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Wind Power Converter Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

A07822
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Jun 2021 | 151 Views
 
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Wind Power Converter Market Outlook - 2027

A wind power converter is a machine designed to convert the energy of wind movement into mechanical power.  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.

Scope of the report

                  Report Metric

                                    Details

   Market size available for years 

  2020–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast unit

  Value (USD)

  Segments covered

  Type, Application, End User, and Region

  Geographies covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), LAMEA (Brazil, Mexico, and the Rest of LATAM), and the Middle East & Africa

  Companies covered

ABB, Alstom, AMSC Windtec USA Suzhou, Emerson Network Power Co., Schneider, Sungrow Power Supply Co., Siemens AG, Aeo Energy Technology Co., Ltd., and First Sunergy Worldwide LLC

 

COVID-19 impact analysis

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.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

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.

New product launches to flourish the market

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.

Surge in usage in commercial and industrial applications 

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 segments covered

           Segment

                        Subsegment

  By Product Type

  • Partial Wind Power Converter
  • Full Wind Power Converter
  • Doubly Fed Wind Power Converter

  By Application

  • Induction Generators
  • Electricity
  • Others

  By End User

  • Residential
  • Commercial
  • Industrial

  By Region

 

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

 

Key benefits of the report

  • This study presents the analytical depiction of the global wind power converter industry along with the current trends and market estimation to determine the imminent investment pockets.
  • The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the wind power converter market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the wind power converter market growth scenario.
  • The report provides a detailed global market analysis depending on competitive and how the competition will take shape in coming years.
  • This report helps users in comprehending the key product segments and their future.
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

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Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

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Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 
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