LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global fire protection equipment market for wind power systems to grow to USD 3.52 billion by 2021, at a CAGR of close to 10% over the forecast period, according to their latest report.
The research study by Technavio on the global fire protection equipment market for wind power systems for 2017-2021 provides a detailed industry analysis based on the geography (EMEA, the Americas, and APAC) and application (onshore and offshore applications).
|The fire protection equipment for wind power systems detect fire in wind turbines and initiate a process that automatically extinguishes the fire. The global fire protection equipment market for wind power systems is expected to grow significantly, owing to the rising fire accidents in wind turbines, which are increasing wind energy consumption and expanding offshore installations.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global fire protection equipment market for wind power systems:
- Rise in wind energy consumption
- Supportive regulatory actions
- Increase in offshore installations
Rise in wind energy consumption
Countries worldwide are slowly shifting their focus toward renewable energy sources because of the depletion of conventional sources of energy and to curb greenhouse gas (GHG) emissions. Wind power is considered to be the most efficient source of power generation and also one of the most abundant sources of alternative energy. According to GWEC, China is the leading country in terms of cumulative installed wind power capacity.
“With increased wind energy consumption, we expect the demand for wind turbines to increase rapidly. This increase in the number of wind turbine installations is propelling the demand for fire protection equipment in wind power systems, as they help in protecting the turbines against fire,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for power research.
Supportive regulatory actions
The fire protection equipment for wind power system is receiving significant governmental support, greatly enhancing its adoption rates. For instance, the revised edition of the National Fire Protection Association’s (NFPA) 850 identifies the hazards and protections for wind-power facilities. Similarly, manufacturers in Europe are expected to comply with the section 1.5.6 of the 2006/42/EC Machinery Directive which states that machinery must be designed and constructed in a way to avoid any risk of fire or overheating from both internal and external sources. With the regulatory support of government worldwide, there is an increasing need for fire protection equipment in wind turbines.
Increase in offshore installations
“Offshore wind energy installations have been present in small numbers until now. However, countries worldwide are making heavy investments in installing offshore wind farms. Several governments have committed to installing more offshore wind power despite some inherent difficulties,” says Thanikachalam.
Countries such as the US, Japan, China, South Korea, and India are expected to experience increased number of projects in offshore wind. Given that these offshore wind parks require investments on a higher end and human intervention is difficult in the region in the event of an emergency, the automatic fire extinguishing systems are mandatory in these parks.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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