Pune, March 12, 2021 (GLOBE NEWSWIRE) -- Wind Turbine Pitch Systems Market Analysis
The global wind turbine pitch systems market is anticipated to grow at a 3% CAGR over the forecast period (2020- 2026), reveals the current Market Research Future (MRFR) report. Wind turbine systems, simply put, are used for regulating the turbine as per the external conditions like generator, power generation, and wind speed. The pitch system enables the rotors to operate within a defined speed limit for ensuring the safe operation of a wind turbine. Remote terminal software, pitch pumps, pitch valves, pitch motors, and others are its different product types that have wide offshore and onshore applications.
Alluring Features that Spur Market Growth
According to the MRFR report, there are numerous factors that are propelling the wind turbine pitch systems market growth. Some of these include the growing need for electricity generation from wind energy, increasing government initiatives to adopt offshore wind to generate electricity, the growing need for sustainable electricity generation to reduce harmful emissions of gases, and the development of large-scale wind turbines. The additional factors adding market growth include the drop in the cost of the wind turbine, growing need for power supply, and soaring cost of electricity.
On the flip side, the high cost of wind turbines installation, the intermittent nature of wind energy, the growing research and development activities to develop AWES, and high competition from alternative energy sources are factors that may limit the global wind turbine pitch systems market growth over the forecast period.
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COVID-19 Analysis
Despite the disruptions related to the COVID-19 outbreak in the construction process of wind farms during the first quarter of 2020, the wind energy sector remains to be resilient and strong in the face of the crisis. Where this crisis has cast its shadow on almost every industry, the wind power sector continues to grow and thrive. And this is no surprise for the need to reproduce carbon emissions rapidly and the wind energy’s cost competitiveness. Fossil fuel industries are facing market fluctuations and need bailouts to remain afloat, the wind turbines the world over continue to spin and offer clean, affordable energy to citizens all across. A big credit goes to the localized nature of the supply chains of wind power and project construction, this sector continues to generate billions in local investments and countless jobs for supporting economic recovery. All these had a positive impact on the global wind turbine pitch systems market growth.
Market Segmentation
The Market Research Future report offers an inclusive analysis of the global wind turbine pitch systems market based on application and product type.
By product type, the global wind turbine pitch systems market is segmented into remote terminal software, pitch pumps, pitch valves, pitch motors, and others. Of these, the pitch motors segment will lead the market over the forecast period. The increasing installations of wind equipment are adding to the growth of the segment. Meanwhile, the remote terminal software segment is likely to grow at a fast pace over the forecast period for the high efficiency of the software and the decreasing cost.
By application, the global wind turbine pitch systems market is segmented into offshore and onshore. Of these, the onshore segment will dominate the market over the forecast period. Meanwhile, the offshore segment will grow at the highest CAGR over the forecast period for the burgeoning demand for offshore wind turbines.
Regional Takeaway
APAC to Command Largest Share in Wind Turbine Pitch Systems Market
Geographically, the global wind turbine pitch systems market is bifurcated into Europe, the Asia Pacific (APAC), North America, South America, & the Middle East and Africa. Of these, the APAC region will command the largest share in the market over the forecast period. Various favorable initiatives by the government introduced in the region to boost the adoption of wind energy, growing demand for clean energy for the increased GHG emissions, increasing power consumption for the increasing population growth, and enhanced grid-readiness are adding to the global wind turbine pitch systems market growth in the region.
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North America to Have Favorable Growth in Wind Turbine Pitch Systems Market
In North America, the global wind turbine pitch systems market is predicted to have favorable growth during the forecast period. The burgeoning need for off-grid electricity is adding to the market growth. The United States grabs the utmost market share.
Europe to Have Significant Growth in Wind Turbine Pitch Systems Market
In Europe, the global wind turbine pitch systems market is predicted to have significant growth over the forecast period for the extensive support from the government to adopt wind energy. UK will have the utmost market share and will grow at the fastest CAGR for the growing need for electricity in the country.
South America and the MEA to Have Sound Growth in Wind Turbine Pitch Systems Market
In South America and the Middle East and Africa, the wind turbine pitch systems market is predicted to have sound growth over the forecast period.
Competitive Landscape
The notable players profiled in the global wind turbine pitch systems market report include Enercon GmbH, RRB Energy, Pioneer Wincon Pvt. Ltd., Kenersys Group, Inox Wind Ltd., Global Wind Power Ltd., ABB, Siemens AG, General Electric, and Osterholz AntriebsTechnik GmbH, among others.
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The global wind turbine pitch systems market is highly fragmented and competitive with the presence of several international and domestic market players. These players have incorporated several strategies to stay at the forefront and also cater to the customers growing needs, such as contracts, collaborations, joint ventures, and partnerships, and others. Besides, they are also investing in research and development activities to strengthen their portfolios and also create hold in the market.
Industry Updates
- February 2021- KEB automation is experiencing a rise in the demand for its drive controllers, brakes, and motors for offshore and onshore wind turbines.
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