The global direct drive wind turbine market size is projected to expand at a CAGR of 11% during the forecast period. Growth of the market is attributed to rising industrialization and rapid urbanization in emerging economies.
The major wind power plant operators have begun to switch from conventional gearbox systems to direct drive systems as they are lighter and cost-effective than conventional wind turbines. As it does not contain a gearbox, it reduces weight and eliminates gearbox maintenance issues. The direct drive system eliminates the problems related to gearbox failure.
Market Trends, Drivers, Restraints, and Opportunities
- High initial capital expenditure of wind power plants as compared to other renewable and non-renewable energy plants can create challenges for the market growth.
- Increasing capacity of wind turbines and rising penetration of 3D printing for manufacturing of wind energy components to lower the overall cost of offshore wind power are anticipated to foster the growth of the market.
- The innovations in the wind energy sector are hastening the global adoption of wind power, which is estimated to boost the wind turbine direct drive market during the forecast period.
- High cost on installation and timely maintenance is estimated to hinder the market growth.
- The integration of advanced technology into the direct drive system of wind turbines enable advanced condition monitoring and predictive maintenance, resulting in increased efficiency and lower operational and maintenance costs, which can create lucrative opportunities for the market in the projected timeline.
- Rising trend of renewable energy is expected to propel the market growth.
- Development of off shore wind power is anticipated to create immense opportunities for the market players during the forecast period.
Scope of the Report
The report on the global direct drive wind turbine market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Direct Drive Wind Turbine Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Capacity (Less than 1MW, 1 MW- 3 MW, and Greater than 3 MW)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
ABB Ltd.; Siemens Gamesa Renewable Energy SA; Rockwell Automation Inc.; Bachmann electronic GmbH; Avantis Energy Group; Goldwind Science & Technology Co. Ltd.; and Emergya Wind Technologies B.V.
Direct Drive Wind Turbine Market Segment Insights:
The 1 MW- 3 MW segment to expand at a high CAGR
Based on capacities, the market is segmented into less than 1MW, 1 MW- 3 MW, and Greater than 3 MW. The 1 MW- 3MW segment accounted for a significant market share and is expected to exhibit a high CAGR during the forecast period. Increasing investment of government and private organizations for the development of wind turbines is fostering the growth of the market segment.
Asia Pacific is projected to hold a major market share
In terms of regions, the global direct drive wind turbine market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. According to IRENA, Asia Pacific is on track to become the world's largest wind market by 2050, with more than half of onshore and offshore wind projects. By 2050, Asia's onshore wind capacity is expected to increase from 256 GW in 2018 to over 2,600 GW by 2050. Furthermore, Asia Pacific is anticipated to dominate the market due to huge investments in nations such as China and India, and Taiwan. China-based manufacturers account for roughly 95% of the global wind energy market. China has been a preferred investment for emerging players owing to government policies and incentives.
India has the world's fourth-largest installed wind power capacity. These projects are primarily located in the country's northern, southern, and western regions. The Government of India has set a target of 60 GW by 2022, and in order to meet that goal, the number of projects is projected to grow rapidly in the next years. The market in Asia Pacific is anticipated to expand at a CAGR of at least 15% during the forecast period.
Segments Covered in the Report
The global direct drive wind turbine market is segmented on the basis of
- Less than 1MW
- 1 MW- 3 MW
- Greater than 3 MW
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
The major players in the direct drive wind turbine market include ABB Ltd., Siemens Gamesa Renewable Energy SA, Rockwell Automation Inc, Bachmann electronic GmbH, Avantis Energy Group, Goldwind Science & Technology Co. Ltd., Emergya Wind Technologies B.V.
Companies are engaging in mergers, acquisitions and partnerships to expand their market share. Participants in the industry are expected to concentrate on the development of direct drive technologies that are more efficient, flexible, and reliable.