Wind Power Converter Systems Market: Overview
The need to find an alternative source of energy has been rising over the last few years, due to depleting natural resources such as fossil fuels, natural gas, coal, and wood and increasing demand for energy. The obvious route is to discover a sustainable and renewable source of energy. Wind energy generation can be described as a process by which wind can be used to generate electricity or mechanical power. Wind turbines, similar to propeller blades of aircrafts, get turned in by the moving air. As they rotate, wind turbines convert the kinetic energy of wind into mechanical power. This mechanical power can be used for various purposes such as to power an electric generator or for household electricity requirements.
Wind Power Converter Systems Market: Trends & Demand
Over the years, wind turbines has been a proven technology to generate power. It is recognized as a clean and eco-friendly technology, as it emits no carbon dioxide. With the emergence of the wind energy industry and rise in the number of wind turbine installations across the globe, the demand for components and parts associated with wind turbines is increasing. A wind power converter system comprises a power-conditioning circuit called power converter, which is capable of adjusting the generator frequency and voltage to the grid. Variable parameters associated with wind energy such as real power, reactive power, output voltage, and frequency is a challenging issue. The conversion of an input AC power at a given frequency and voltage to an output power at a different frequency and voltage can be attained with static circuits called power converters, which contain controllable power electronic devices. Power converters adopt the changing speed continuously, with respect to the fluctuating wind velocity, thereby achieving higher efficiency.
The increasing installed wind power capacity across the globe is a key indicator for the wind power converter systems market. The cumulative installed wind power capacity in 2006, 2009, and 2012 was 74.0, 158.86, and 282.43 GW respectively. It almost doubled every three years. The dynamic growth of wind power directly pushes the wind technology into a more competitive area. The wind power converter systems market is driven by the large number of wind turbine installation projects, developments and innovation in the field of wind power generation, and increasing demand for efficient wind power converter systems market. Increasing demand for power generation in developing economies, especially China and India, is a key driver for the wind power converter systems market in these countries. Even though the cost of wind power generation has diminished significantly over the last few years, the technology associated with it mandates higher initial investment. Additionally, intricate and complex manufacturing methods, environmental concerns such as noise produced by rotor blades, and accidental killing of birds and bats flying into rotors are some of the factors likely to hamper the wind power converter systems market in the next few years.
Wind Power Converter Systems Market: Key Segments
A wind power converter system comprises power components, a control device, general components, power electric components, metal material, and electric wires. Various power and electronic devices such as power components and control device are major components of a wind power converter system. They account for a majority of the total cost of a converter. Based on end-user, the wind power converter systems market has been classified into residential, commercial, and industrial. The industrial segment can be sub-divided into agriculture, power generation, industrial automation, and telecommunication. The industrial segment accounts for a major share of the wind power converter systems market.
Wind Power Converter Systems Market: Regional Outlook
Among regions, Asia Pacific is a major wind power converter systems market, due to shift toward use of wind and solar energy to comply with carbon emission standards and to reduce dependence on fossil fuels. China is the world’s largest wind power converter systems market, which is expanding at the most rapid pace. In 2013 itself, China added 16.1 GW of wind power capacity, which took the cumulative total to 91.4 GW in 2013. In general, the European Union, the U.S., and China hold around 33% share of the global wind power converter systems market. This is primarily attributed to favorable policies regarding wind energy and increasing number of government initiatives to support the installation of wind turbines in Europe, the U.S., and Asia Pacific. According to the Development Plan for Renewable Energy during the 12th Five-year Plan period by National Energy Administration, China's installed capacity of wind power is expected to reach 150 GW by 2020.
Wind Power Converter Systems Market: Key Players
The global wind power converter systems market is diversified and highly competitive, with the presence of established international and regional vendors. Complexity of the manufacturing process, offshore and onshore applications, and the capability of manufactures to provide the same distinguishes them from competitors. Some of the key players operating in the global wind power converter systems market are ABB, Alstom, AMSC WindtecUSA Suzhou, Emerson Network Power Co., Ltd, Schneider, Sungrow Power Supply Co., Ltd, and Siemens AG.
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