The global direct drive wind turbine market is expected to grow at a CAGR of close to 12% during the 2017-2021, according to Technavio’s latest report.
According to the report, APAC becomes the largest direct drive wind turbine market segment.
“The enhanced standards of living and rising population in APAC has led to increasing investments made towards renewable energy generation, including wind energy. Driven by the high wind energy potential and strong governmental support, China and India account for the highest share of the market in the region,” says Thanikachalam Chandrasekaran, one of the lead analysts at Technavio for power research.
Japan, South Korea, Mongolia, and other countries in the region are also witnessing significant investments in the direct drive wind turbine market. The high amount of initial investments required is balanced by the low maintenance cost and long-life of the systems, thus propelling the market growth.
EMEA has witnessed increased offshore installations driving the direct drive wind turbine market, Technavio said.
EMEA has high wind energy potential, which is driving the investments made into wind power installations. The governments in the region are pushing for the increase in capacity of offshore wind energy. The majority of the countries in EMEA are shifting their focus to renewable energy, which is expected to complement the growth of the direct drive wind turbine market and attract more vendors to the region. Germany, Spain, the UK, France, and Italy are the major contributors to the market in the region.
Americas witnesses growing government support for wind energy production
“With an increasing number of installation for wind energy generation, the direct drive wind turbine market in the Americas is expected to show significant growth during the forecast period. The US, Canada, and Brazil are the major contributors to the market in the Americas,” says Thanikachalam.
The US has projects lined up to increase its wind capacity by 13 GW from 22 states. Similarly, Brazil and Canada also have many projects that are underway, thus ensuring a steady revenue flow to the market through the forecast period. A constant support from the government, combined with an increased focus towards renewable energy sources will drive the direct drive wind turbine market in the Americas.
The top vendors in the global direct drive wind turbine market highlighted in the report are: ENERCON, GE Renewable Energy, Goldwind Science and Technology, Siemens and VENSYS Energy