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The LIDAR systems market share for wind industry is expected to increase by USD 573.17 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.13%.
This LIDAR systems market for wind industry research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers LIDAR systems market for wind industry segmentation by product (ground-mounted LIDAR systems and nacelle-mounted LIDAR systems) and geography (North America, Europe, APAC, Middle East and Africa, and South America). The LIDAR systems market for wind industry report also offers information on several market vendors, including Epsiline, FARO Technologies Inc., Hexagon AB, Lockheed Martin Corp., Mitsubishi Electric Corp., NRG Systems, OPTOATMOSPHERICS Inc., RIEGL Laser Measurement Systems GmbH, SgurrEnergy Ltd, Teledyne Technologies Inc., Trimble Inc., Vaisala Oyj, Windar Photonics Plc, and Zephir Ltd. among others.
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The increase in the hub height is notably driving the LIDAR systems market growth for wind industry, although factors such as high cost of implementation may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the LIDAR systems market for wind industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key LIDAR Systems Market Driver for Wind Industry
One of the key factors driving the global light detection and ranging (LIDAR) systems market growth for wind industry growth is the increase in the hub height. The increase in the tower height is leading to high investments in wind power projects, thus making wind source assessments even more critical in determining the profitability of a wind farm. The assessment is performed using a large meteorological mast. The met mast height also needs to be increased to measure the wind as the height increases. According to the IEC 61400-12-1 standard, met masts must be located between 2D and 4D (D represents the distance of X times the rotor diameter). This becomes a challenge under complex terrains, especially in offshore wind generation, which escalates the cost of installing wind power plants. The challenges posed by met masts have resulted in a desire to measure the wind speed directly from the wind turbine, which will fuel the adoption of LIDAR systems for wind industry during the forecast period.
Key LIDAR Systems Market Trend for Wind Industry
Increase in the number of offshore wind installations is one of the key LIDAR systems market trends for wind industry that is expected to impact the industry positively in the forecast period. 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. In addition, 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 in focus during the forecast period.
Key LIDAR Systems Market Challenge for Wind Industry
One of the key challenges to the global light detection and ranging systems market growth for wind industry growth is the high cost of implementation. Offshore wind farms 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. In addition, underwater topology increases with the complexity of the installation. Moreover, independent power developers face the task of raising funds, which is projected to reduce the number of offshore wind turbine installations. Thus, the high cost of installations may have a direct impact on the offshore market and consequently lead to the decline in demand for LIDAR systems in the wind industry during the forecast period.
This LIDAR systems market for wind industry analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global LIDAR systems market for the wind industry as a part of the global electronic equipment and instruments market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the LIDAR systems market for wind industry during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the LIDAR systems market for wind industry encompasses successful business strategies deployed by the key vendors. The LIDAR systems market for wind industry is fragmented and the vendors are deploying organic and inorganic growth strategies such as to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The LIDAR systems market for wind industry forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the LIDAR systems market for wind industry, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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37% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for LIDAR systems for wind industry in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The significant increase in the investment in renewable power by countries such as China, India, and Japan, to meet their rising energy demand will facilitate the LIDAR systems market for wind industry growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the market witnessed slow growth due to the COVID-19 outbreak. Countries such as China, India, and Japan have been severely affected by the pandemic. As of March 9, 2022, the total number of COVID-19 cases in China, India, and Japan was 0.65 million, 42.97 million, and 5.48 million, respectively. However, the introduction of COVID-19 vaccines led to the resumption of industrial activities in 2021. This increased the demand for LIDAR systems in the region. Such factors are expected to drive the growth of the regional market during the forecast period.
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The LIDAR systems market share growth for wind industry by the ground-mounted LIDAR systems segment will be significant during the forecast period. Ground-mounted LIDAR systems are comparatively easy to deploy and provide accurate wind measurements with increased efficiency than met masts and nacelle-mounted LIDAR systems. This will drive the segment growth in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the LIDAR systems market size for wind industry and actionable market insights on post COVID-19 impact on each segment.
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LIDAR Systems Market Scope for Wind Industry |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.13% |
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Market growth 2022-2026 |
$ 573.17 million |
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Market structure |
Fragmented |
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YoY growth (%) |
4.68 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 37% |
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Key consumer countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Epsiline, FARO Technologies Inc., Hexagon AB, Lockheed Martin Corp., Mitsubishi Electric Corp., NRG Systems, OPTOATMOSPHERICS Inc., RIEGL Laser Measurement Systems GmbH, SgurrEnergy Ltd, Teledyne Technologies Inc., Trimble Inc., Vaisala Oyj, Windar Photonics Plc, and Zephir Ltd. |
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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 forecast period |
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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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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