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Global Wind Turbine Components Market
Frost & Sullivan, Aug 2009, Pages: 53
The wind turbine components market has received considerable attention and investment for over the current years as a consequence of the rising energy demand and climate change problems. The success of wind power now hinges on the performance and successful demonstrations of their technologies, and the availability of federal and states incentives.The present research service analyzed the wind turbine components markets along with the revenues forecasts. Supported by identifying the drivers and restraints, as well as technology trends.
This Frost & Sullivan research service titled Global Wind Turbine Components Market provides an in-depth analysis of market drivers and restraints, industry structure, and competitive environment, besides dealing with the challenges and issues that market participants are facing. In this research, Frost & Sullivan's expert analysts thoroughly examine the rotor blade, tower, drive train systems, electrical and control components, and balance of system.
Market Overview
Need for Energy Security and Independence Encourages Investment in the Global Wind Turbine Components Market
The global wind turbine components market is growing steadily and it would be challenging to fulfill rising demand. However, the extent to which the technology will develop, particularly onshore wind, remains to be seen as wind power technology can be considered to be entering its maturity phase. The world wind turbine components market is anticipated to grow at a compound annual growth rate (CAGR) of 13.4 percent from 2008 to 2015 to reach revenues of $90,615 million at the end of this period. The market witnessed component shortages from 2006 to 2008 in a number of key supply chain areas owing to demand pressure from the wind power industry and other sectors utilizing wind turbine components. This resulted in delays in component shipment and reduction in quality. Moreover, raw material prices have witnessed an upswing, further complicating the problem of component shortage. Manufacturers have been pushing prices higher to sustain profitability.
With energy demand continuing on an upward trajectory, supplies of the main fossil fuels used in power generation are becoming more expensive and more difficult to extract. Owing to this, some of the major economies of the world are increasingly relying on imported fuel at unpredictable costs. Trends indicate that countries are striving to boost domestic supplies to promote greater self-sufficiency and national security. Concerns over environment protection are escalating and Governments are providing support mechanisms and funding programs that include incentives such as soft loans, tax benefits, subsidies and green certificates to boost market momentum. 'Natural gas prices are expected to soar after the economic recovery and as electricity prices from conventional energy generation rise, renewable energy is rapidly being drawn into the spotlight,' notes the analyst of this research service. 'The volatility of fuel prices has impacted investments in natural gas power plants and stringent pollution standards are hiking up the cost of generation from coal, opening up new avenues of opportunity for wind energy systems.'
Going forward, wind power is poised for a demand upswing and participants must step up to the plate to fulfill rising demand. However, attempts to up-scale turbine size and achieve improved sophistication of turbine design have contributed to the high costs of turbine generators. According to the Department of Energy of the United States, wind turbine generators (WTG) prices have increased by 9 percent or about $90 per kW from 2007 to 2008. The global economic downturn too has cast its shadow over the market. 'The incapacity or reluctance of financial institutions to provide debt finance is restraining new project initiation, especially those of substantial size that necessitate higher investment and finance, for instance, offshore installations,' says the analyst. 'To be successful in this arena, participants must ramp up their offerings, providing maximum efficiency, reliability, grid compatibility, noise reduction, aerodynamic performance, and high productivity for low wind speeds.'
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