Press Release

Global Wind LiDAR Market to Flourish at a CAGR of Around 8.23% During 2024–30

The Global Wind LiDAR Market is anticipated to grow at a CAGR of about 8.23% during the forecast period of 2024–30, cites MarkNtel Advisors in the recent research report. The increasing global emphasis on renewable energy, particularly wind power, serves as a significant catalyst for the growth of the Global Wind LiDAR Market. With governments and organizations worldwide striving to lower carbon emissions and transition towards cleaner energy alternatives, there's a rising demand for Wind LiDAR technology. This demand stems from the need to optimize the efficiency and productivity of wind farms.

Furthermore, the surge in offshore wind development and the growing demand for effective weather analysis have significantly contributed to the increased adoption of Wind LiDAR. Governments around the world, including those of China, Japan, and the UK, are prioritizing offshore wind farm projects to meet ambitious renewable energy goals and bolster energy security, which is anticipated to escalate market size in the coming years.

Moreover, integrating Wind LiDAR data with digital twin models and AI algorithms has emerged as a transformative strategy for optimizing and maintaining wind farms, presenting significant opportunities for the Wind LiDAR Industry in the foreseeable future. Digital twin models replicate the functionality and efficiency of individual wind turbines or entire wind farms using both real-time and past data inputs, including measurements from Wind LiDAR technology.

However, the existence of competing technologies like Sonic Detection and Ranging (SODAR) poses a threat to the market share of Wind LiDAR systems. Wind energy developers and operators often choose SODAR solutions because they are familiar with them, perceive them as reliable, or find them more cost-effective upfront. This preference reduces the global market demand for Wind LiDAR technology. Consequently, the intense competition from SODAR and other alternative technologies, such as satellite-based remote sensing, results in hampering the Global Wind LiDAR Market, further states the research report, “Global Wind LiDAR Market Analysis, 2024.”

Segmentation Analysis

The Wind Power Segment Holds Major Market Share

Based on the application, the market is further bifurcated into, Wind Power, Meteorology & Environment, and Aviation. Among them, the Wind Power segment emerged as the predominant force in the Global Wind LiDAR Market in the historical period. The utilization of Wind LiDAR systems has surged due to their numerous advantages. These systems conduct comprehensive measurements covering the entire wind turbine rotor, offering unparalleled accuracy.

Additionally, their ease of installation and ability to be used repeatedly without operational disruptions contribute to their appeal. Wind LiDAR setups require minimal installation time and promptly provide real-time wind data. As the global demand for clean and sustainable energy continues to increase, Wind LiDAR technology plays a crucial role in enhancing the efficiency and performance of wind farms. Consequently, the market is poised to experience sustained growth in the upcoming years.

Europe Leads the Global Wind LiDAR Market

Europe's Wind LiDAR Market has experienced significant growth in recent years, driven by ambitious renewable energy targets set by European countries to address climate change and reduce carbon emissions. With the European Union targeting around 32% of energy consumption from renewable sources by 2030, there is a heightened focus on expanding wind energy capacity, both onshore and offshore. For instance, in 2023, Poland reached a significant milestone in its offshore wind development plans with the final investment decision for the 1.2 GW Baltic Power project. This signifies the beginning of Poland's ambitious offshore wind development goals. By 2040, Poland aims to have a total offshore wind capacity of 18 GW.

This emphasis has led to increased demand for Wind LiDAR technology for wind resource assessment and optimization purposes. In addition, the growth of Europe's Wind LiDAR Market is also supported by favorable regulatory frameworks, incentives, and collaborative initiatives aimed at accelerating the adoption of renewable energy technologies. As the region continues to prioritize the transition towards clean and sustainable energy sources, Wind LiDAR technology is poised to play a pivotal role in optimizing the efficiency and performance of wind energy projects.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Vaisala, Movelaser, ZX Lidars, John Wood Group PLC, Lockheed Martin Corporation, QINGDAO Leice Transient Technology Co., Ltd, Seaglet Co. Ltd., Lumibird group, Windar Photonics A/S, Mitsubishi Electric Corporation, AQ Systems, MGW TRADE & SERVICE PTY LTD, Raymetrics, Ventus Group, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the regions?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-2030?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?