Wind Turbine Pitch System Market Outlook and Strategic Insights by 2030

[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

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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.

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.

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.

Wind Turbine Pitch System Market Regional Insights

The regional trends and factors influencing the Wind Turbine Pitch System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Wind Turbine Pitch System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Wind Turbine Pitch System Market Report Scope

Wind Turbine Pitch System Market Players Density: Understanding Its Impact on Business Dynamics

The Wind Turbine Pitch System Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Wind Turbine Pitch System Market are:

1. Emerson
2. DHI DCW Group
3. Nidec Industrial Solutions
4. ABB Ltd.
5. Parker Hannifin

Disclaimer: The companies listed above are not ranked in any particular order.

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: