The global wind power converter system market Size is estimated to register 9.4% growth over the forecast period from 2023 to 2030.
The wind power converter system market is being driven by several key factors. The global push to achieve renewable energy targets and combat climate change has made wind power a critical component, increasing the demand for converter systems. Government incentives, including tax credits and subsidies, further boost this market. Advances in technology and economies of scale have reduced the cost of wind power generation, making it competitive with conventional sources. Growing environmental concerns and a desire for clean energy sources have also fuelled demand. Additionally, wind power contributes to energy security and grid stability, leading to the development of advanced converter systems. The wind power industry is witnessing the continual increase in turbine size, necessitating more advanced converter systems. Digitalization and IoT are being adopted for remote monitoring and optimization. Energy storage integration, hybrid systems combining various energy sources, and grid-friendly converters are on the rise. Offshore wind farms are becoming more prevalent, requiring specialized converters. Advancements in power electronics, such as wide-bandgap semiconductors, are enhancing efficiency. Lastly, sustainability and recycling initiatives are promoting the development of converter systems with a circular economy focus, emphasizing component reuse and recycling.
The Wind Power Converter Systems Market is experiencing substantial growth, largely attributed to the global government incentives in place. These incentives serve as powerful catalysts, propelling the adoption of wind power converter systems worldwide. Governments around the globe are keen on promoting renewable energy sources, and wind power is a significant component of their sustainable energy agendas. Through various subsidies, tax credits, and regulatory support, governments are actively encouraging the development and deployment of wind power converter systems. This has not only attracted investments from renewable energy companies but has also boosted research and development efforts in the sector. As a result, the wind power converter systems market is on a steady trajectory of expansion, contributing significantly to the transition towards cleaner and more sustainable energy sources.
The surge in demand for harnessing more wind energy is being driven by the increasing sizes of wind turbines. As technology advances, turbines are growing taller and more powerful, allowing them to capture higher wind speeds at elevated altitudes. This trend is revolutionizing the renewable energy sector by significantly increasing energy output and efficiency. Larger turbines not only generate more electricity but also make wind energy a viable option in regions with lower wind resources. Additionally, their scalability and cost-effectiveness are making wind energy a more attractive investment, further accelerating the transition towards a cleaner and sustainable energy future. This shift is not only beneficial for the environment but also opens up new opportunities in the renewable energy market.
The market is currently experiencing growth due to the continuous advancements in power electronics technology. These innovations are reshaping various industries by enhancing efficiency and performance across the board. Power electronics are finding applications in renewable energy systems, electric vehicles, consumer electronics, and industrial automation, among others. Improved power conversion and control techniques are optimizing energy utilization, reducing wastage, and ultimately leading to cost savings for businesses and consumers alike. As the power electronics sector continues to evolve, it promises to play a pivotal role in shaping a more sustainable and efficient future for our increasingly electrified world.
These systems, falling under the category of variable-speed variable-pitch (VSP) wind power converters, leverage a wound-rotor induction generator (WRIG) to efficiently transform variable mechanical energy from wind turbines into electrical power for grid integration. DF wind power converters offer several advantages, including superior energy efficiency, especially at low wind speeds, improved power quality through reactive power support to the grid, and a reduction in mechanical stress on wind turbines, notably by minimizing torque ripple. These systems find widespread application in both onshore and offshore wind farms, with their popularity particularly evident in onshore installations, where they facilitate the seamless integration of wind energy into the grid.
Onshore wind power constitutes the production of electricity through land-based wind turbines, boasting maturity and extensive deployment, representing over 90% of the global wind power capacity. In contrast, offshore wind power, generated from turbines located at sea, is an emerging market that remains in its nascent stages. The dominance of onshore wind power is underpinned by its cost-effectiveness, as it is typically more affordable to install and maintain than offshore counterparts. Moreover, onshore wind technology has a proven track record and is considered more mature than offshore alternatives, while permitting processes are generally more streamlined, making it easier to obtain the necessary approvals for onshore wind projects.
