14 February 2019:
Wind
Turbine Converter Market was million US$ in 2018 and is expected
to million US$ by the end of 2023, growing at a CAGR of between 2019 and 2023.This
report studies the Wind Turbine Converter market size (value and volume) by
players, regions, product types and end industries, history data 2014-2018 and
forecast data 2019-2023; This report also studies the global Wind Turbine
Converter market competition landscape, market drivers and trends,
opportunities and challenges, risks and entry barriers, sales channels,
distributors and Porter's Five Forces Analysis.
The Global Wind Turbine Converter Market is anticipated to grow at a staggering CAGR of 4.7% in
the forthcoming period. A power liquid-cooled converter is one of the essential
components in the design of wind turbine that encompasses permanent magnetic
synchronous generator (PMSG). This technology is broadly used at present for
wind turbines. Technically, a power converter attaches with permanent magnet
synchronous generator to enable effective grid connected power generation.
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The driving factors responsible for the growth of wind
turbine converter market include decline in production cost for wind turbine
products, rise in automation, and optimization of wind power system. In
addition, a wind turbine converter reduces power loss and enhances utilization
of wind energy. Government subsidies and regional support act as a driver to
market development. However, significant costs of installation, expensive spare
parts, and dearth of periodic maintenance are likely to curb the market
developments in the near future.
Geographical segmentation for wind turbine converter market
includes North America, South America, Europe, Asia-Pacific, Middle East and
Africa. Asia-Pacific regions are expected to account for a significant market
share during the forecast period. Factors such as consumers’ awareness and
adoption of clean and renewable sources of energy are the other drivers. Rise
in the number of offshore wind turbine installation contributes to the market
development. Technological advances in the wind energy market and increased
production are likely to act as a catalyst for the market growth.
North American and European regions are likely to witness a
substantial market share in the global scenario due to government support and
subsidy. Rise in expenditure for production of electricity is a great concern
in the U.S. and there arises a need for viable alternatives. Wind turbine
converters could be an optimized solution, responsible for massive production
of electricity. Consumers’ awareness regarding environmental degradation is
another market driver for wind turbine converter in the western part of the
globe. The key players in the wind turbine converter market include AMSC, ABB,
Woodward, Ingeteam, Emerson, Siemens, Switch, Vacon, Schneider and GE Power.
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Wind Turbine
Converter Market by Geographical Regions:-
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
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