Current and Projected Direct Drive Wind Turbine Market size in terms of volume and value 2016 - 2024
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Increase in demand for energy, especially renewable energy, across the globe is one of the major factors driving the direct drive wind turbine market. Direct drive wind turbines are viable alternatives for offshore wind farms due to high reliability and lower maintenance costs. Furthermore, offshore winds farms eliminate several severe problems caused by windmills such as noise pollution and ecosystem damage. The overall weight of direct drive wind turbines is substantially low as compared to that of its geared counterparts. Gearless wind turbines are also noticeably efficient. This further reduces operating costs and increases the energy output. However, the cost of setting up direct drive wind turbines is relatively high due to the substantial usage of rare neodymium magnets, technology costs, and large size of generators. The average energy yield per unit cost of direct drive wind turbines is also low. However, the cost of manufacturing and setting up direct drive wind turbines is anticipated to decline in the near future, led by the rise in demand for these turbines and economies of scale.
Based on application, the direct drive wind turbine market can be segmented into onshore direct drive wind turbine and offshore direct drive wind turbine. The offshore application exhibits significant growth opportunities due to the various advantages offered by direct drive wind turbines compared to geared wind turbines. Based on the capacity of turbine, the direct drive wind turbine market can be classified into less than 1 MW, 1 to 4 MW, and 4 MW and above segments. In terms of generator, the market can be segregated into permanent-magnet excited direct drive generator system and electrically excited direct drive synchronous generator system. Both these technologies carry certain advantages; however, electrically excited direct drive synchronous generator systems are relatively expensive.
In terms of geography, the direct drive wind turbine market can be divided into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Asia Pacific is a major market for direct drive wind turbines; China is one of the leading countries in terms of installation of direct drive wind turbines. Increase in demand for energy and need for environmental protection are boosting the demand for wind farms across the globe. Europe and North America are also lucrative markets for direct drive wind turbines, as these regions are investing significantly in harnessing renewable energy. Countries such as Germany, Italy, and France have invested in direct drive wind turbines to meet their demand for energy.
Key players operating in the global direct drive wind turbine market are Siemens, General Electric, ENERCON GmbH, Argosy Wind Power Ltd, and Goldwind Science & Technology Co., Ltd.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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