The Global Wind Turbine Control System Market size is estimated to reach US$ 170.130 million in 2029 and is predicted to register a CAGR of 15.06% during the forecast period 2024 to 2029.
Wind turbines convert kinetic energy into energy electric. The wind is renewable energy, which is considered the cleanest source available. In recent years, this energy has become one of the most economical and efficient renewable energy sources. Factors such as the absence of greenhouse gas emissions, the diversification of the electricity supply, and the short term for the planning and construction of wind projects are driving the use of wind turbines. Globally, increased attention has been paid to the adoption of automation technologies in the industrial sector to increase productivity and efficiency. As a result, the modernization of existing facilities is likely to drive the market demand for turbine control systems in the near future.
The wind is an important source of affordable renewable energy that currently contributes 5% of the world's electricity demand. Technological development for the growth of more reliable and efficient wind turbines makes wind energy more profitable. Additionally, the depletion of natural resources and government initiatives to explore alternative energy sources are driving the global market for wind turbines. The cost of electricity produced by wind power is expected to decrease in the near future due to technological development. This is expected to provide a substantial growth opportunity for the wind turbine control systems market in the near future. However, large investments in the production and installation of wind turbines hinder the growth of the market.
Market Drivers:
Technological improvements, such as higher capacity wind turbines, floating wind turbines, and 3D printing, have brought the total price of wind power to the lowest level and have also opened up new offshore locations, such as deep water that was previously inaccessible due to lack of investment and Technology. The increasing use of natural gas is expected to drive demand for turbine power plants, which in turn is likely to increase the market need for wind turbine control systems globally.
Market Restraints:
Harnessing wind power at high altitudes has its own challenges, including unplanned collisions, and therefore requires automated piloting for safety.
Market Recent Developments:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 – 2029 |
|
Base Year |
2023 |
|
Forecast Period |
2024- 2029 |
|
CAGR |
15.06% |
|
Segments Covered |
By Application, Installation, Turbine capacity, and Region. |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
Vestas Wind Systems A/S, Sinovel, Goldwind, Siemens, General Electric, Suzlon Energy Ltd., Enercon GmbH, Ming yang, Gamesa, and Guodian United Power Technology Company Ltd, and Others. |
Market Segmentation:
The residential segment is expected to dominate the worldwide market. In fact, the deployment of large turbines in this segment cuts the cost of turbines by almost half.
The onshore segment is believed to dominate the market. In fact, the land segment has a low carbon emission and an economical cost structure compared to the other segments.
less than 100KW,100KW to 500KW,500KW to 1MW,1MW to 3MW,and more than 3MW. The 1 MW to 3 MW segment is expected to drive the growth of the wind turbine control systems market. For parameters such as lightness, fewer moving parts, fewer emissions, etc., which increases the acceptance of these products in the market.
Market Regional Analysis:
In Asia-Pacific, the market accounted for the largest volume share of more than 44.0% in the industry in 2021 and is expected to continue to dominate throughout the forecast period. China had the highest installed capacity in the region due to ongoing initiatives and investments by the government to boost industry growth. China's onshore wind power industry is expected to grow steadily in the coming years as the government encourages the expansion of renewable infrastructure, to reduce the challenge of thermal power and reduce pollution for the production electricity of in the country. This will likely determine the progress of wind power projects in the country, which, in turn, is expected to drive the region's market over the forecast period. North America and Europe are known as competitive and mature regions in the market. In 2017, IKEA Systems B.V. increased its direct ownership of wind energy assets for self-generation in North America to almost 0.4 GW. The leveled Cost of Electricity (LCOE) of an offshore wind power plant is already viable in Europe.
The coronavirus crisis has shaken the foundations of wind turbine manufacturing, leading two of the largest producers outside of China to net losses in the first half of the year and continuing to disrupt supply chains in key markets for the production of blades and wind power plants. The manufacturer, which posted a negative consolidated net profit of € 180 million for the first six months, was forced to apply for a € 350 million loan backed by the German government and also sold a major pipeline project RWE AG at the end of July to, which will further strengthen liquidity in the short term. But Blanco said on Aug. 13 that production at the company's factories has not yet returned to normal, in part because Nordex operates much of it in Brazil, India, and Mexico, some of the largest in the world affected by the virus.
Market Key Players:
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region