LONDON--(BUSINESS WIRE)--The global wind turbine pitch system market is expected to post a CAGR of more than 4% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global wind turbine pitch system market size is the decreasing LCOE of wind energy. Increasing height of wind infrastructure, low cost of financing, decreasing operating and maintenance costs, and a decrease in the cost of wind turbines are factors that are contributing to a decline in the LCOE of wind power generation. The decline in the LCOE has made wind-based power a reliable option for electricity generation for utilities that seek to generate power from clean sources of energy. Thus, the increasing number of wind turbine installations across the world is driving the growth of the wind turbine pitch system market.
As per Technavio, the technological developments in onshore wind energy will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global wind turbine pitch system market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Wind Turbine Pitch System Market: Technological Developments in Onshore Wind Energy
Renewable energy generation, including onshore wind energy production, has witnessed rapid technological advances across the value chain. The new onshore wind turbines launched by various companies include several breakthrough features such as improved logistics, 158-meter long rotor, and siting potential. The development of technologies for onshore wind energy generation improves the reliability and efficiency of wind power generation systems while decreasing the LCOE. This will drive the growth of the wind turbine pitch system market during the forecast period.
“Apart from the technological developments in onshore wind energy, other factors such as the rising number of offshore wind farm installations, and the growing adoption of nacelle-mounted LIDAR systems will have a significant impact on the growth of the wind turbine pitch system market value during the forecast period,” says a senior analyst at Technavio.
Global Wind Turbine Pitch System Market: Segmentation Analysis
This market research report segments the global wind turbine pitch system market worth by application (onshore and offshore), and geographic regions (APAC, EMEA, North America, and South America).
The APAC region led the wind turbine pitch system market in 2018, followed by EMEA, North America, and South America respectively. The wind turbine pitch system market analysis report identifies factors such as the growth in population and the rise in the standard of living to fuel the growth of the market in the APAC region.
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Five Forces Analysis
- Regional comparison
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- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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