WIND INVERTERS MARKET REPORT OVERVIEW
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The global wind inverters market size was in USD 154.24 million 2022. As per our research, the market is expected to reach USD 242.53 million by 2032, exhibiting a CAGR of 4.63% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Wind inverters play a pivotal role in wind turbine systems by converting the fluctuating and sometimes erratic energy generated by the wind into a consistent and grid-compliant electrical output. These devices serve as power converters, transforming the alternating current (AC) generated by wind turbines into the direct current (DC) required for grid connectivity, and conversely. They are instrumental in overseeing voltage, frequency, and power quality to guarantee that the electricity generated from wind turbines aligns with grid specifications.
COVID-19 Impact: Resilience of Renewable Energy among Population to Fuel Market Growth
The pandemic underscored the robustness of renewable energy sources such as wind power, prompting governments and organizations to acknowledge clean energy's significance as a dependable and sustainable energy option. This recognition may lead to increased investments in the wind inverter market.
Similar to numerous other industries, the wind inverter sector encountered disruptions in its supply chain caused by factory closures and limitations on transportation. These disruptions resulted in manufacturing and deployment delays for wind turbines and associated components, including inverters.
LATEST TRENDS
"Digitalization and IoT Integration, and Increased Power Density to Fuel Market Growth "
Digitalization involves the use of digital technologies to elevate the control and oversight capabilities of wind inverters. This enables wind turbines equipped with digitalized inverters to achieve more precise control, ultimately optimizing power generation. Digitalization facilitates the collection and analysis of substantial volumes of data from wind turbines. This data can be utilized to improve performance, identify operational issues, and anticipate maintenance needs. For instance, predictive maintenance plays a key role in reducing downtime and lowering maintenance costs. Digitalized wind inverters empower remote supervision and management. This means that operators can remotely monitor and adjust settings, receiving real-time updates on the status and performance of wind turbines. This results in enhanced operational efficiency and reduces the necessity for physical on-site oversight. A notable trend was the advancement in compact, high-power-density wind inverters. This development allowed for the use of smaller and lighter inverters capable of managing increased power loads, a particularly crucial feature for offshore wind projects that have limited available space.
WIND INVERTERS MARKET SEGMENTATION
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By Type
Based on type market is classified as single phase inverter, three phase inverter, and others.
By Application
Based on application market is classified as energy storage, power generation, and others.
DRIVING FACTORS
"Growing Wind Energy Capacity to Fuel Market Growth "
The global expansion of wind energy capacity served as a major catalyst for wind inverters market growth. Governments and organizations, recognizing wind energy as a clean and sustainable power source, stimulated increased demand for wind inverters.
"Renewable Energy Policies and Incentives to Stimulate Market Progress"
Government policies and incentives that fostered the wind energy sector, including mechanisms like feed-in tariffs, tax credits, and renewable energy objectives, played a pivotal role in propelling the demand for wind inverters, albeit indirectly.
RESTRAINING FACTORS
"Intermittent Energy Generation to Harm Market Growth "
Wind power's intermittent nature, contingent upon the availability of wind, can introduce complexities in maintaining grid stability and reliability. These challenges have the potential to curtail the expansion of wind energy projects and, as a result, influence the demand for wind inverters.
WIND INVERTERS MARKET REGIONAL INSIGHTS
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"North America to dominate the Market owing to Presents Challenges For Grid Integration "
The wind inverters market share of wind energy capacity has been on the ascent in the United States and Canada, particularly in regions abundant with wind resources like the Great Plains. Tax credits and incentives have been instrumental in driving this market share growth in wind energy. The vast geographical expanse of North America presents challenges for grid integration, thereby influencing the selection of wind inverters and impacting market share.
KEY INDUSTRY PLAYERS
"Multitude of companies that played a pivotal role in expansion of wind inverters "
The wind inverter market is comprised of various prominent industry participants, each contributing significantly by offering power conversion and control solutions for wind energy systems. Siemens Gamesa, a recognized global leader in the wind energy sector, provides a diverse range of wind inverter solutions and integrated power electronics within their wind turbines. These inverters play a pivotal role in the conversion of the fluctuating AC power generated by wind turbines into a steady and grid-compliant electricity supply.
List of Market Players Profiled
- Sungrow (China)
- Growatt (China)
- ABB (Switzerland)
- Advanced Energy Industries (U.S.)
- Schneider (France)
REPORT COVERAGE
The future demand for the market is covered in this study. The Research report includes the Resilience of Renewable Energy due to the Covid-19 Impact. The report covers the latest trends in Digitalization and IoT Integration. The paper includes a segmentation of the wind inverters market. The research paper includes the driving factors that are Growing Wind Energy Capacity to Fuel Market Growth. The report also covers information on Regional Insights where the region which has emerged leading market for wind inverters.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 154.24 Million in 2022 |
Market Size Value By |
US$ 242.53 Million by 2032 |
Growth Rate |
CAGR of 4.63% from 2022 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the wind inverters market expected to touch by 2032?
The global wind inverters market size is expected to reach USD 242.53 million by 2032.
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What CAGR is the global wind inverters market expected to exhibit by 2032?
The global wind inverters market is expected to exhibit a CAGR of 4.63% by 2032.
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Which are the driving factors of the Wind Inverters market?
The driving factors of the Wind Inverters market are Growing Wind Energy Capacity, and Renewable Energy Policies and Incentives.
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Which are the key players or most dominating companies functioning in the Wind Inverters market?
Sungrow, Growatt, ABB, Advanced Energy Industries, and Schneider are the key players or most dominating companies functioning in the Wind Inverters market.
