Report Code: A07822 | Pages: NA | Jul 2023 | 1435 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Wind Power Converter Market
Request Now !A wind power converter is a machine designed to convert the energy of wind movement into mechanical power. Â Further, this mechanical energy is converted into electricity with wind turbine generators. The power converter is required for wind turbine generators to adjust the generator frequency and voltage. This energy is used to operate various equipment such as mill grains, drive machinery, and pumping water. In addition, a power electronic converter can convert the variable frequency output of an induction generator, driven by a variable speed wind turbine. Wind turbines are similar to propeller blades of aircraft, as they rotate converting kinetic energy to mechanical power. The system is recognized as renewable, as wind energy is ecofriendly and emits no carbon dioxide. Thus, multiple benefits associated with wind power converter are anticipated to boost the growth of the global market during the forecast period.
The global market for wind power converter system has witnessed gradual growth by the outbreak of the COVID-19 pandemic. This is attributed to the fact that the pandemic has enhanced the demand of energy utilization worldwide, as one-third of global population is staying indoors. Thus, rise in energy consumption has improved the demand for wind power converter systems, despite of global disruption in financial and other commodity markets. However, the demand for energy requirements will be low due to shut down of industries and less demand for electricity. Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap. Thus, insufficiency of raw materials hampers the production rate and supply chain of the wind power converter system market.
The need to replace current nonrenewable energy sources such as fossils fuels, gas, and coal is the major factor contributing toward the growth of the global wind power converter system market. The market is diverting toward the adoption of renewable sources of energy and considered safe environment a vital factor. Thus, wind energy has been widely used to generate electricity. This, in turn, accelerated the consumption of electricity in commercial and other industrial processes, thereby boosting the demand for renewable wind power energy. Power converter adopts to the changing speeds continuously with respect to the changing wind velocity; thus, they have been considered as high-efficiency technology for electricity generation.
The major market players have taken the necessary steps to improve the accuracy of devices and overall functionality. Increase in installation rate of wind power convertor across the globe plays a significant role in the evolution of the market. More focus is given to the design and control of power converters. New technologies have been used to increase the overall performance of the wind power convertors and to develop innovative blade manufacturing techniques. Increase in adoption of wind-induced energy harvesting devices and smart rotors is an emerging trend in the wind power converter market, which augments the global market growth.
Manufacturers have been focusing on producing new products for specific applications as there are varying demands based on the utilization. Leading market players such as Alstom and AMSC Windtec USA Suzhou have determined how improved accuracy can be influential in many applications. The need to generate electrical power with a wide range of speeds leading to high usage of wind power converter system notably contributes toward the growth of the overall market. Furthermore, this system has the ability to capture and transfer the energy to the grid or a load.
Key benefits of the report
Wind Power Converter Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | Sungrow Power Supply Co., ABB, First Sunergy Worldwide LLC, Schneider, Alstom, Siemens AG, AMSC Windtec USA Suzhou, Aeo Energy Technology Co., Ltd, Emerson Network Power Co. |
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