The dominance is due to the substantial demand from power generation companies and manufacturing plants aiming to fulfil their energy requirements. These industrial users prioritize reliability, efficiency, and cost-effectiveness in wind power converter systems that can seamlessly integrate into their existing energy infrastructure. These systems tend to be larger and more intricate than those for residential use, necessitating specialized expertise for installation and maintenance. While the residential sector is a growing market for these systems, it currently remains smaller in scale compared to the industrial segment.
Notably, countries like China, India, and Japan are witnessing a surge in government support for wind energy initiatives, aligning with global sustainability goals. Simultaneously, a rising appetite for renewable energy among both businesses and consumers fuels this sector's expansion. The region boasts plentiful wind resources, providing a robust foundation for wind power generation. Leading the pack, China spearheads Asia Pacific's wind power converter system market, with substantial investments driven by emissions reduction and renewable energy targets. Additionally, India, Japan, and South Korea emerge as significant players in this thriving market.
By Type
By Application
By End-User
By Region
Leading Companies profiled in the study include-
*List not exhaustive
Wind power converter system Market Outlook 2023
1 Market Overview
1.1 Introduction to the Wind power converter system Market
1.2 Scope of the Study
1.3 Research Objective
1.3.1 Key Market Scope and Segments
1.3.2 Players Covered
1.3.3 Years Considered
2 Executive Summary
2.1 2023 Wind power converter system Industry- Market Statistics
3 Market Dynamics
3.1 Market Drivers
3.2 Market Challenges
3.3 Market Opportunities
3.4 Market Trends
4 Market Factor Analysis
4.1 Porter’s Five Forces
4.2 Market Entropy
4.2.1 Global Wind power converter system Market Companies with Area Served
4.2.2 Products Offerings Global Wind power converter system Market
5 COVID-19 Impact Analysis and Outlook Scenarios
5.1.1 Covid-19 Impact Analysis
5.1.2 Post-COVID-19 Scenario- Low Growth Case
5.1.3 Post-COVID-19 Scenario- Reference Growth Case
5.1.4 Post-COVID-19 Scenario- Low Growth Case
6 Global Wind power converter system Market Trends
6.1 Global Wind power converter system Revenue (USD Million) and CAGR (%) by Type (2018-2030)
6.2 Global Wind power converter system Revenue (USD Million) and CAGR (%) by Applications (2018-2030)
6.3 Global Wind power converter system Revenue (USD Million) and CAGR (%) by Regions (2018-2030)
7 Global Wind power converter system Market Revenue (USD Million) by Type, and Applications (2018-2022)
7.1 Global Wind power converter system Revenue (USD Million) by Type (2018-2022)
7.1.1 Global Wind power converter system Revenue (USD Million), Market Share (%) by Type (2018-2022)
7.2 Global Wind power converter system Revenue (USD Million) by Applications (2018-2022)
7.2.1 Global Wind power converter system Revenue (USD Million), Market Share (%) by Applications (2018-2022)
8 Global Wind power converter system Development Regional Status and Outlook
8.1 Global Wind power converter system Revenue (USD Million) By Regions (2018-2022)
8.2 North America Wind power converter system Revenue (USD Million) by Type, and Application (2018-2022)
8.2.1 North America Wind power converter system Revenue (USD Million) by Country (2018-2022)
8.2.2 North America Wind power converter system Revenue (USD Million) by Type (2018-2022)
8.2.3 North America Wind power converter system Revenue (USD Million) by Applications (2018-2022)
8.3 Europe Wind power converter system Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)
8.3.1 Europe Wind power converter system Revenue (USD Million), by Country (2018-2022)
8.3.2 Europe Wind power converter system Revenue (USD Million) by Type (2018-2022)
8.3.3 Europe Wind power converter system Revenue (USD Million) by Applications (2018-2022)
8.4 Asia Pacific Wind power converter system Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)
8.4.1 Asia Pacific Wind power converter system Revenue (USD Million) by Country (2018-2022)
8.4.2 Asia Pacific Wind power converter system Revenue (USD Million) by Type (2018-2022)
