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The Light Detection and Ranging (LIDAR) Systems Market for Wind Industry size is projected to increase by USD 203.43 million, at a CAGR of 12.35% between 2023 and 2028. The growth rate of the market depends on several factors, including the increase in tower hub height, and the need for effective turbine performance management, and the growing adoption of LIDAR technology. A light detection and ranging (LIDAR) system is a remote-sensing device used in the wind industry to measure wind curves. These systems are considered a potential alternative for met masts as they help increase annual energy production (AEP), reduce operational and maintenance costs, and optimize the performance of wind turbines.
The report includes a comprehensive outlook on the Light Detection and Ranging Systems Market for Wind Industry, offering forecasts for the industry segmented by Product, which comprises ground mounted lidar systems and nacelle mounted lidar systems. Additionally, it categorizes Component into laser, scanner, navigation system, and others, and covers Regions, including North America, Europe, APAC, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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The need for effective turbine performance management is the key factor driving market growth. Certain factors in wind power generation are not in the operators' control. These factors have a significant impact on the power that is generated. A yaw misalignment can also adversely affect the performance of a wind power plant and can lead to the uneven flow of wind, causing the rotor to spin in one direction and immediately slow down at the opposite end. This will result in a drop in the performance of the rotor and will put stress on the turbine equipment, which can lead to the failure of the turbine.
Furthermore, a nacelle mounted LIDAR system can help identify the misalignment and transmit the data to the sensor to correct the alignment, which will allow wind farm operators to improve their annual energy production. Once the correction factor is applied to the entire wind farm, the potential savings will be greater. Hence, the need for effective turbine performance management is expected to fuel the growth of the market during the forecast period.
An increase in the number of offshore wind installations is the primary trend shaping market growth. The number of offshore wind energy plants is less when compared to onshore wind power plants. However, countries across the globe are investing in the installation of offshore wind farms. Offshore wind farms are associated with some challenges such as high cost of installation, high complexity, and expensive maintenance operations. Align with market trends and analysis, according to the GWEC, in March 2020, 6.1 GW of offshore wind capacity was added to the mix in 2019, a record year for the industry and an impressive 35.5% increase over the previous year, during which 4.5 GW of capacity was installed.
Additionally, some steps to reduce the cost of offshore wind turbines include, encouraging competition and deploying large turbines, handling supply chain challenges, and increasing the number of turbine installations. Further, countries such as the US, China, Japan, South Korea, and India are also expected to start offshore wind projects. Thus, the global increase in the number of offshore installations is expected to drive the growth of the market during the forecast period.
The high cost of implementation of LIDAR systems is a challenge that affects market growth. Offshore wind farms require higher investments when compared with other renewable sources of energy. They are expensive in every aspect, starting from the turbine and its components, which must be protected to withstand harsh weather conditions, to power connections and networks and reinforced foundations that hold the turbine to the seabed. Conditions at the depth of the seabed and water determine the size of wind turbines and the type of foundation required to be constructed and installed, which influences the CAPEX of offshore wind projects.
Also, other factors that influence the cost of such projects include the length of electrical interconnection cables. The type of offshore wind cables used underwater varies based on the distance between the sea and the shore. Underwater topology increases with the complexity of the installation. Additionally, dependent power developers face the task of raising funds, which is likely to reduce the number of offshore wind turbine installations. Hence, the high cost of installations will have a direct negative impact on the offshore market and consequently lead to a decline in the growth of the market during the forecast period.
The ground mounted LIDAR systems segment will be significant during the forecast period. The light detection and ranging systems market for wind industry dominance of ground mounted LIDAR systems is mainly owing to the increasing installations in onshore wind farms. Ground mounted LIDAR systems are portable and require no planning permission before installation. These LIDAR systems can survey multiple turbine locations with a single deployment and provide accurate wind measurements.
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The ground mounted LIDAR systems segment showed a gradual increase in the market share of USD 105.63 million in 2018. The operations of ground mounted LIDAR systems include onshore applications where LIDAR systems are deployed on the ground or on a stable structure and offshore applications where these systems are deployed on a met mast platform or floating LIDAR platform. Thus, the ground mounted LIDAR systems segment will experience accelerating growth due to ease of installation and a rise in the number of new wind projects approved globally, which in turn will boost the growth of the light detection and ranging (LIDAR) systems market for wind industry during the forecast period.
Laser-based LIDAR systems provide highly accurate measurements of wind speed, direction, and turbulence at various altitudes. Laser-based LIDAR systems allow for remote sensing of wind conditions without the need for tall meteorological towers. This enables more flexible and cost-effective wind resource assessments, as the LIDAR units can be deployed at multiple locations across a site, providing a comprehensive understanding of the wind profile. Also, laser-based LIDAR systems provide real-time data on wind conditions, allowing for immediate adjustments in turbine operations to maximize energy capture. Thus, such factors will drive the growth of the laser segment and strengthen the growth of the LIDAR systems market for wind industry during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period.
Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The number of wind energy installations is expected to increase considerably in the region, especially in the US. Mexico and Canada are also planning to increase their wind energy installations. This will drive the growth of the LIDAR systems market for wind industry in North America. Additionally, wind energy installations are expected to increase considerably in the region, driven by the growing demand for renewable energy sources for power generation.
Furthermore, the US has several wind projects in the pipeline, which are expected to commence during the forecast period. LIDAR systems for the wind industry are considered a cost-saving alternative to meet mast towers. LIDAR systems for the wind industry are used for wind turbine optimization wherein the underperforming turbines are calibrated according to the wind flow direction, thus identifying and correcting the yaw misalignment. Hence, such factors are expected to drive the light detection and ranging systems market for wind industry growth in this region during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028
LIDAR Systems Market for Wind Industry Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.35% |
Market Growth 2024-2028 |
USD 203.43 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
11.87 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 37% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aeva Inc., Analog Devices Inc., ESCO Technologies Inc., Fred. Olsen Ocean AS, Hexagon AB, John Wood Group PLC, Lockheed Martin Corp., LUMIBIRD SA, MGW TRADE and SERVICE PTY LTD., Mitsubishi Electric Corp., Pepperl and Fuchs SE, Quanergy Systems Inc., SICK AG, Teledyne Technologies Inc., Trimble Inc., Vaisala Oyj, Valeo SA, Velodyne Lidar Inc., and Windar Photonics Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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