The market factors such as rising awareness about the advantages of wind energy, increased number of wind energy generation projects, and supportive regulatory policies for wind energy projects are driving the market growth.
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Global Solar Traffic Products Market is expected to grow at a CAGR of 20.5% during the forecast period 2016 to 2023.
The rise in the offshore installations, evolution of digital wind farms and innovation of digital and smaller Solar Traffic Products are the key trends that will contribute to the market. However, Competition from fossil fuels and harsh weather conditions will pose challenge to the market.
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Offshore wind turbines are being used by a number of countries to harness the energy of strong, consistent winds that are found over the oceans. However, countries worldwide are investing in installing more offshore wind energy farms.
Because the offshore wind industry is relatively immature, the capital cost and operation and maintenance are very expensive for a new project. The first U.S. offshore wind farm, the Block Island Wind Farm, became operational in December 2016.
Commercial-scale offshore wind facilities are similar to onshore wind facilities. The EU in particular has experienced huge offshore wind power expansion in recent years.
3,230 turbines are now installed and grid-connected, for a cumulative total of 11,027 MW. Including sites under construction, there are 84 offshore wind power plants in 11 European countries.
Onshore wind already plays a leading role in the generation of renewable electricity. By 2020, onshore wind is expected to generate up to 30TWh.
Onshore wind can therefore play a key role in reducing greenhouse gas emissions. Onshore wind generation is still slightly more expensive than fossil fuels.
Onshore wind is also competitive in the greater renewable market, as it is the cheapest form currently available. Alta Wind Energy Centre (AWEC) in Tehachapi, Kern County, California, is currently the largest wind farm in the world with an operational capacity of 1,020MW.
Asia Pacific is a major contributor to the market throughout the forecast period and it is propelled by the increased need for power for developing electrification infrastructure and attention towards renewable energy. Asian countries with surging offshore wind interests include: Vietnam, which has a target to install 800 MW by 2020; South Korea, has installed its first commercial offshore wind farm in 2016 and Japan has established strategic objective of 37 GW by 2050.
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The key players in global Solar Traffic Products market are Ammonit Measurement, FT Technologies, Gill Instruments, Lufft, Siemens, Delta Ohm Benelux, FERNSTEUERGERÄTE Kurt Oelsch, IED Electronics, LCJ Capteurs, Maretron, NRG Systems, PCE Deutschland and Siap+Micros.
Rest of Europe
Rest of Asia Pacific
Rest of South America
Middle East & Africa
Rest of Middle East & Africa
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