According to Report Ocean, the global wind turbine converter market is projected to grow at a Compound Annual Growth Rate (CAGR) of 1.53% (considering the impact of COVID-19) during the forecast period of 2020 to 2026. The key drivers for this market include the declining cost of wind energy and increasing investments in the wind power sector. However, competition from solar energy and gas-fired power plants is expected to continue restraining the market.
A wind turbine converter plays a crucial role in efficiently converting the variable frequency output of an induction generator, which is driven by a variable speed wind turbine, into a fixed frequency suitable for the grid or a load. In 2019, the wind turbine converter market experienced a notable increase compared to the decline witnessed in 2018. This growth can be attributed to the significant number of projects that came online during 2019.
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The market research report covers an analysis of key stakeholders in the wind turbine converter market. Some of the leading players profiled in the report include:
- ABB Ltd.
- American Superconductor (AMSC)
- Beijing Corona Science & Technology Co., Ltd.
- Beijing Etechwin Electric Co., Ltd.
- Vestas Wind Systems A/S
- Enercon GmbH
- General Electric Company
- Ingeteam S.A.
- NARI Technology Co., Ltd.
- Mingyang Smart Energy Group Co., Ltd.
- Shanghai Hitech Control System Co., Ltd.
- Shenzhen Hopewind Electric Co., Ltd.
- Siemens AG
- Sungrow Power Supply Co., Ltd.
- Vertiv Group Corp.
- Woodward, Inc.
- Yaskawa Electric Corporation
- Zhejiang HRV Electric Co., Ltd.
The wind turbine converter market is segmented based on product, application, and region. The report provides a breakdown of market shares by product, including DoublyFed Converter and Full Converter. In terms of application, the wind turbine converter market is classified into Onshore and Offshore. Geographically, the wind turbine converter industry is analyzed across North America, Europe, Asia-Pacific, South America, and the Middle East and Africa (MEA). As of 2019, Asia-Pacific holds the largest share of the global wind turbine converter market with an installed capacity of 32,341 MW, followed by Europe and North America. China, as the largest single wind turbine converter market, added 26.12 GW of wind power generation capacity in 2019, bringing its total installations to 236 GW. The United States is the second-largest single market with 9.1 GW of new onshore installations in 2019. The increase in annual capacity additions is primarily driven by the phased-out extension of the Production Tax Credit (PTC) for wind power.
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By Product:
- DoublyFed Converter
- Full Converter
By Application:
- Onshore
- Offshore
By Region:
- North America (U.S., Canada, Mexico, etc.)
- Asia-Pacific (China, Japan, India, Korea, Australia, Indonesia, Taiwan, Thailand, etc.)
- Europe (Germany, UK, France, Italy, Russia, Spain, etc.)
- Middle East & Africa (Turkey, Saudi Arabia, Iran, Egypt, Nigeria, UAE, Israel, South Africa, etc.)
- South America (Brazil, Argentina, Colombia, Chile, Venezuela, Peru, etc.)
Please note that this list is not exhaustive, and a complete list of companies can be obtained by requesting a free sample.
The base year for this study is 2019, and the forecasts extend up to 2026.
Research Objectives:
- To analyze and forecast the market size of the global wind turbine converter market.
- To classify and forecast the global wind turbine converter market based on product, application, and region.
- To identify the drivers and challenges for the global wind turbine converter market.
- To examine competitive developments such as mergers & acquisitions, agreements, collaborations, and partnerships in the global wind turbine converter market.
- To conduct a pricing analysis for the global wind turbine converter market.
- To identify and analyze the profiles of leading players operating in the global wind turbine converter market.
This report provides valuable insights and answers critical questions for industry stakeholders, including manufacturers, partners, end-users, and others. It assists in strategic decision-making, investments, and capitalizing on market opportunities. The key target audience for this report includes manufacturers of wind turbine converters, raw material suppliers, market research and consulting firms, government bodies such as regulating authorities and policymakers, as well as organizations, forums, and alliances related to wind turbine converters.
PESTEL Analysis
Political Factors
- Political factors assess the potential impact of government policies and stability on an organization or a specific industry.
- This includes examining political policies, trade regulations, fiscal policies, and taxation policies.
Economic Factors
- Economic factors directly influence the economy and its performance, which in turn affect the organization’s profitability.
- These factors encompass interest rates, employment and unemployment rates, raw material costs, and foreign exchange rates.
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Social Factors
- Social factors focus on the social environment and identify emerging trends.
- Understanding consumer needs and wants within a social context is crucial for marketers.
- Factors in this category include changing family demographics, education levels, cultural trends, attitude changes, and shifts in lifestyles.
Technological Factors
- Technological factors consider the pace of technological innovation and development that can impact a market or industry.
- This involves changes in digital or mobile technology, automation, research and development.
- It’s important to not only focus on digital advancements but also new methods of distribution, manufacturing, and logistics.
Environmental Factors
- Environmental factors relate to the surrounding environment and the ecological impact.
- As Corporate Sustainability Responsibility (CSR) and sustainability gain importance, organizations need to consider these factors in their business operations.
- This includes climate, recycling practices, carbon footprint, waste disposal, and sustainability efforts.
Legal Factors
- Legal factors require organizations to understand the legal requirements and restrictions in the territories they operate in.
- It is crucial to stay updated on changes in legislation and how they may impact business operations.
- Factors include employment legislation, consumer laws, health and safety regulations, international regulations, and trade restrictions.
SWOT analysis:
Strengths:
- These are the internal positive attributes and resources that give an advantage over others. It could be expertise, unique skills, valuable assets, strong brand reputation, or a dedicated team.
Weaknesses:
- These are internal factors that put the entity at a disadvantage compared to others. Weaknesses might include inadequate resources, lack of expertise in certain areas, or inefficient processes.
Opportunities:
- These are external factors that could be favorable to the entity. Opportunities might arise from market trends, technological advancements, changes in regulations, or new partnerships.
Threats:
- These are external factors that could harm the entity’s performance or stability. Threats might – come from competitors, economic downturns, changing consumer preferences, or disruptive technologies.
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