Wind Turbine Lenses Market Top Key Players Profiles and Future Prospects

Wind turbine lenses are a type of wind power system, comprising a brimmed ring structure that surrounds the rotor that causes wind to pass through the turbine. Wind turbine lens are used to improve the power output of an existing wind turbine. It can generate two to five times the power of an existing wind turbine at the same rotor diameter and incoming wind speed.

Increase in efforts to enhance the output power of wind turbine in order to meet the rising demand for electricity is expected to drive the global wind turbine lenses market. For instance, electricity consumption in Asia increased from 8,866 TWh in 2015 to 10,716 TWh in 2019. Wind turbine lenses can optimize the power output of a wind turbine by two to five times compared to conventional wind turbine.
Rise in investment in wind projects due to the growth in awareness about green energy and enactment of stringent government rules and regulations on emission of greenhouse gases (GHGs) and carbon is a key factor anticipated to propel the global wind turbine lenses market during the forecast period
Availability of inexpensive alternate sources of energy such as solar, hydro power, and fossil fuel is estimated to restrain the wind energy market. Sales of wind turbine lenses depend directly on the sales of wind turbines. This, in turn, is projected to hamper the global wind turbine lenses market during the forecast period.

In the initial phase of the COVID-19 outbreak, lockdowns were imposed across the globe to limit the spread of the disease. This led to restriction on the movement of goods and individuals, thereby impacting wind energy projects.
Various countries announced significant investments in wind energy projects in the second quarter of 2020. Investors in wind energy announced plans to introduce 28 new offshore wind farms worth US$ 35 Bn in 2020, four times more than that in the first half of 2019.

Onshore Application Segment Expected to Hold Prominent Share of Global Market

The global wind turbine lenses market can be segmented based on application and region
Based on application, the global wind turbine lenses market can be segregated into onshore and offshore. The onshore segment held major share of the global wind turbine lenses market in 2019. Ongoing investment in installation of wind turbines in onshore locations is anticipated to propel the onshore application segment of the wind turbine lenses market during the forecast period.
The offshore segment is projected to expand at a faster pace between 2021 and 2031, as offshore wind turbines are more efficient compared to onshore wind turbines, due to consistent wind speed and direction

Asia Pacific Expected to Constitute Major Share of Global Wind Turbine Lenses Market

In terms of region, the global wind turbine lenses market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
Asia Pacific is expected to hold major share of the wind turbine lenses market during the forecast period. This can be ascribed to the development of new wind farms across the region along with an increase in spending in to wind energy infrastructure.
Europe and North America are key regions of the global wind turbine cables market. Introduction of government policies to promote the production of wind energy in these regions to meet the continuously surging demand for electricity is anticipated to boost the wind turbine lenses market in Europe and North America during the forecast period.
The wind turbine lenses market in Latin America and Middle East & Africa is likely to expand during the forecast period due to ongoing investment in wind energy projects in these regions