8.4.3 Asia Pacific Wind power converter system Revenue (USD Million) by Applications (2018-2022)
8.5 South America Wind power converter system Revenue (USD Million), by Type, and Applications (2018-2022)
8.5.1 South America Wind power converter system Revenue (USD Million), by Country (2018-2022)
8.5.2 South America Wind power converter system Revenue (USD Million) by Type (2018-2022)
8.5.3 South America Wind power converter system Revenue (USD Million) by Applications (2018-2022)
8.6 Middle East and Africa Wind power converter system Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)
8.6.1 Middle East and Africa Wind power converter system Revenue (USD Million) by Country (2018-2022)
8.6.2 Middle East and Africa Wind power converter system Revenue (USD Million) by Type (2018-2022)
8.6.3 Middle East and Africa Wind power converter system Revenue (USD Million) by Applications (2018-2022)
9 Company Profiles
10 Global Wind power converter system Market Revenue (USD Million), by Type, and Applications (2023-2030)
10.1 Global Wind power converter system Revenue (USD Million) and Market Share (%) by Type (2023-2030)
10.1.1 Global Wind power converter system Revenue (USD Million), and Market Share (%) by Type (2023-2030)
10.2 Global Wind power converter system Revenue (USD Million) and Market Share (%) by Applications (2023-2030)
10.2.1 Global Wind power converter system Revenue (USD Million), and Market Share (%) by Applications (2023-2030)
11 Global Wind power converter system Development Regional Status and Outlook Forecast
11.1 Global Wind power converter system Revenue (USD Million) By Regions (2023-2030)
11.2 North America Wind power converter system Revenue (USD Million) by Type, and Applications (2023-2030)
11.2.1 North America Wind power converter system Revenue (USD) Million by Country (2023-2030)
11.2.2 North America Wind power converter system Revenue (USD Million), by Type (2023-2030)
11.2.3 North America Wind power converter system Revenue (USD Million), Market Share (%) by Applications (2023-2030)
11.3 Europe Wind power converter system Revenue (USD Million), by Type, and Applications (2023-2030)
11.3.1 Europe Wind power converter system Revenue (USD Million), by Country (2023-2030)
11.3.2 Europe Wind power converter system Revenue (USD Million), by Type (2023-2030)
11.3.3 Europe Wind power converter system Revenue (USD Million), by Applications (2023-2030)
11.4 Asia Pacific Wind power converter system Revenue (USD Million) by Type, and Applications (2023-2030)
11.4.1 Asia Pacific Wind power converter system Revenue (USD Million), by Country (2023-2030)
11.4.2 Asia Pacific Wind power converter system Revenue (USD Million), by Type (2023-2030)
11.4.3 Asia Pacific Wind power converter system Revenue (USD Million), by Applications (2023-2030)
11.5 South America Wind power converter system Revenue (USD Million), by Type, and Applications (2023-2030)
11.5.1 South America Wind power converter system Revenue (USD Million), by Country (2023-2030)
11.5.2 South America Wind power converter system Revenue (USD Million), by Type (2023-2030)
11.5.3 South America Wind power converter system Revenue (USD Million), by Applications (2023-2030)
11.6 Middle East and Africa Wind power converter system Revenue (USD Million), by Type, and Applications (2023-2030)
11.6.1 Middle East and Africa Wind power converter system Revenue (USD Million), by Region (2023-2030)
11.6.2 Middle East and Africa Wind power converter system Revenue (USD Million), by Type (2023-2030)
11.6.3 Middle East and Africa Wind power converter system Revenue (USD Million), by Applications (2023-2030)
12 Methodology and Data Sources
12.1 Methodology/Research Approach
12.1.1 Research Programs/Design
12.1.2 Market Size Estimation
12.1.3 Market Breakdown and Data Triangulation
12.2 Data Sources
12.2.1 Secondary Sources
12.2.2 Primary Sources
12.3 Disclaimer
List of Tables
Table 1 Market Segmentation Analysis
Table 2 Global Wind power converter system Market Companies with Areas Served
Table 3 Products Offerings Global Wind power converter system Market
Table 4 Low Growth Scenario Forecasts
Table 5 Reference Case Growth Scenario
Table 6 High Growth Case Scenario
Table 7 Global Wind power converter system Revenue (USD Million) And CAGR (%) By Type (2018-2030)
