Improved efficiency in power generation has now become a crucial need in the global wind turbine control system market
With constant technological advancement, the key stakeholders in the value chain are targeting to extend the lifespan of the wind project while reducing the overall operational cost
ALBANY, New York, March 20, 2020 /PRNewswire/ -- As per the findings of the latest research report published by Transparency Market Research, the global wind turbine control system market is projected to exhibit a promising CAGR of ~10% over the given period of assessment ranging from 2019 to 2027. Initially, the valuation of the global market was around US$7.06 Bn in 2018. With the aforementioned rate of growth, the valuation of the market is now estimated to rise up to US$16.7 Bn by the fall of 2027.
Global Wind Turbine Control System Market – Key Takeaways
Based on type, the global wind turbine control system market is divided into yaw systems, main control systems, pitch systems, and conditional monitoring systems.
Of these, the segment of main control system accounted for the dominant share in the global market because of increased demand from the wind turbine manufacturers.
Based on component, the segment of hardware is expected to have a steady growth in the coming years of the forecast period.
With technological developments, the segment of software is projected to show a promising rate of growth.
In terms of application, the segment of onshore wind turbine control systems has been the dominant one.
On the other hand, emergence of new predictive techniques and tools have played a significant role in driving growth of the offshore applications.
Based on installation, the segment of retrofit has traditionally been the dominant segment. However, with increasing demand for cleaner and efficient energy, the segment of new installation is expected to present lucrative growth opportunities.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Wind Turbine Control Systems Market by Type: Yaw Systems, Pitch Systems, Main Control Systems, and Condition Monitoring Systems; Component: Hardware [Sensors, Human Machine Interface, Drives & Motors, and Others] and Software; Application: Onshore and Offshore; and Installation: New Installations and Retrofits - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027, at https://www.transparencymarketresearch.com/wind-turbine-control-system-market.html
Global Wind Turbine Control System Market – Prominent Growth Factors
One of the biggest driving factor for the growth of the global wind turbine control system market is the increasing awareness about green energy across the world.
This coupled with strict government mandates and regulations about emission of greenhouses gases has also prompted increased adoption of the global market.
As more investments come in so as to install new wind turbines in potential areas, it has a direct impact on the growth of the wind turbine control system sales as it's a vital component of those turbines.
Global Wind Turbine Control System Market – Prominent Growth Inhibitors
Numerous alternate energy sources are now available across the globe which are comparatively cheaper than wind energy. Alternative energy sources such as geothermal, solar, and hydro are creating hurdles for the development of the global market.
High costs of installation and maintenance is also projected to play a role in inhibiting market growth.
Global Wind Turbine Control System Market – Geographical Outlook
Asia Pacific is the biggest regional market of the global wind turbine control system market and is expected to continue dominating over the course of the period of forecast.
With increasing investments rising in offshore installation segment, there are more lucrative growth opportunities for the regional market.
Europe is expected to emerge as a highly attractive region for the development of the global wind turbine control system market as the region continues to consume large amounts of electricity.
Analyze Wind Turbine Control System Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Wind Turbine Control System Market – Key Players
Some of the notable names in the global market are General Electric, Siemens, ABB, Emerson Electric Co, Moog Inc. Mita-Teknik, and Rockwell Automation, Inc.
Global Wind Turbine Control Systems Market: Segmentation
Wind Turbine Control Systems Market, by Type
Main Control Systems
Condition Monitoring Systems
Wind Turbine Control Systems Market, by Component
Human Machine Interface (HMI)
Drives & Motors
Others (Actuator, Cables, and Switches)
Wind Turbine Control Systems Market, by Application
Wind Turbine Control Systems Market, by Installation
Wind Turbine Control Systems Market, by Region
Russia & CIS
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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