Wind Power Converter Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

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.

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 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 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.

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