Wind Turbine Converter Market Research 2023 by Future Outlook

18 February 2019: Wind Turbine Converter Market was million US$ in 2018 and is expected to million US$ by the end of 2023, growing at a CAGR of between 2019 and 2023.This report studies the Wind Turbine Converter market size (value and volume) by players, regions, product types and end industries, history data 2014-2018 and forecast data 2019-2023; This report also studies the global Wind Turbine Converter market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Porter's Five Forces Analysis.

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.

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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.

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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Wind Turbine Converter Market by Geographical Regions:-

• North America

• Europe

• Asia Pacific

• Middle East and Africa

• South America

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Industry Research Joined: October 31st, 2017