Table 8 Global Wind power converter system Revenue (USD Million) And CAGR (%) By Applications (2018-2030)
Table 9 Global Wind power converter system Revenue (USD Million) And CAGR (%) By Regions (2018-2030)
Table 10 Global Wind power converter system Revenue (USD Million) By Type (2018-2022)
Table 11 Global Wind power converter system Revenue Market Share (%) By Type (2018-2022)
Table 12 Global Wind power converter system Revenue (USD Million) By Applications (2018-2022)
Table 13 Global Wind power converter system Revenue Market Share (%) By Applications (2018-2022)
Table 14 Global Wind power converter system Market Revenue (USD Million) By Regions (2018-2022)
Table 15 Global Wind power converter system Market Share (%) By Regions (2018-2022)
Table 16 North America Wind power converter system Revenue (USD Million) By Country (2018-2022)
Table 17 North America Wind power converter system Revenue (USD Million) By Type (2018-2022)
Table 18 North America Wind power converter system Revenue (USD Million) By Applications (2018-2022)
Table 19 Europe Wind power converter system Revenue (USD Million) By Country (2018-2022)
Table 20 Europe Wind power converter system Revenue (USD Million) By Type (2018-2022)
Table 21 Europe Wind power converter system Revenue (USD Million) By Applications (2018-2022)
Table 22 Asia Pacific Wind power converter system Revenue (USD Million) By Country (2018-2022)
Table 23 Asia Pacific Wind power converter system Revenue (USD Million) By Type (2018-2022)
Table 24 Asia Pacific Wind power converter system Revenue (USD Million) By Applications (2018-2022)
Table 25 South America Wind power converter system Revenue (USD Million) By Country (2018-2022)
Table 26 South America Wind power converter system Revenue (USD Million) By Type (2018-2022)
Table 27 South America Wind power converter system Revenue (USD Million) By Applications (2018-2022)
Table 28 Middle East and Africa Wind power converter system Revenue (USD Million) By Region (2018-2022)
Table 29 Middle East and Africa Wind power converter system Revenue (USD Million) By Type (2018-2022)
Table 30 Middle East and Africa Wind power converter system Revenue (USD Million) By Applications (2018-2022)
Table 31 Financial Analysis
Table 32 Global Wind power converter system Revenue (USD Million) By Type (2023-2030)
Table 33 Global Wind power converter system Revenue Market Share (%) By Type (2023-2030)
Table 34 Global Wind power converter system Revenue (USD Million) By Applications (2023-2030)
Table 35 Global Wind power converter system Revenue Market Share (%) By Applications (2023-2030)
Table 36 Global Wind power converter system Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2030)
Table 37 North America Wind power converter system Revenue (USD)By Country (2023-2030)
Table 38 North America Wind power converter system Revenue (USD Million) By Type (2023-2030)
Table 39 North America Wind power converter system Revenue (USD Million) By Applications (2023-2030)
Table 40 Europe Wind power converter system Revenue (USD Million) By Country (2023-2030)
Table 41 Europe Wind power converter system Revenue (USD Million) By Type (2023-2030)
Table 42 Europe Wind power converter system Revenue (USD Million) By Applications (2023-2030)
Table 43 Asia Pacific Wind power converter system Revenue (USD Million) By Country (2023-2030)
Table 44 Asia Pacific Wind power converter system Revenue (USD Million) By Type (2023-2030)
Table 45 Asia Pacific Wind power converter system Revenue (USD Million) By Applications (2023-2030)
Table 46 South America Wind power converter system Revenue (USD Million) By Country (2023-2030)
Table 47 South America Wind power converter system Revenue (USD Million) By Type (2023-2030)
Table 48 South America Wind power converter system Revenue (USD Million) By Applications (2023-2030)
Table 49 Middle East and Africa Wind power converter system Revenue (USD Million) By Region (2023-2030)
Table 50 Middle East and Africa Wind power converter system Revenue (USD Million) By Region (2023-2030)
Table 51 Middle East and Africa Wind power converter system Revenue (USD Million) By Type (2023-2030)
Table 52 Middle East and Africa Wind power converter system Revenue (USD Million) By Applications (2023-2030)
Table 53 Research Programs/Design for This Report
Table 54 Key Data Information from Secondary Sources
