Direct Drive Wind Turbine Market Worth USD 25,231 Million by 2030 with a CAGR of 15.10% - Report by Market Research Future (MRFR)
Shift to Renewable Sources of Energy to Boost Direct Drive Wind Turbine Market Growth
New York, US, Aug. 09, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Direct Drive Wind Turbine Market Analysis by Capacity, by Technology (Electrically Excited Synchronous Generator and Permanent Magnet Synchronous Generator), by Region - Forecast to 2030” valuation is poised to reach USD 25,231 Million by 2030, registering an 15.10% CAGR.
Direct Drive Wind Turbine Market Overview
For a less dangerous environment, it is important to use as little gas and fossil fuel as possible. Every government in the world is supporting the construction of large solar farms and direct-drive wind turbines. Investors in wind turbine sectors are given tax breaks and subsidies. This turns becomes the key factor influencing market trends for direct drive wind turbines.
Direct Drive Wind Turbine Market Report Scope:
| Report Metric | Details |
| Revenue Forecast by 2030 | USD 25,231 Million |
| CAGR | 15.10% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
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Drivers
Shift to Renewable Sources of Energy to Boost Market Growth
The use of non-renewable resources is being replaced by the production of renewable energy around the world. The abundance of renewable resources in the environment lowers the overall operation cost. Wind turbines with a direct drive transform wind energy to electrical energy. Since it is a very economical technology, the market share of direct drive wind turbines is growing every day.
High Investment and Maintenance Cost to act as Market Restraint
Many end users find installing direct drive turbine systems to be out of their price range due to the significant investment required. This poses a significant barrier to the advancement and expansion of the direct drive turbine systems. Such wind turbine mechanisms are complicated and need to be installed and repaired by skilled professionals (if need be). This raises the machinery's maintenance expense.
Direct Drive Wind Turbine Market Segments
The direct drive wind turbine market is bifurcated based on technology and capacity.
By capacity, 1M to 3M will lead the market over the forecast period.
By technology, permanent magnet synchronous generator will dominate the market over the forecast period.
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Direct Drive Wind Turbine Market Regional Analysis
Europe to Lead Direct Drive Wind Turbine Market
Due to its effective usage of renewable energy sources, Europe is the biggest regional market and is predicted to uphold its position during the projection period. Additionally, many major market participants are active in European nations. Favorable government policies and the significant revenue contributions from nations like France, Spain, Ireland, & the UK, followed via the remaining European nations, are further factors boosting the market. Due to its outstanding history of using renewable energy sources, Europe has taken the top spot and is expected to keep it during the forecast period. Additionally, the region's market growth has been boosted by the significant contributions of nations like Spain, the United Kingdom (U.K), France, and Ireland as well as favourable government laws. High investment in research and development programs made this possible. With the rising use of wind energy in the areas, Europe will see a lucrative development in the number of direct drive wind turbine installations. Direct drive wind turbine adoption will undoubtedly increase as a result of upcoming projects that are planned in the area.
APAC to Have Favorable Growth in Direct Drive Wind Turbine Market
With the region's growing acceptance of sustainable energy, the Asia Pacific region presents enormous prospects for the growth of direct drive wind turbines. The region's growing population and increased energy demand have been the main forces for their implementation. The main participants in the region have been China, India, and other Southeast Asian nations. Due to the region's expanding energy needs, emerging economies like China and India are increasingly adopting gearless wind turbines, making the Asia Pacific region the second-most significant regional market. The market in this area is expanding as a result of ongoing capacity expansions among the current industry participants. The market is expanding due to the increased public awareness of the use of renewable energy sources.
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The rise in plant managers who concentrate on improving operational efficiency, which lowers maintenance costs, is one of the other factors driving market expansion in this area. Japan and South Korea are two other significant country-specific markets in this region, followed by the remaining nations in the Asia Pacific. China is amid the top nations for installing the direct drive wind turbine in the Asia Pacific region, which is a significant market for these machines. Worldwide demand for wind farms is rising as a result of rising energy demand and the need for environmental protection. China is the largest consumer and producer worldwide. This is due to the fact that the population is growing, the need for energy resources is increasing, and the government is taking steps to safeguard the environment. The most wind turbines have been installed in the Asia-Pacific area.
COVID-19 Analysis
People from all across the world are suffering with the COVID-19. Every industry, with the exception of the pharmaceutical one, has suffered as a result. Nearly all nations are currently in total lockdown. Traveling across borders will be difficult for the anticipatable future because the borders have been locked. Companies are being shut down, including the industry leader in wind turbines. Following the Covid19 incident, a recovery in the market for direct drive wind turbines is anticipated by 2022. There will be moderate but consistent increase up until that point. The direct-drive wind turbine will become more popular as a result of their reduced energy usage in the upcoming years.
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Direct Drive Wind Turbine Market Competitive Analysis
Dominant Key Players on Direct Drive Wind Turbine Market Covered 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.)
- American Superconductor Corporation (U.S.)
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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