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.
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.
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