Nacelle-mounted LIDAR Systems Market for Wind Industry – Need for Sustainable Energy Promotes Growth | Technavio

LONDON–(BUSINESS WIRE)–#Energy—Technavio
market research analysts predict the global
nacelle-mounted LIDAR systems market for the wind industry to
grow at a CAGR of nearly 6% during the forecast period,
2018-2022, according to their latest report.

The need for sustainable energy and the increasing focus on energy
security is one of the prominent trends that is being witnessed in the
market. The world is highly dependent on fossil fuels, ranging from
power generation to generating heat for motive force. However, fossil
fuel reserves in the world are limited. Population across the world has
been growing significantly. This has resulted in an increase in
industrial and economic activities, which has increased the electricity
generation. When compared to 1973, the power production has increased by
almost four times in 2015, and a majority of the power is generated from
fossil fuels, which is harmful to the environment.

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In this report, the increase in hub height has been highlighted by
Technavio as a key factor contributing to the growth of the global nacelle-mounted
LIDAR systems market for the wind industry:

Increase in hub height: a major driver

Unlike the conventional power generation from fossil fuels, generating
electricity from wind is highly dependent on meteorological conditions.
Wind assessment is carried out to quantify the wind's speed and
direction, the temperature, and several other factors, all of which have
an impact on the power that is generated from the wind turbine.
Technological advances and developments in the blade design are the key
factors, which lead to an increase in the wind turbine output and
capacity.

According to a senior analyst at Technavio for power,
ÔÇ£The power output increases fourfold by just doubling the rotor size or
diameter. Thus, the need to increase renewable power generation and the
rapid technological advances are increasing the adoption of wind towers
and turbines. This will fuel the growth of the global nacelle-mounted
LIDAR systems market for the wind industry.ÔÇØ

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Global nacelle-mounted LIDAR systems market for
the wind industry ÔÇô segmentation analysis

This market research report segments the global nacelle-mounted
LIDAR systems market for the wind industry into the following
applications (offshore and onshore) and key regions (the Americas, APAC,
and EMEA). It provides an in-depth analysis of the prominent factors
influencing the market, including drivers, opportunities, trends, and
industry-specific challenges.

In 2017, the offshore application segment dominated the market with more
than 80% of the market share. The major reason for the dominance of this
segment is the heavy investments (because of the high installation
costs) made in the development of offshore projects, requiring higher
confidence in investing in the project.

EMEA held the largest share of the global nacelle-mounted LIDAR systems
market for the wind industry in 2017, accounting for a market share of
approximately 64%. The market share of this region will decrease by over
7% through the forecast period. However, EMEA will dominate the global
market during the period 2018-2022.

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