by Anemometers are widely used for measurement of wind speed in various industries such as renewable energy, aviation, meteorology, construction, oil and gas. Anemometers measure the flow velocity of air for various applications such monitoring wind turbines and wind farms in the renewable energy industry. With growing demand for clean energy sources, the renewable energy sector has been witnessing significant growth over the past few years. Majority of wind farms and wind turbines require proper monitoring of wind speed and direction for efficient power generation. This has driven the demand for advanced anemometers across various regions globally. The global anemometer market is estimated to be valued at US$ 41.5 billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Cup anemometers continue to dominate the market owing to their low cost and easy availability. However, ultrasonic anemometers are gaining popularity due to their accuracy even at higher wind speeds. Key players are focusing on development of smart anemometers with Wi-Fi connectivity and cloud-based data monitoring capabilities to cater to growing demand from smart industries. Many regional players are also offering cost-effective anemometers for various end-use industries. Strong focus on renewable energy generation especially in Europe and Asia is expected to boost the Asia Pacific anemometer market during the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements to manufacture anemometers which pose as a barrier for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power as anemometers have various applications and they can switch between suppliers based on price and quality.
Bargaining power of suppliers: A few large suppliers exist for key components like sensors which gives them moderate bargaining power over customers.
Threat of new substitutes: No major substitute technologies exist for measuring wind speed making threat of substitutes low.
Competitive rivalry: The anemometer market sees competition between established players on the basis of product quality, features and pricing.
Key Takeaways
The Global Anemometer Market Size is expected to witness high growth. The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to increasing industrialization and infrastructure development activities in the region.
Regional analysis: The Asia Pacific region dominates the global anemometer market and is expected to grow at the fastest rate during the forecast period. China, India, Japan and other Southeast Asian countries are witnessing rapid industrial and infrastructural growth which is increasing the demand for anemometers for various applications such as meteorology, aviation, wind energy and others.
Key players: Key players operating in the anemometer market are OMEGA Engineering, Siemens AG, Servomex, Thermo Fisher Scientific Inc., Kusam – Meco, Aeroqual, Horiba Ltd., Fortive Corporation, PCE Holding GmbH, CEM Corporation, Vaisala, Teledyne Technologies Inc. These players are focusing on new product launches and partnerships to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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