Increasing Number of Offshore Wind Farms to Drive Wind Turbine Pitch System Market
According to our latest market study on "Wind Turbine Pitch System Market Forecast to 2030 – Global Analysis – by Type, Plant Capacity and Deployment Type," the market is expected to grow from US$ 2,775.15 million in 2022 to US$ 6,103.48 million by 2030; it is expected to register a CAGR of 10.4% from 2022 to 2030.
The market for wind turbine pitch systems is likely to surge by 2030 owing to the rising focus on lowering carbon emissions and boosting the usage of clean energy, which is one of the major reasons behind the growing proliferation of offshore wind farms globally. The mounting number of offshore wind farms is having a positive impact on the demand for pitch systems worldwide. There is a rising adoption of wind energy across various countries, such as Germany, China, Japan, the UK, Belgium, France, and Denmark. Furthermore, factors such as the expanding demand for floating wind technology and turnkey solutions proposed by service providers are propelling the growth of the wind turbine pitch system market.
Wind Turbine Pitch System Market Share — by Region, 2022
Wind Turbine Pitch System Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Hydraulic Pitch System and Electric Pitch System), Plant Capacity (Less than 10 MW and Above 10 MW) Deployment Type (Onshore and Offshore), and Geography
Wind Turbine Pitch System Market Trends, Share, Growth 2030
Download Free Sample
Growing population, rising urbanization, and rising energy demand are driving the requirement for alternative energy sources to meet the growing need for energy globally. Wind energy is one of the viable renewable energy sources that has the potential to manage the growing energy demand worldwide. The rising focus on net zero carbon emissions and mitigating environmental pollution are fueling the demand for wind energy, which is boosting the application of wind turbine pitch systems globally.
The mounting awareness regarding clean energy in numerous countries is also boosting the demand for offshore wind power, thereby boosting the wind turbine pitch system market growth. Numerous financial investments are made in offshore and floating wind turbine projects by the governments of different countries. For instance, in May 2022, the UK Government announced the opening of the US$ 192.09 million Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS) to attract manufacturers and private investors. In addition, in June 2022, Equinor collaborated with Technip Energies to develop floating wind steel substructures for floating offshore wind projects. Also, in September 2022, the Department of Energy launched a floating offshore wind farm design project. Under this project, the National Renewable Energy Laboratory will develop various modeling tools to optimize designs for floating offshore wind farm arrays and several reference array designs for the US floating offshore wind farm sites. Thus, as the demand for floating offshore wind farms increases globally, the requirement for wind turbine components will also increase, fueling the wind turbine pitch system market growth.
The hydraulic pitch system segment accounted for 64% of the global wind turbine pitch system market share in 2022, and it is predicted to continue its dominance during the forecast period. The easy maintenance and fewer technical components are the major driving factors behind the growth of hydraulic pitch systems globally. In addition, the electric pitch system segment is projected to grow considerably owing to its increasing application in wind turbines.
Currently, China, India, Australia, the US, Germany, France, and Italy are the major markets for wind turbine pitch systems. The global rise in energy demand, mostly driven by population growth, is boosting the wind turbine pitch system market. In addition, energy security is a major factor compelling the global expansion of wind energy. Various countries are adopting renewable resources for power supply and focusing on alternative energy sources to reduce their dependence on fossil fuels. Wind energy is one of the feasible renewable energy sources that is fueling the application of wind turbine pitch systems worldwide.
Geographically, the scope of the wind turbine pitch system market report covers North America (the US, Canada, and Mexico), Europe (France, Italy, Germany, UK, Russia, and the Rest of Europe), Asia Pacific (Australia, India, China, Japan, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, Egypt, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina and the Rest of South & Central America).
In terms of revenue, Asia Pacific dominated the wind turbine pitch system market in 2022. Asia Pacific wind turbine pitch system market analysis is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Asia Pacific accounted for 51.1% of the total wind turbine pitch system market share in 2022 and is projected to maintain its dominance during the forecast period. The encouraging government policies and funding are anticipated to propel the growth of the wind turbine pitch system market. According to the Global Wind Energy Council (GWEC) report, Asia Pacific is set to turn into a leader in offshore wind, with a growth in its share from ~25% in 2020 to ~42% by 2025. In Asia Pacific, the Karara Wind Farm is constructing a 103 MW wind farm with an investment of US$ 183 million, which is projected to be completed in Q4 2024. The Golmud Dongtai Wind Farm involves the construction of a 100 MW wind farm with an investment of US$ 156 million. Thus, the growing wind power capacity addition in Asia Pacific, along with noteworthy investment to attain the determined clean energy target, is anticipated to boost the demand for wind turbine components, such as pitch systems, during the forecast period.
Growing industrialization and the increasing number of wind plants among different nations are also positively boosting the wind turbine pitch system market in Asia Pacific. China is leading the market for wind turbine pitch systems, followed by India and Australia. Growing focus on mitigating carbon emissions, reducing environmental pollution, and lowering dependency on fossil fuels is anticipated to facilitate the expansion of the wind turbine pitch system market size in Asia Pacific.
The wind turbine pitch system market analysis is carried out by identifying and evaluating key players in the market across different region. Siemens Gamesa Renewable Energy S.A; General Electric Company; Emerson, OAT GmbH; Nidec Industrial Solutions; Vestas Wind Systems A/S; ABB Ltd.; Parker Hannifin; Moog Inc.; KEBA AG; and KEB Automation KG are a few major players profiled in the wind turbine pitch system market report. Product innovation, geographical expansion and merger and acquisition are some of the prime business strategies adopted by the major players operating in the market.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com