Lateral Axis Wind Turbine Market Poised to Expand at a Robust Pace by 2024
Global Lateral Axis Wind Turbine Market: Overview
The global market for wind power is undoubtedly one of the most researched and dynamically developing areas of the renewable energy sector. Experiments with the blades of a wind turbine in terms of shape, size, spinning direction, material, and other aspects having a direct impact on the efficiency of a wind turbine are taking place at a rapid pace in the global market. The scope of the efficiency of wind turbines is being constantly extended and new technologies are gaining increased recognition from public and private funding bodies.
This report examines the future scope of development of the lateral axis wind turbine technology – the newest entrant in the highly dynamic field of wind turbines. The scope of growth in the market for lateral axis wind turbines, with the technology still in its conceptual state, will be determined by the way funds are received and the technology is refined in the near future.
The report identifies the growth potential of this novel wind turbine technology, the scope of future development, demand and supply potential, and the key regions that can act as the much-needed breeding ground for this technology to reach the mainstream market. A detailed overview of the way alternative technologies will compete with the lateral axis wind turbine technology is also included in the report, allowing the reader a clear understanding of the attractiveness of this technology for the global wind energy market.
The present state of government and private funding and investment in novel technologies in the field of wind power along with an overview of the regions with the most encouraging investment policies are also examined in the report. A detailed section highlighting the prominent technology companies operating in the field of wind turbines, with details such as their recent strategies, alliances, product and services portfolio, financial standing, and the scope of investment in lateral axis wind turbines is included.
Global Lateral Axis Wind Turbine Market: Drivers and Restraints
The Ferris Wheel-like design of lateral axis wind turbines, with the turbine blades operating in an epicyclical path around the turbine’s central shaft, has many advantages as compared to the traditional vertical and horizontal axis designs. Lateral axis wind turbines can revolve with the direction of the wind, generate less sound, can be manufactured at low cost using locally available materials, and are safer for bats and birds. These turbines can generate up to 20 MW of electricity for commercial use.
However, the higher number of moving parts in this design as compared to the traditional ones is projected to increase the necessity for more maintenance, which would essentially translate into higher operational costs of the overall wind power project. That said, lateral axis wind turbines could be highly suitable for rural applications such as powering water pumps and other small farming operations.
Impact Assessment of COVID-19 Outbreak on Lateral Axis Wind Turbine Market:https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=17009
Global Lateral Axis Wind Turbine Market: Geographical Overview
The technology holds immense scope for growth in developed markets for wind power such as North America and Europe. Europe, especially, could emerge as one of the key takers of the technology owing to the vast funds being invested for the development of wind energy under several plans and regulations founded to increase the region’s utilization of renewable energy sources. The U.S. could also emerge a potentially high-growth region for the lateral axis wind turbine market owing to encouraging policies and vast funds invested by the U.S. Department of Energy (DoE) for the development of advanced technologies in the field of renewable energy.
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