Table 55 Key Data Information from Primary Sources
List of Figures
Figure 1 Market Scope
Figure 2 Porter’s Five Forces
Figure 3 Global Wind power converter system Revenue (USD Million) By Type (2018-2022)
Figure 4 Global Wind power converter system Revenue Market Share (%) By Type (2022)
Figure 5 Global Wind power converter system Revenue (USD Million) By Applications (2018-2022)
Figure 6 Global Wind power converter system Revenue Market Share (%) By Applications (2022)
Figure 7 Global Wind power converter system Market Revenue (USD Million) By Regions (2018-2022)
Figure 8 Global Wind power converter system Market Share (%) By Regions (2022)
Figure 9 North America Wind power converter system Revenue (USD Million) By Country (2018-2022)
Figure 10 North America Wind power converter system Revenue (USD Million) By Type (2018-2022)
Figure 11 North America Wind power converter system Revenue (USD Million) By Applications (2018-2022)
Figure 12 Europe Wind power converter system Revenue (USD Million) By Country (2018-2022)
Figure 13 Europe Wind power converter system Revenue (USD Million) By Type (2018-2022)
Figure 14 Europe Wind power converter system Revenue (USD Million) By Applications (2018-2022)
Figure 15 Asia Pacific Wind power converter system Revenue (USD Million) By Country (2018-2022)
Figure 16 Asia Pacific Wind power converter system Revenue (USD Million) By Type (2018-2022)
Figure 17 Asia Pacific Wind power converter system Revenue (USD Million) By Applications (2018-2022)
Figure 18 South America Wind power converter system Revenue (USD Million) By Country (2018-2022)
Figure 19 South America Wind power converter system Revenue (USD Million) By Type (2018-2022)
Figure 20 South America Wind power converter system Revenue (USD Million) By Applications (2018-2022)
Figure 21 Middle East and Africa Wind power converter system Revenue (USD Million) By Region (2018-2022)
Figure 22 Middle East and Africa Wind power converter system Revenue (USD Million) By Type (2018-2022)
Figure 23 Middle East and Africa Wind power converter system Revenue (USD Million) By Applications (2018-2022)
Figure 24 Global Wind power converter system Revenue (USD Million) By Type (2023-2030)
Figure 25 Global Wind power converter system Revenue Market Share (%) By Type (2030)
Figure 26 Global Wind power converter system Revenue (USD Million) By Applications (2023-2030)
Figure 27 Global Wind power converter system Revenue Market Share (%) By Applications (2030)
Figure 28 Global Wind power converter system Market Revenue (USD Million) By Regions (2023-2030)
Figure 29 North America Wind power converter system Revenue (USD Million) By Country (2023-2030)
Figure 30 North America Wind power converter system Revenue (USD Million) By Type (2023-2030)
Figure 31 North America Wind power converter system Revenue (USD Million) By Applications (2023-2030)
Figure 32 Europe Wind power converter system Revenue (USD Million) By Country (2023-2030)
Figure 33 Europe Wind power converter system Revenue (USD Million) By Type (2023-2030)
Figure 34 Europe Wind power converter system Revenue (USD Million) By Applications (2023-2030)
Figure 35 Asia Pacific Wind power converter system Revenue (USD Million) By Country (2023-2030)
Figure 36 Asia Pacific Wind power converter system Revenue (USD Million) By Type (2023-2030)
Figure 37 Asia Pacific Wind power converter system Revenue (USD Million) By Applications (2023-2030)
Figure 38 South America Wind power converter system Revenue (USD Million) By Country (2023-2030)
Figure 39 South America Wind power converter system Revenue (USD Million) By Type (2023-2030)
Figure 40 South America Wind power converter system Revenue (USD Million) By Applications (2023-2030)
Figure 41 Middle East and Africa Wind power converter system Revenue (USD Million) By Region (2023-2030)
Figure 42 Middle East and Africa Wind power converter system Revenue (USD Million) By Region (2023-2030)
Figure 43 Middle East and Africa Wind power converter system Revenue (USD Million) By Type (2023-2030)
Figure 44 Middle East and Africa Wind power converter system Revenue (USD Million) By Applications (2023-2030)
Figure 45 Bottom-Up and Top-Down Approaches For This Report
Figure 46 Data Triangulation
By Type
By Application
By End-User
By Region