Research Nester released report titled “GlobalWind Turbine Pitch System Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global wind turbine pitch system market in terms of market segmentation by type, by application and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Wind energy is classified under clean energy as it generates electricity without any negative impact on environment. The wind turbines harmlessly generate electricity from wind passing by and it is far more ecofriendly than the burning of fossil fuels for electricity. The global wind turbine pitch system market is segmented by type into hydraulic pitch system and electrical pitch system; by application type into offshore and onshore.
The wind turbine pitch system market is anticipated to record a CAGR of 2.1% over the forecast period i.e. 2019-2027. This market is anticipated to grow steadily based on increased awareness about the usage of renewable energy. Increase in demand of power supply throughout the globe is another notable factor behind the growth of the market.
With countries such as China and India experiencing high rate of industrialization and urbanization, Asia Pacific is anticipated to account for major share in the wind turbine pitch system market. Additionally, the region has high wind power installed capacity in the world. The market in North America and Europe is estimated to holdsignificant share owing to favorable climatic conditions in these regions. Moreover, consumption of wind power is estimated to be high in Europe in the near future.
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Awareness Towards Utilizing Renewable Energy
Without any adverse effects on environment, the wind turbine uses wind as its raw material to generate electricity. Moreover, the maintenance cost of wind turbine is negligible. Majority of the countries are signatories to international protocols under United Nations Framework Convention on Climate Change (UNFCCC) in which they have to develop clean energy mechanism to support reduction of greenhouse gases. The rising awareness about the benefits of using renewable energy is the driving force behind the growthof wind turbine pitch system market.
Global Demand for Electricity
With rapid industrialization and urbanization, the demand for power supply has increased many folds in last few years. Additionally, wind turbines play a key role in supplying electricity to remote areas. The rising rate of power consumption is driving the demand for power supply across the world. These are the significant factors that are anticipated to support the growth of the market in upcoming years.
However, the high installation cost associated with wind turbines might hinder the growth of the market during the forecast period.
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