 kW unit power), G5X (850 kW), G8/9X (2.0 MW), Siemens Gamesa 2.X (SG 2.1-114 y SG 2.6-114) and Siemens Gamesa 3.X (SG 3.4-132) platforms.
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