Increasing consumption of wind energy and supportive regulatory policies for wind energy projects are expected to boost growth of the global anemometer market.
Seattle, WA -- (SBWIRE) -- 11/14/2019 -- Anemometer Market – Insights
A device used to measure wind speed is called anemometer. It contains wind direction and wind speed sensors and can aid to detect changes in physical property and velocity of air. Some of the applications of anemometer include, tracking weather conditions, air pollution, and air pressure.
The global anemometer market is projected to reach US$ 561.85 million by 2025, exhibiting a CAGR of 5.79% over the forecast period.
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Anemometer Market – Drivers
Increasing consumption of wind energy and supportive regulatory policies for wind energy projects are expected to boost growth of the global anemometer market. For instance, according to the American Wind Energy Association, in the U.S., current pipeline of wind energy projects under construction or in advanced development as of the end of the third quarter reached 29,634 MW, a 27% year-over-year growth and on track to provide 10% of the electricity demands in the U.S. by 2020, alongside US$ 85 billion in economic activity.
Moreover, high demand for technologically advanced instruments to measure air pressure, velocity, and quality is also contributing to growth of the market.
Increasing air pollution has led to high demand for monitoring air quality, thereby propelling the global anemometer market growth. Increasing adoption of anemometer in various industries such as mining and construction is contributing to growth of the market.
Key players in the market are focused on developing rotor blades longer than 650 feet for a 50 MW offshore wind turbine, which is 2.5X longer and is capable to generate over 6X more output than the largest blades and turbines. Moreover, the Wind Energy Technologies Office (WETO) is focused on enhancing the efficacy of next-generation wind technologies and mitigating the cost of wind energy. This research helped increase the average capacity factor from 22% for wind turbines installed before 1998 to an average of 33% now. Wind energy costs have reduced from over 55 cents/kilowatt-hour (kWh) in 1980 to an average of 2.35 cents in the U.S.
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Anemometer Market – Restraints
Major factors hindering growth of the global anemometer market include high capital investment and design complexities.
Anemometer Market – Regional Analysis
On the basis of region, the global anemometer market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America held dominant position in the market in 2016, followed by Europe and Asia Pacific respectively. This is owing to increasing wind energy capacity in the region. For instance, according to Global Wind Energy Council (GWEC), total wind power installed capacity in North America was 97,611 MW in 2016. The U.S. is the leading market for anemometer in North America, accounting for 82,184 MW wind power installed in 2016, followed by Canada and Mexico, respectively. The U.S. is the second largest market in terms of total installed capacity after China. At the end of 2016, wind installation capacity totaled over 82 GW in the U.S., which was enough to power 24 million households in the country. In Canada, 702 MW of new wind capacity came online, making it the tenth largest annual market. Between 2012 and 2016, Canada's installed wind energy capacity has grown by an average of 18%, annually.
The market in Asia Pacific is driven by increasing wind energy capacity in China. China is the leading producer of wind power leader, adding 33 GW of new capacity, followed by Japan, South Korea, Taiwan, and India, respectively. The total wind power installed capacity in China was 168,732 MW, in 2016. According to Bloomberg New Energy Finance (BNEF), Asia Pacific (excluding China and India) accounted for almost 47% of the total global investments in clean energy during 2016. The U.A.E, South Africa, Brazil, and Argentina are major markets for anemometer in Middle East, Africa, and Latin America.
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Anemometer Market – Competitive Landscape
Major players operating in the global anemometer market include, Thermo Fisher Scientific Inc., CEM Corporation, Teledyne Technologies Inc., Siemens AG, Kusam - Meco, Fortive Corporation, OMEGA Engineering, Horiba Ltd., Servomex, Vaisala, PCE Holding GmbH, and Aeroqual.
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