Wind Turbine Pitch System Market Trends, Share, Growth 2030

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

Publication Month : Mar 2024

  • Report Code : TIPRE00015355
  • Category : Energy and Power
  • Status : Data Released
  • No. of Pages : 150
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[Research Report] Wind Turbine Pitch System Market is anticipated 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.

Analyst Perspective:

The wind turbine pitch system market trends are likely to provide novel solutions to meet the growing demand for electricity. Rising energy demand and growing focus on energy transition to clean alternatives are expected to propel the need for wind power plants during the forecast period. Energy demand worldwide is increasing due to population outbursts and increasing industrialization. Various countries are seeking diverse and reliable energy sources to decrease their dependence on fossil fuels and ensure a stable energy supply. Thus, the rise in demand for clean electricity, along with the carbon emission reduction targets by governments across the globe, is expected to fuel the wind turbine pitch system market growth from 2022 to 2030.

Market Overview:

The wind turbine pitch system market report includes an assessment of the market performance in different regions. The wind turbine pitch system is one of the major parts of the overall wind turbine components. The pitch system predominantly adjusts the angle of the wind turbine's blades as per the wind direction and flow and controls the rotor speed. Growing population, increasing urbanization, and expanding energy demand are driving the requirement for alternative energy sources to meet the increasing need for energy globally. Wind energy is one of the feasible 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.

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Wind Turbine Pitch System Market: Strategic Insights

wind-turbine-pitch-system-market
Market Size Value inUS$ 2,775.15 million in 2022
Market Size Value byUS$ 6,103.48 million by 2030
Growth rateCAGR of 10.4% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Market Driver:

Government Initiatives to Boost Green Energy Production

The wind turbine pitch system market size is likely to surge by 2030 owing to increasing urbanization, growing population, and the rising need to focus on net zero carbon emission. Various nations in North America, Europe, and Asia Pacific are investing heavily to reduce their carbon footprint. In 2022, China's total power sector emissions were five times higher in 2022 than in 2000. Thus, the demand for renewable energy increased significantly. As a result, government initiatives and investments for the development and adoption of renewable energy increased. For instance, in 2023, the US government announced a US$ 11 billion investment for research and development activities in the clean energy area. In 2023, Germany announced plans to invest US$ 63 billion in green energy for 2024, a 60% increase over 2023 spending targets. In 2023, the Indian Ministry of New and Renewable Energy announced a new auction process for wind power generation plants. Under a new auction mechanism, the government will invite bids for 8 GW wind power projects per year from 2023 to 2030 to boost the renewable energy sector. At the United Nations Biodiversity Conference 2023, the Chinese Government announced plans to build 400 GW of wind and solar energy plants.

In 2023, the UAE opened its first commercial 104 MW wind project. Such government initiatives and investments drive the wind energy industry, thereby fueling the wind turbine pitch system market. Thus, the increasing government inclination toward renewable energy and mitigating carbon emissions is a major factor aiding the growth of the wind turbine pitch system market. Countries are majorly focusing on increasing the share of diverse and reliable energy resources to lower their dependency on fossil fuels, ensuring a stable energy supply for economic growth and national energy security.

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Segmental Analysis:

Based on type, the global wind turbine pitch system market is bifurcated into hydraulic pitch systems and electric pitch systems. Application and maintenance convenience and easy availability of spare parts are boosting the hydraulic pitch system market. Based on plant capacity, the global wind turbine pitch system market is classified into Less than 10 MW and Above 10 MW. Factors such as increasing focus on promoting renewable energy sources to reduce greenhouse emissions and rising demand for clean energy are the major market trends for the wind turbine pitch system market. Based on deployment type, the global wind turbine pitch system market is classified into onshore and offshore. Factors such as lower gaseous emissions and low maintenance costs compared to offshore farms are anticipated to fuel the growth of onshore wind turbine plant over the forecast period. Onshore wind farms can be constructed in months, allowing wind farm owners to make revenue as soon as possible. Further, public and private investments in renewable energy, especially in onshore wind, have driven the wind turbine pitch system market. The increasing electricity demand owing to the rising population and rapid industrialization boosts the demand for renewable energy sources, which is projected to accelerate the wind turbine pitch system market growth from 2022 to 2030.

