Market Size of Direct Drive Wind Turbine Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.40 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Direct Drive Wind Turbine Market Analysis
The direct drive wind turbine market is anticipated to register a CAGR of more than 3.4% during the forecast period. In 2020, the COVID-19 outbreak had a moderate impact on the market due to the stringent lockdown protocols imposed by governments worldwide, leading to a delay in the production of direct drive wind turbines. Favorable government policies to adopt clean energy may boost the demand for direct drive wind turbines during the forecast period. The leading wind power plant players have started adopting direct drive systems from the traditional gearbox system due to turbines. Direct drive systems are lighter and more cost-efficient than traditional wind turbines. They do not contain a gearbox, which reduces their weight and eliminates the maintenance problems related to the gearbox. However, the initial capital investment required for a wind power plant is slightly higher compared to the other renewable and non-renewable energy markets. This factor, in turn, is expected to hinder the growth of the market in the coming years.
- Technological advancements, such as increased capacity (1 MW - 3 MW direct drive system) wind turbines, floating wind turbines, and 3D printing, have cut down offshore wind power's overall cost drastically, opening new offshore locations that may drive the wind turbine direct-drive systems market during the forecast period.
- Moreover, the integration of innovative technology in wind turbine direct drive systems will enable advanced condition monitoring and predictive maintenance, resulting in increased efficiency and reduced operational and maintenance costs, which may create a significant opportunity for the market in the future.
- Asia-Pacific is one of the largest growing markets for direct drive wind turbines. As per the Global Wind Energy Council (GWEC), Asia-Pacific has the largest installed wind energy capacity, accounting for around 60% of the global new wind installed capacity in 2020.
