What Factors Impacting Direct Drive Wind Turbine Market Growth?
The Global Direct Drive (Gearless) Wind Turbine Market to develop at an 11.5% CAGR between 2017- 2022, states the recent Market Research Future (MRFR) analysis. Direct drive wind turbines or gearless wind turbines, simply put, are wind turbines sans any gearbox. They are highly preferred for the different benefits that it offers, such as lower maintenance cost and lightweight. These come in different capacities such as more than 3MW, 1MW-3MW, and 1 MW and works on different technologies such as permanent magnet synchronous generator and electrically excited synchronous generator.
Various factors are propelling the global direct drive wind turbine market share. According to the recent MRFR report, such factors include depleting fossil fuel reserves, declining wind power generation cost, growing environmental sensitivity, financial support from different government worldwide, increasing concern about energy conservation, growing demand for energy, increased urbanization, the growing trend of industrialization, rising share of renewables in power generation mix, and regulations on energy efficiency.
On the contrary, high initial installation cost, scarcity of skilled labor, and the impact of the on-going COVID-19 pandemic may limit the global direct drive wind turbine industry growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global direct drive wind turbine market based on technology and capacity.
By capacity, the global direct drive wind turbine market is segmented into more than 3MW, 1MW-3MW, and 1 MW. Of these, the 1MW-3MW segment will lead the market over the forecast period.
By technology, the global direct drive wind turbine industry is segmented into the permanent magnet synchronous generator and electrically excited synchronous generator. Among these, the permanent magnet synchronous generator segment will dominate the market over the forecast period for a rise in offshore activities.
By region, the global direct drive wind turbine market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Rest of the World (RoW). Among these, Europe will command the largest share in the market over the forecast period. Increasing use of renewable energy sources, the massive contribution from France, the UK, Ireland, and Spain, favorable government regulations, and strong presence of environmental regulatory bodies are adding to the global direct drive wind turbine market growth in the region.
In the APAC region, the direct drive wind turbine market is predicted to have healthy growth over the forecast period. Increasing adoption of gearless wind turbines in India and China, growing energy needs, constant capacity additions, increased awareness about renewable energy usage, and the majority of the plant managers focusing on improving operational efficiency and reducing maintenance costs are adding to the global direct drive wind turbine market growth in the region.
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In North America, the global direct drive wind turbine market is predicted to have notable growth over the forecast period. Constant technological advances, mergers, and acquisitions amid key industry players, product development, and growing demand for a renewable, low-cost source of energy are adding to the global direct drive wind turbine market growth in the region.
In the RoW, the global direct drive wind turbine market is predicted to have sound growth over the forecast period.
Eminent players profiled in the global direct drive wind turbine market report include American Superconductor Corporation (U.S.), Windtronics LLC (U.S.), VENSYS Energy AG (Germany), ENERCON GmbH (Germany), Leitwind AG (Italy), Goldwind Science & Technology Co. Ltd. (China), Siemens AG (Germany), Emergya Wind Technologies B.V. (The Netherlands), and Xiangtan Electric Manufacturing Group (China).
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