The Global Wind Turbine Converter Market is anticipated to grow at a staggering CAGR of 4.7% in the forthcoming period. A power liquid-cooled converter is one of the essential components in the design of wind turbine that encompasses permanent magnetic synchronous generator (PMSG). This technology is broadly used at present for wind turbines. Technically, a power converter attaches with permanent magnet synchronous generator to enable effective grid connected power generation.
The driving factors responsible for the growth of wind turbine converter market include decline in production cost for wind turbine products, rise in automation, and optimization of wind power system. In addition, a wind turbine converter reduces power loss and enhances utilization of wind energy. Government subsidies and regional support act as a driver to market development. However, significant costs of installation, expensive spare parts, and dearth of periodic maintenance are likely to curb the market developments in the near future.
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Geographical segmentation for wind turbine converter market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific regions are expected to account for a significant market share during the forecast period. Factors such as consumers’ awareness and adoption of clean and renewable sources of energy are the other drivers. Rise in the number of offshore wind turbine installation contributes to the market development. Technological advances in the wind energy market and increased production are likely to act as a catalyst for the market growth.
North American and European regions are likely to witness a substantial market share in the global scenario due to government support and subsidy. Rise in expenditure for production of electricity is a great concern in the U.S. and there arises a need for viable alternatives. Wind turbine converters could be an optimized solution, responsible for massive production of electricity. Consumers’ awareness regarding environmental degradation is another market driver for wind turbine converter in the western part of the globe. The key players in the wind turbine converter market include AMSC, ABB, Woodward, Ingeteam, Emerson, Siemens, Switch, Vacon, Schneider and GE Power.
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Key Questions Answered in this Report
• What will the market size be in 2022?
• What are the key factors driving the global wind turbine converter market?
• What are the challenges to market growth?
• Who are the key players in the wind turbine converter market?
• What are the market opportunities and threats faced by the key players?
Related Reports of This Category Available at Million Insights: https://www.millioninsights.com/industry/energy
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