Wilmington, Delaware, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Direct Drive Wind Turbine Market by Capacity (Less than 1MW, 1MW to 3MW and More than 3MW), Technology (Permanent Magnet Synchronous Generator (PMSG), Electrically Excited Synchronous Generator (EESG)), Installation (Offshore and Onshore), and End Use (Industrial, Commercial, Residential and Utility): Global Opportunity Analysis and Industry Forecast, 2024-2030". According to the report, the direct drive wind turbine market was valued at $15.4 billion in 2023, and is estimated to reach $31.7 billion by 2030, growing at a CAGR of 10.9% from 2024 to 2030.
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Prime determinants of growth
The global direct drive wind turbine market has experienced growth due to surge in demand for renewable energy and favorable government incentives and policies. However, High initial capital investment hinders the market growth. Moreover, technological advancements in turbine design present additional opportunities for the direct drive wind turbine market. Advancements in digital technologies and control systems have enhanced the operational capabilities of direct drive wind turbines. Sophisticated sensors, real-time data analytics, and predictive maintenance tools enable more precise control of turbine performance and proactive management of potential issues. These technologies optimize the efficiency of direct drive systems and extend their operational lifespan and reduce maintenance requirements. By integrating these advanced technologies, direct drive turbines achieve higher levels of reliability and availability, which is critical for meeting the growing demand for renewable energy.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2030 |
| Base Year | 2023 |
| Market Size in 2023 | $15.4 billion |
| Market Size in 2030 | $31.7 billion |
| CAGR | 10.90% |
| No. of Pages in Report | 320 |
| Segments Covered | Capacity, Technology, Installation, End Use, and Region |
| Drivers | Growing demand for renewable energy |
| Favorable government incentives and policies | |
| Opportunity | Technological advancements in turbine design |
| Restraint | High initial capital investment |
The more than 3MW segment held the highest market share in 2023.
By capacity, the more than 3MW segment held the highest market share in 2023 and is estimated to maintain its leadership status during the forecast period. The proliferation of direct drive wind turbines with capacities exceeding 3MW is primarily driven by technological advancements and market demands aiming to enhance energy efficiency, reliability, and cost-effectiveness in renewable energy production. Compared to traditional geared wind turbines, which employ a gearbox to adjust the rotational speed of the turbine's blades to the generator's optimal speed, direct drive wind turbines utilize a direct connection between the rotor and the generator. This innovation eliminates the gearbox, reducing mechanical complexity and associated maintenance costs, thereby increasing operational reliability and lifespan.
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The permanent magnet synchronous generator (PMSG) segment held the highest market share in 2023.
By technology, the permanent magnet synchronous generator (PMSG) segment held the highest market share in 2023 and is estimated to dominate the market during the forecast period. Advancements in magnet technology and manufacturing processes have contributed to the increased performance and affordability of PMSGs. The use of rare-earth magnets, such as neodymium-iron-boron (NdFeB), has improved the power density and efficiency of PMSGs, enabling the construction of larger turbines capable of generating higher outputs. Furthermore, ongoing R&D efforts continue to enhance the thermal management and overall reliability of PMSGs, ensuring their suitability for diverse environmental conditions and operational requirements.
The offshore segment held the highest market share in 2023.
By installation, the offshore segment held the highest market share in 2023 and is estimated to maintain its leadership status during the forecast period. Offshore wind turbines benefit from stronger and more consistent wind resources compared to onshore locations. Offshore wind speeds tend to be higher and more stable, allowing turbines to generate electricity more consistently and at higher capacities. This reliability in energy production is crucial for meeting demand and stabilizing the grid, especially in regions where land-based wind resources are less optimal or constrained.
The utility segment held the highest market share in 2023.
By end use, the utility segment held the highest market share in 2023 and is estimated to dominate during the forecast period. The reliability and efficiency of direct drive technology plays a significant role in its adoption by utility-scale projects. Direct drive turbines eliminate the gearbox, a component prone to wear and mechanical failure in traditional geared systems. By reducing the number of moving parts and eliminating gearbox losses, direct drive turbines achieve higher overall efficiency and lower maintenance costs over their operational lifetimes. This reliability is crucial for utility companies seeking consistent and dependable electricity generation to meet the demands of their customers and ensure grid stability.
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Asia-Pacific held the highest market share in 2023.
By region, Asia-Pacific held the highest market share in 2023. The Asia-Pacific region is characterized by a surge in demand for electricity driven by rapid economic growth, industrialization, and urbanization. As countries in this region seek to meet their increasing energy needs while addressing environmental concerns and reducing carbon emissions, renewable energy sources such as wind power have emerged as viable solutions. Direct drive wind turbines with their higher efficiency and lower maintenance requirements compared to traditional geared turbines, offer a reliable and cost-effective means of generating clean electricity.
Leading Market Players:
- Siemens Gamesa Renewable Energy, S.A.U.
- Goldwind
- GE VERNOVA
- ENERCON Global GmbH
- Nordex SE
- Senvion India Pvt. Ltd.
- Hitachi Energy Ltd.
- ABB Ltd
- Voith GmbH & Co. KGaA
- Emergya Wind Technologies BV
The report provides a detailed analysis of these key players in the global direct drive wind turbine market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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