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Regional Analysis:

Geographically, the scope of the wind turbine pitch system market report covers North America (the US, Canada, and Mexico), Europe (France, Italy, Germany, the 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). According to The Insight Partners estimates, in 2022, Asia Pacific registered the highest wind turbine pitch system market share of 51.1% and is expected to register a CAGR of 10.6% during 2022–2030. The rise in industrialization and the increasing number of wind plants among different nations are 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 in Asia Pacific.

Europe was the 2nd largest region in the new capacity additions in the world, with total wind power capacity additions of more than 19 GW in the year 2022. 87% of the new wind installations in Europe in 2022 were onshore wind. Countries that dominate onshore wind power are Sweden, Germany, and Turkey. The UK registered the highest number of new wind installations, accounting for most of the new offshore wind installations.

North America constitutes major economies such as the US, Canada, and Mexico. The North America wind industry is expected to register remarkable growth owing to stringent government regulations, favorable policies, and increasing investment in wind power projects. In North America, the growing consumer awareness toward sustainability goals and the role of renewable energy and wind energy are expected to increase wind power installations in the region, which is propelling the wind turbine pitch system market growth.

Key Player Analysis:

Contributions and market initiatives of key players such as Siemens Gamesa Renewable Energy S.A; Emerson; OAT GmbH; General Electric Company; Nidec Industrial Solutions; Vestas Wind Systems A/S; ABB Ltd.; Parker Hannifin; Moog Inc.; KEBA AG; KEB Automation KG are influencing the wind turbine pitch system market growth in the region. In addition, numerous other important wind turbine pitch system market participants have been studied and analyzed during the study to get a holistic view of the wind turbine pitch system market and its ecosystem.

Recent Developments:

Inorganic and organic strategies are highly adopted by companies in the global wind turbine pitch system markets. As per company press releases, a few recent developments by the key players are listed below:

Year

News

Country

2023

Vestas Wind Systems A/S has secured an 186MW wind turbine contract from the Nordic energy company Ilmatar.

Europe

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Plant Capacity, Deployment Type, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What are reasons behind the wind turbine pitch system market growth?

Rise in demand for power generation from zero carbon emitting sources, rise in establishment of wind power plants, rise in awareness towards energy security are contributing to the growth of the wind turbine pitch system market.

What are market opportunities for the wind turbine pitch system market?

Ongoing research and innovation on advanced wind turbine component types in potential countries such as U.S., France, India, Brazil, Japan, and China where the adoption of the above-mentioned technology is maturing at a significant rate is expected to be the key opportunity in the market.

Which region to dominate the wind turbine pitch system market in the forecast period?

Regions such as Asia-Pacific, Europe and North America will boost the growth of the wind turbine pitch system market during the forecast period. This growth is owing to the rise in investment on construction of wind power plant facilities in the regions.

What is the future trend for the wind turbine pitch system market?

Key role of wind power in future energy transition is anticipated to stimulate the wind turbine pitch system market growth in the coming years.

Who are the major vendors in the wind turbine pitch system market?

Siemens Gamesa Renewable Energy S.A, Emerson, OAT GmbH, General Electric Company, Nidec Industrial Solutions, Vestas Wind Systems A/S, ABB Ltd., Parker Hannifin, Moog Inc., KEBA AG, KEB Automation KG are the key market players operating in the global wind turbine pitch system market.

The List of Companies - Wind Turbine Pitch System Market

  1. Emerson
  2.  DHI DCW Group
  3. Nidec Industrial Solutions
  4. ABB Ltd.
  5.  Parker Hannifin
  6. Moog Inc.
  7. KEBA AG
  8.  KEB Automation KG
  9. Siemens Gamesa Renewable Energy, S.A
  10. General Electric Company
  11. Suzlon Energy Limited
  12. Nordex SE
  13. ENERCON GmbH
  14. Vestas Wind Systems A/S
  15. Goldwind 
  16. Shanghai Electric
  17. Hitachi Ltd.
  18. EEW Group 

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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