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Wind Power Converter Market
The depleting natural resources such as coal and fossil fuels, among others, has further intensified the need to find an alternative route of power generation. The increasing awareness surrounding renewable sources of energy for power generation has put wind energy in the limelight. The process of generating electricity through wind energy is known as wind energy. The movement of wind turbines caused due to wind translates the kinetic energy of wind into the mechanical energy which is further utilized in electricity generation.
The employment of wind power converter in the whole system is to facilitate the input AC power at a certain voltage and frequency to an output power at a desired voltage and frequency. With the increasing demand for wind power systems and upcoming maintenance activities for the existing infrastructure, the demand for wind power converter is anticipated to expand in tandem with it.
Wind power converters adopt to the variable wind speed, further enhancing the efficiency of the wind power systems. The increasing installations of wind power systems across the globe is anticipated to play a prominent role in propelling the wind power converter market in the coming years.
The opportunistic government schemes and subsidies are also opening up the doors in the wind energy value chain, thereby aiding the wind power converter marketplace. As the market for wind power converters is noted to remain directly influenced by new wind turbine installations, MRO as well as retrofit activities also play a significant role in the evolution of the market.
However, a certain level of restraining effect from the prominence of other renewable sources of energy such as solar energy and hydro energy are expected to cause a gentle setback in the global wind power converter market. Additionally, the procurement costs associated with the complex manufacturing processes of wind power converters are also another concerns in the global wind power converter market.
On a regional front, China-led East Asia is anticipated to remain one of the prominent markets for the wind power converter. With its significantly large scale installed wind power capacity of nearly 217 Gigawatt, as of 2018, the countries of East Asia are also noted to largely demand the new installations of wind power. This rapid growth can be attributed to the rising concerns surrounding environment protection and utilization of renewable resources.
Following East Asia, the North America wind power converter market is expected to create significant opportunities for the manufacturers operating in the region. This is due to the optimistic support from the government and legislative authorities that facilitate the inclination towards renewable sources of energy, particularly wind power.
Countries in Europe such as Germany, United Kingdom and France, among others, are noted to remain in the forefront to create substantial volumetric demand in the wind power converter market. Furthermore, considering the economics of wind power, the countries in South Asia are also noted to upscale the national wind power capacities, further gaining significant momentum in the wind power converter market. Additionally, countries like Kenya and Brazil are rapidly moving towards upgrading its electrification infrastructure and are expected to pose a strong demand in the wind power converter market.
Some of the market participants in the global wind power converter market identified across the value chain include Seimens AG, ABB Ltd, General Electric Company, Schneider Electric SE, Ingeteam Corporación, S.A., Fuji Electric Co., Ltd., American Superconductor Corp, Shenzhen Hopewind Electric Co., Ltd., Delta Electronics, Inc, and WOODWARD INC, among others.
The Wind Power Converter research report presents a comprehensive assessment of the Wind Power Converter market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Wind Power Converter research report provides analysis and information according to market segments such as geographies, scaffold type, position, number of points and number of tiers.