LONDON--(BUSINESS WIRE)--The global LIDAR systems market for the wind industry is expected to post a CAGR of nearly 6% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increase in wind tower height. The wind tower height has grown tremendously over the past few years. The increased height of towers has resulted in the increased size of rotors and blades. This also increases the total potential production from wind turbines. The wind blows more steadily at high altitudes, which helps increase the energy generated from wind turbines.
This market research report on the global LIDAR systems market for the wind industry 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the decrease in wind electricity cost as one of the key emerging trends in the global LIDAR systems market for the wind industry:
Global LIDAR systems market for the wind industry: Decrease in wind electricity cost
Wind energy is currently one of the least-cost sources of electricity generation. The global weighted average electricity cost production of onshore wind has gone down by almost one-fifth between 2010 and 2016. Recent developments such as increasing hub heights and falling wind turbine costs have suggested that the electricity produced through wind energy could be as low as USD 0.03/kWh in the coming years. The increased hub height of wind towers and the falling prices of wind turbine components have led to a decline in wind electricity cost.
“The growing demand for clean energy initiatives among countries has led to the increased adoption of renewable energy on a global level. The declining cost of wind power systems will increase the demand for LIDAR systems and lead to the gradual growth of the global LIDAR systems market for the wind industry in the future,” says a senior analyst at Technavio for research on power.
Global LIDAR systems market for the wind industry: Segmentation analysis
This market research report segments the global LIDAR systems market for wind industry by product (nacelle-mounted LIDAR systems and ground-mounted LIDAR systems) and geographical regions (APAC, EMEA, and the Americas).
The ground-mounted LIDAR systems segment held the largest market share in 2017, accounting for nearly 94% of the market. This product segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 43%. The market share occupied by this region is anticipated to increase by nearly 2% during 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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