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Rising Demand for Energy Generation through Renewable Sources Boosts Growth in Wind Power Converter Systems Market

The rising requirement for effectively substituting the traditional energy generation sources, including gas, coal, and fossil fuels with sustainable and renewable energy sources is one of the most important drivers for the global wind power converter systems market. Furthermore, the growth within the global wind power converter systems market is also driven by the increasing adoption of wind energy to generate electricity. Additionally, high demand for electricity generated from renewable sources, such as wind, in various industrial processes and sectors.

The COVID-19 pandemic caused a sluggish growth in the global wind power converter systems market. This trend can be attributed to the rising demand for energy observed all over the world during this period. While the shutting down of the industrial and commercial industries and sectors lowered the overall demand for electricity, the majority of global population was stranded at their homes and generated high demand for energy. However, alike every other industry vertical on the planet, the disruption in the transportation and supply chains also adversely impacted the development and growth in the global wind power converter systems market. One of the major drawbacks noticed in the landscape of the global wind power converter systems market over the period of the pandemic is the insufficiency of various raw materials.

Players in Wind Power Converter Systems market Focused on New Product Development

The landscape of the global wind power converter systems market is considered to be highly competitive, owing to the widespread presence of several leading and incumbent industry players and manufacturers – both international, with multinational presence as well as several well-trenched regional or local manufacturers and players. Few of the most prominent manufacturers and players, operational in the landscape of the global wind power converter systems market include Alstom, Emerson Network Power Co., Ltd., Sungrow Power Supply Co., Ltd., Siemens AG, ABB, AMSC Windtec USA Suzhou, and Schneider, among others.

The leading incumbent manufacturers and players operational in the landscape of the global wind power converter systems market are focused on the development of new products in order to attract more and more consumers. The rising installation rates of these systems in the global wind power converter systems market around the world is driving the growth in the industry and aiding the industry players in enhancing their share. The manufacturers and players in the global wind power converter systems market are now focusing on integrating and adopting new technologies that can prove to be helpful in enhancing the performance of wind power converters. Several players in the global wind power converter systems market are also using new technologies to develop and market new and unique techniques for manufacture of turbine blades.

Asia Pacific Leads the Wind Power Converter Systems Market

The manufacturers and players operational in the global wind power converter systems market offer various types of products, including full wind power converter as well as partial wind power converters, and the doubly fed wind power converter. These products in the global wind power converter systems market are used for two major applications, namely, electricity generation as well as induction generators, among others. Major end users for these products and solutions in the global wind power converter systems market include industrial, residential, and commercial.

Geographically, the Asia Pacific region is expected to lead the global wind power converter systems market in terms of demand within the next few years. This trend can be attributed to the rising demand for new wind power converter systems installations from various economies in the Asia Pacific region. Some other major drivers for the growth and expansion of the global wind power converter systems market in Asia Pacific region include rising focus by regional governments on usage of renewable energy sources as well as the increasing concerns pertaining to the environmental protection and conservation.

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