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Wind Turbine Control Systems Market
Wind Turbine Control Systems Market will grow at strong CAGR of ~10% for the forecast period 2019 to 2027
WILMINGTON, DELAWARE, UNITED STATES, July 7, 2022 /EINPresswire.com / -- The global wind turbine control systems market was valued at US$ 7.06 Bn in 2018 and is anticipated to expand at a CAGR of ~10% during the forecast period. Based on type, the main control systems segment held a dominant share of the global wind turbine control systems market in 2018, primarily due to high demand from wind turbine manufacturers, as the main control system controls the entire wind turbine.
Among components, the hardware segment accounted for a major share of the global wind turbine control systems market in 2018. Demand for hardware for use in wind turbines is high, due to frequent repair and replacement of hardware. In terms of application, the onshore segment constituted a significant share of the global wind turbine control systems market in 2018, due to the large number of onshore wind turbines and lower investments compared to those required for installation of offshore wind turbines. The wind turbine control systems market in Asia Pacific is likely to expand at a substantial pace during the forecast period, owing to high investments in the wind energy industry from countries in the region such as China and India.
Key Driver of Wind Turbine Control Systems Market
Increased awareness about green energy coupled with stringent government rules and regulations about emissions of greenhouse gases (GHGs) and carbon are compelling companies to find out more effective and pollution-free energy generation methods. Wind energy is a prominent alternative for the energy generated from fossil fuels.
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The process of energy generation from fossil fuels emits greenhouse gases (GHGs), which can cause serious damage to the environment such as global warming, air pollution, and land pollution. Over the last 5 years, the world has witnessed around 60% rise in the wind energy production. In 2014, the wind energy produced stood at around 370 Giga-watts and, in 2018, it stood at around 591 Giga-watts. Furthermore, the demand for wind turbine control systems is directly linked to the demand of wind turbines, as this system needs to be installed in every wind turbine. Thus, increasing awareness about green energy and stringent government rules and regulations are key driving factors for the global wind turbine control systems market
Asia Pacific to Lead Wind Turbine Control Systems Market
Asia Pacific dominated the global wind turbine control systems market in 2018. Dominance of the region can be ascribed to the development of new wind farms in the region. Consequently, the region is anticipated to witness high demand for wind turbine control systems during the forecast period. The market in Asia Pacific is estimated to be highly attractive during the forecast period, as development of infrastructure related to wind farms is increasing at a rapid pace in the region. China accounted for a leading share of the wind turbine control systems market in Asia Pacific in 2018.
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This was primarily ascribed to the increased number of wind farms in the country in 2018. According to Global Wind Energy Council's Global Wind Energy Report–2018, the total onshore wind energy generated in China stood at around 18,499 MW in 2017 and it increased to 21,200 MW in 2018. Significant rise in investments is expected in wind energy generation in the country, which is projected to drive the wind turbine control systems market in China during the forecast period. In terms of market share, Europe follows Asia Pacific in the global wind turbine control systems market. Government policies that are promoting wind energy production in the region are anticipated to propel the wind turbine control systems market in Asia Pacific during the forecast period.
Major Developments in Wind Turbine Control Systems Market
In January 2020, GE, EDF, and ESB Renewables were awarded a multimillion dollar project for offshore wind farm project. The deal brings together collaborative expertise to flexibly deliver significant efficiencies to EDF Renewables and ESB. The project would help deliver low-carbon energy to 375,000 homes in Scotland, the U.K.
In June 2019, Mita-Teknik announced the launch of a new-generation blade pitch system for use in onshore and offshore wind turbines. The Mita Pitch System is a flexible pitch solution for use in turbines of up to 12 MW, which boasts design life of 30 years. The new system is designed to effectively minimize O&M costs, reduce downtime, and improve productivity.
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Competition Landscape of Wind Turbine Control Systems Market
The global wind turbine control systems is led by multinational players operating across the globe. Prominent players operating in the global wind turbine control systems market are General Electric, Siemens, ABB, Emerson Electric Co, Moog Inc. Mita-Teknik, and Rockwell Automation, Inc.
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