The globalà‚ wind turbine control systems marketà‚ was valued atà‚ $7.06bn inà‚ 2018à‚ and is anticipated to expand at a CAGR of ~10 per centà‚ during the forecast period by the end of 2027.
According to Transparency Market Research, based on type, the main control systems segment held a dominant share of the global wind turbine control systems market in 2018. This dominance is primarily due to the high demand from wind turbine manufacturers, as the main control system controls the entire wind turbine.
Among components, the hardware segment accounted for a major share of this global market inà‚ 2018.à‚ Demand for hardware for use in wind turbines is high, due to frequent repair and replacement of hardware.
In terms of application, the onshore segment constituted a significant share of the market in 2018, due to a large number of onshore wind turbines and lower investments compared to those required for installation of offshore wind turbines.
The wind turbine control systems market in Asia Pacific is likely to expand at a substantial pace during the forecast period, owing to high investments in the wind energy industry from countries in the region such asà‚ Chinaà‚ and India.
Key driver of wind turbine control systems market
Increased awareness about green energy coupled with stringent government rules and regulations about emissions of greenhouse gases (GHGs) and carbon are compelling companies to find out more effective and pollution-free energy generation methods.
Wind energy is a prominent alternative for the energy generated from fossil fuels. Over the last five years, the world has witnessed aroundà‚ 60 per centà‚ rise in the wind energy production. Inà‚ 2014, wind energy capacity stood at around 370 GW and, in2018, it stood at around 591 GW.
Furthermore, the demand for control systems is directly linked to the demand of wind turbines, as this system needs to be installed in every wind turbine. Thus, increasing awareness about green energy and stringent government rules and regulations are key driving factors for the global wind turbine control systems market.