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The direct drive wind turbine market size is forecast to increase by USD 89.9 billion at a CAGR of 18.65% between 2023 and 2028.
The direct drive wind turbine industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The global wind energy market primarily consists of onshore installations, which accounted for approximately 90% of the total wind power capacity in 2021, according to the Global Wind Energy Council (GWEC). In 2021, new onshore wind installations amounted to 72.5 GW, representing a growth of 10% compared to the previous year. Notably, Europe, Latin America, Africa, and the Middle East experienced significant increases of 19%, 27%, and 120% in new onshore wind installations, respectively. However, China and the US, the two leading wind markets, experienced a decline in new installations in 2021. The wind energy sector is witnessing technological advancements, such as direct drive systems, floating wind turbines, and 3D printing, aimed at enhancing efficiency, reducing maintenance costs, and increasing overall capacity.
Government policies and incentives continue to play a crucial role In the growth of the renewable energy sector. The integration of innovative technologies, such as condition monitoring and predictive maintenance, is also contributing to the sector's expansion. Despite the challenges posed by lockdown protocols and production disruptions, the wind energy market is expected to continue its growth trajectory, driven by the increasing demand for clean energy and advancements in gearbox technology.
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The Onshore segment was valued at USD 30.10 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in APAC is experiencing significant growth due to the increasing focus on renewable energy sources and the rising energy demands driven by population growth and improved living standards. Countries In the region, particularly China and India, are shifting their power generation focus towards wind energy to reduce greenhouse gas (GHG) emissions caused by fossil fuels. This shift has led to an increase in new wind installations, both onshore and offshore, to meet the growing energy needs. Advancements in gearbox technology, such as permanent magnet synchronous and electrically excited synchronous generators, have simplified the design of wind turbines, making them more efficient and requiring lower maintenance.
Direct drive systems, which eliminate the need for traditional gearboxes, further reduce weight and maintenance problems, making wind turbines more cost-effective In the long run. Policies and incentives from governments and renewable energy players have made the wind sector a hotspot for investment in APAC. Taiwan's wind sector and Chinese manufacturers, such as Goldwind and Fujian Equipment Manufacturing, are leading the way in wind power generation. Floating wind turbines and offshore wind power are also gaining popularity due to their higher capacity and potential to generate more electricity. The overall cost of wind energy has been decreasing due to technological advancements, making it a more competitive and attractive energy source.
Integration of innovative technologies, such as condition monitoring and predictive maintenance, has increased the efficiency of wind turbines and reduced maintenance costs, making them a more viable and cost-effective option for energy generation. The offshore sector, particularly new offshore installations, is expected to see significant growth due to favorable wind speeds and the potential for higher capacity. According to the International Renewable Energy Agency (IRENA), APAC is the dominant wind market, with over 50% of the world's total wind installed capacity. The region's wind power capacity is expected to continue growing, making it a business destination for wind turbine manufacturers and investors alike.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Favorable government policies is the key driver of the market.
Rising number of offshore wind farm installations is the upcoming market trend.
Intermittent nature of wind energy is a key challenge affecting the industry growth.
The direct drive wind turbine market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the direct drive wind turbine market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, direct drive wind turbine market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
ABB Ltd. - Direct drive wind turbines, characterized by their simplified design and elimination of the need for a gearbox, offer streamlined installation and management processes. This technology, which the company specializes in, enables enhanced operational efficiency and reduced maintenance requirements, making it an attractive option for renewable energy investors and operators.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The global wind energy market continues to expand as the demand for clean energy sources grows. Wind energy, as a significant contributor to the renewable energy sector, has gained considerable traction due to its ability to generate electricity in a sustainable and low-emission manner. Two primary types of wind turbines exist In the market: those with traditional gearboxes and direct drive systems. Direct drive wind turbines have gained popularity due to their simplicity in design and low maintenance requirements. In contrast to traditional turbines that utilize gearboxes, direct drive systems eliminate the need for complex gear trains, thereby reducing the overall weight and complexity of the turbine.
This design feature is particularly advantageous for offshore wind power generation, where the transportation and installation of heavy components can be costly and challenging. The advancements in direct drive wind turbine technology have been significant, with the integration of innovative components such as permanent magnets and generators. Permanent magnet synchronous generators (PMSG) and electrically excited synchronous generators (ESG) have emerged as preferred options for direct drive systems due to their high efficiency and reliability. Despite the benefits, the initial capital investment for direct drive wind turbines can be higher than that of traditional gearbox turbines due to the use of advanced technologies.
However, the long-term cost savings from reduced maintenance requirements and increased efficiency make direct drive systems an attractive option for wind power plant operators. The wind industry has witnessed numerous technological advancements in recent years, including the development of floating wind turbines and the application of 3D printing in wind turbine components. These innovations have expanded the potential for wind energy generation in various locations, including offshore areas with high wind speeds. Policies and incentives have played a crucial role In the growth of the wind energy market. Governments worldwide have implemented regulations and subsidies to promote the adoption of renewable energy sources, making wind power an attractive business destination for investors.
The wind sector has become a hotspot for investment, with major players such as Goldwind and Fujian Equipment Manufacturing Company leading the charge In the development and production of wind turbines. The wind installed capacity has grown significantly, with both onshore and offshore wind installations contributing to the overall capacity expansion. The offshore wind sector, in particular, has seen remarkable growth due to the vast potential for wind energy generation in offshore locations. The offshore wind annual installed capacity has been increasing steadily, with new offshore wind projects coming online each year. The wind power market is expected to continue its growth trajectory, driven by technological advancements, policy support, and the increasing demand for clean energy.
The integration of condition monitoring and predictive maintenance systems in wind turbines has further improved the efficiency and reliability of wind power generation, making it a more attractive option for businesses and investors. In conclusion, the wind energy market is poised for continued growth as the world transitions towards cleaner energy sources. Direct drive wind turbines, with their simplicity in design and low maintenance requirements, are an attractive option for wind power plant operators, particularly in offshore locations. The integration of innovative technologies and the support of favorable policies and incentives will continue to drive the expansion of the wind energy market.
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Market Scope |
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Report Coverage |
Details |
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Page number |
157 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.65% |
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Market growth 2024-2028 |
USD 89.9 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
15.94 |
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Key countries |
China, US, Germany, India, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Capacity
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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