According to the research report titled ‘Global Wind Power Converter Market Size study, by Type (Partial Converter, Full Converter) by Application (Onshore, Offshore) and Regional Forecasts 2020-2027‘, available with Market Study Report, global wind power converter market is expected to amass significant revenues over 2020-2027.
 

Increasing number of wind turbine projects worldwide and rising demand of power generation in emerging economies are the major factors driving the growth of global wind power converter market. In fact, a Danish wind turbine manufacturer, Vestas signed a supply order of 226 MW to Russia in June 2020. As per the contract, V126-4.2 MW wind turbines are be supplied to 5 wind farms in Russia.
 

Notably, wind power converter systems are utilized for adjusting the frequency and voltage of the wind turbine generator as per the electrical grid requirement. These converters contain line filters and transformers to step-up the voltage level and enhance the quality of power.

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Increasing public and private sector investments to support the implementation of renewable energy sources are expected to contribute to the market growth. Although, factors like availability of alternative sources of energy and high initial investment requirements are expected to restrain the industry outlook. Despite that, surging research & development of new products with higher efficiency is poised to create ample opportunities for the growth of global wind power converter market.
 

Based on type, global wind power converter market is segmented into partial converter and full converter. With regards to application spectrum, the industry is classified into onshore and offshore.
 

Speaking of regional landscape, global wind power converter market is classified into Asia Pacific, Europe, North America, Latin America, and rest of the world. North America held majority industry share in the recent past, owing to consumer cognizance for renewable energy and favorable government norms & subsidiaries in the region.
 

Whereas, Asia-Pacific wind power converter market is estimated to exhibit strong growth trends during 2020-2027, mainly due to rising demand for power and growing investments towards wind power generation in the region.
 

Key players operating in global wind power converter market includes Schneider Electric SE, ABB Ltd., Beijing Etechwin Electric Co. Ltd., Enercon GmbH, REnergy Electric Tianjin Ltd., General Electric Company, Emerson Electric Co., NARI Technology Development Limited Company, American Superconductor AMSC, and Siemens Gamesa Renewable Energy S.A.