NEWARK, Del, Aug. 23, 2022 (GLOBE NEWSWIRE) -- The global direct drive wind turbine market is anticipated to accelerate at a phenomenal CAGR of 16.2% with a revenue of US$ 18.3 Billion in 2032. The market is set to surpass US$ 14.6 Billion in 2022.
There is an urgent need to reduce noise and generate higher torque with low RPM and surge efficiency, these factors are expected to boost sales of the direct drive wind turbine market during the projection period.
Direct drive wind turbines are known as low-speed generators which are able to eliminate the requirement of a gearbox from the drivetrain of turbines. Backed by these crucial benefits, the direct drive wind turbines have more credibility than traditional turbines. These benefits are anticipated gear its market growth over the forecast period.
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Key Takeaways
- The propelling demand for permanent magnet-type generators in offshore applications attributed to their high reliability and lightweight nature is anticipated to surge the demand for the direct drive wind turbine market in the future.
- Favorable government norms and regular gearbox failure are some of the vital factors propelling growth in the market. Relatively low maintenance costs and lightweight properties are also likely to fuel market growth.
- The surging focus of multiple wind turbine manufacturers on the production of new turbines with higher power ratings for usage in offshore applications is likely to bode well for the market. There are ample benefits of using direct driver wind turbine drivers such as higher reliability and reduced maintenance which are some of the factors likely to boost the market growth.
- Demand for energy across the globe is immensely rising which contributes as a significant factor to propelling the direct drive wind turbines market share in the forthcoming years. The rise in industrialization is taking place rapidly all over the world which is expected to auger growth in the market.
- Stringent government regulations on energy efficiency and a high share of renewables in the power generation sector are likely to augment the market. The emergence of rapid technological advancements including 3D printing and floating wind turbines are expected to register opulent growth opportunities for the direct drive wind turbine market in the future.
- The in-progress integration of novel technologies in turbines is expected to enable predictive maintenance and advanced condition monitoring. It is expected to further lead to reduced maintenance and operational costs, as well as surging efficiency.
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Competitive Landscape
ReGen Powertech Pvt. Ltd., ABB Ltd., Northern Power System, Goldwind Science & Technology Co. Ltd., Siemens Gamesa Renewable Energy SA, M. Torres Olvega Industrial, Emergya Wind Technologies B.V., Rockwell Automation Inc., Enercon GmbH, Avantis Energy Group, Bachmann electronic GmbH are some of the key companies profiled in the full version of the report.
There is a moderate fragment seen in the global market by the presence of various small- and large-scale companies. The majority of the leading companies are aiming to attract more customers by participating in mergers and acquisitions with start-up companies. A few other players are focusing on introducing innovative products to expand their existing product portfolios and compete with their rivals.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
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More Insights into the Direct Drive Wind Turbine Market
The Asia Pacific is expected to dominate the direct drive wind turbine market by accounting for the largest market share in the estimated period. The major reason responsible to drive the market is the high installed capacity in China which is expected to accelerate the market. Furthermore, several government incentives and policies have helped in making the country a crucial hotspot for investment.
India is expected to have significant growth in this market. According to the Ministry of New and Renewable Energy, India has secured its place as the fourth largest wind installed capacity across the globe. As of March 2021, it has a total installed capacity of about 39.25 GW and from 2020 to 2021, it has generated nearly 60.149 billion units. These numbers are projected to surge throughout the forecast period, thereby pushing the market in the Asia Pacific.
The surge in affordability of direct drive wind turbines is progressed due to their increasing demand from offshore farms in the U.S. They are able to eliminate crucial problems such as ecosystem damage and noise pollution, which are often caused by windmills. Spurred by the above-mentioned factors, the market in North America is expected to grow at a rapid pace.
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