Direct Drive Wind Turbine Market
Highlights
The
depletion of fossil fuel reserves has an alarming effect on the environment due
to which the alternative renewable sources has gained immense importance. The
wind energy is one of the cheapest renewable energy sources. So power
generation from wind energy is done by harnessing the energy from the wind and
is used to generate electricity from the harnessed power.
Governments
across the globe are trying to promote green and clean energy usage. The
availability of financial subsidies from governments is expected to drive the
market. However, huge initial investments and shortage of skilled labor are the
major restraints for the market growth.
Governments
across the globe are realizing the potential and long-term benefits of using
the wind energy. Favorable policies are introduced by the governments to help establish and sustain wind power
against cheaper alternatives. This would improve the growth of the wind energy
sector, thus marking immense potential for growth of the global direct drive
wind turbine market. The growing concern for energy conservation with
drastically increasing population can also be attributed to the growth of
global direct drive wind power market.
Segmentation
Based
on capacities, the market is segmented as less than 1MW, 1MW to 3MW and more
than 3MW. In which, the 1MW to 3MW segment is projected to drive the market.
Based
on technologies, the market is segmented as electrically excited synchronous
generator and permanent magnet synchronous generator, with the latter being
projected to account for the largest market share due to its light weight
feature and offshore application.
Among
regions, Europe is expected to dominate the global direct drive wind turbine
market with the highest CAGR owing to increased investments in wind energy
sector.
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Key Players
The
key players of the global direct drive wind turbine market are GE Renewable
Energy (U.S.), Siemens AG (Germany), Goldwind Science & Technology Co. Ltd.
(China), Leitwind AG (Italy), ENERCON GmbH (Germany), Xiangtan Electric
Manufacturing Group (China), Emergya Wind Technologies B.V (The Netherlands),
VENSYS Energy AG (Germany), Windtronics LLC (U.S.) and American Superconductor
Corporation (U.S.).
Regional Analysis
The
global market for direct drive wind turbines is geographically spread across
Asia-Pacific, North America, Europe, and the Rest of World.
Globally,
Europe has secured the top position and is predicted to retain its position
throughout the forecast period due to its impressive streak of renewable energy
sources usage. Moreover, the massive contribution from countries such as Spain,
United Kingdom (U.K), France and Ireland combined with favorable government
regulations has buoyed the market growth in the region.
The
growth in Europe market is followed by Asia-Pacific owing to the adoption of
gearless wind turbines in the emerging economies such as China and India with
growing energy needs in the region. Furthermore, the region observes market
growth on account of continuous capacity additions to the existing industry
participants. Also, increased awareness of renewable energy usage serves to
propel the market growth. in addition, large number of plant managers focus on
enhancing operational efficiency and reducing maintenance costs, which directly
triggers the market growth in the region.
MRFR
reports that the North America market is highly lucrative on account of
installation base and revenues. Constant technological advancements, product
development and mergers and acquisition among well-established market players
bode well with the market growth in the region. Increasing demand for low-cost,
renewable source of energy is one of the major factors fueling the market growth
as well.
Scope of the Report
This
study provides an overview of the global direct drive wind turbine market,
tracking two market segments across four geographic regions. The report studies
key players, providing a five-year annual trend analysis that highlights market
size, volume and share for Asia-Pacific, North America, Europe and Rest of the
World (ROW). The report also provides a forecast, focusing on the market
opportunities for the next five years for each region. The scope of the study
segments the global direct drive wind turbine market by its capacity,
technology and region.
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