Market Size of Wind Turbine Gearbox and Direct Drive Systems Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wind Turbine Gearbox & Direct Drive Systems Market Analysis
The wind turbine gearbox and direct drive systems market is expected to witnessing significant growth with CAGR of 3% due to rising energy demand coupled with the increasing share of renewables in the power generation mix. Recently, the major wind power plant starts shifting to a direct drive system from the conventional gearbox system due to low maintenance costs and a long life span. The advancement in technology of gearbox and direct drive system is expected to propel the wind turbine gearbox and direct drive systems market during the forecast period. However, the initial capital investments required for wind energy is slightly on a higher side when compared to the other non-renewable energy markets in terms of tower installations and turbine and other equipment. This high cost likely to hinder the wind turbine gearbox and direct drive systems market during the forecast period.
- The overall cost of offshore wind power reached to the lowest level and opened up new offshore locations that were previously inaccessible due to lack of investment and technology. These developments are accelerating the adoption of wind power worldwide and hence, these trends are likely to drive the wind turbine gearbox and direct drive systems market during the forecast period.
- Moreover, the integration of advanced technology in wind turbines gearbox and direct drive system will enable advanced condition monitoring and predictive maintenance which result in increased efficiency and reduced operational and maintenance costs, which is likely to provide the opportunity to a growth in the deployment of gearbox and direct drive system for wind turbines in coming future.
- Asia-Pacific is the largest as well as the fastest-growing wind turbine gearbox and direct drive systems market. According to the global wind energy council (GWEC), Asia-Pacific has the largest installed capacity of wind energy, majorly in China with 21.2 GW onshore wind power capacity.
