PUBLISHER: 360iResearch | PRODUCT CODE: 1499502
PUBLISHER: 360iResearch | PRODUCT CODE: 1499502
[187 Pages Report] The Doubly-Fed Induction Generator Market size was estimated at USD 1.26 billion in 2023 and expected to reach USD 1.32 billion in 2024, at a CAGR 5.66% to reach USD 1.85 billion by 2030.
The Doubly-Fed Induction Generator (DFIG) is a type of electrical generator predominantly used in wind turbines. It features a unique design that allows for variable speed operation, which is essential for efficiently harnessing wind energy. Additionally, DFIGs have beneficial grid support characteristics, including fault ride-through capability and the provision of reactive power, which can help stabilize the grid. They are popular in the wind energy industry due to their cost-effectiveness, energy efficiency, and grid-friendly features. The global initiatives to promote renewable energy sources boost demand for wind turbines, indirectly propelling the market for DFIGs. In addition, the financial incentives and favorable government policies for green energy developments stimulate market expansion. However, high initial investment costs and developing full-converter-based generators and direct drive systems pose a competitive threat to DFIGs. Furthermore, there are advancements in offshore wind power projects, where high-capacity DFIGs can increase efficiency and lower energy costs. Research on materials science to discover better magnetic and electrical properties for parts can offer significant growth opportunities for the market.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 1.26 billion |
Estimated Year [2024] | USD 1.32 billion |
Forecast Year [2030] | USD 1.85 billion |
CAGR (%) | 5.66% |
Regional Insights
In the Americas, particularly the United States and Canada, the wind energy sector is growing due to policy support and increasing renewable energy targets. Consumers in these regions seek advanced technology solutions to enhance efficiency and reduce operational costs, influencing purchasing behavior for DFIGs. Recent patents in the US focus on improving efficiency and reducing costs, indicating a trend toward innovation in the field. The market for DFIGs in the EMEA region is influenced largely by EU countries pioneering in wind energy and the Middle East and African countries where the market is emerging due to the need for renewable energy sources to meet the increasing energy demand. EU countries have long been at the forefront of adopting renewable energy technologies. With advanced infrastructure, constant research, and governmental initiatives, the market for DFIGs is well-established. Despite the region's rich hydrocarbon resources, there is an increasing awareness and shift towards renewable energy. Countries, including Saudi Arabia and the UAE, are investing in large-scale renewable projects, including wind energy, which could increase the demand for DFIGs. The Asia Pacific region has seen a significant increase in demand for renewable energy sources, including wind power, which has positively impacted the demand for Doubly-Fed Induction Generators (DFIGs). China, a prominent region in wind turbine installation, has a substantial influence on the DFIG market. Other countries such as India and Japan are also increasing their investments in wind energy, further boosting the market growth.
Market Insights
The market dynamics represent an ever-changing landscape of the Doubly-Fed Induction Generator Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Doubly-Fed Induction Generator Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Doubly-Fed Induction Generator Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
Suzlon secures a 300 MW new order for the 3 MW series from Apraava Energy Private Limited
Suzlon Energy has announced a substantial order from Apraava Energy Private Limited of 300 MW capacity doubly-fed induction generators. This collaboration asserts Suzlon's position in the market and reflects the growing confidence in wind energy solutions that promise higher energy efficiency and reduced Levelized Cost of Energy (LCoE). [Published On: 2023-12-28]
Suzlon Secures a Repeat Order of 193.2 MW from The KP Group in Gujarat
Suzlon Group, a global wind turbine manufacturing company, has solidified a recurrent partnership with the KP Group by receiving an additional order of 193.2 megawatts. This marks a significant endorsement of Suzlon's technology and services, further consolidating its position in India's competitive wind energy market. [Published On: 2023-12-21]
Adani Energy Solutions Ltd to Produce Wind Turbine Generators
Adani Energy Solutions Ltd announced intentions to manufacture wind turbine generators, primarily focusing on doubly-fed induction generators (DFIGs). This strategic decision comes as part of Adani Group's expansion into green energy and aims to capitalize on the robust growth of the wind energy market. [Published On: 2023-09-17]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Doubly-Fed Induction Generator Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Doubly-Fed Induction Generator Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Adani Energy Solutions Ltd, CRRC Zhuzhou Electric Co.,ltd, Flender, General Electric Company, Hitachi Energy Ltd., Infineon Technologies AG, Shanghai Electric Power Co., Ltd., Siemens AG, Suzlon Energy Limited, TD Power Systems, XEMC Darwind B.V., Xinjiang Goldwind Science & Technology Co., Ltd., and Yalong Intelligent Equipment Group Co.,Ltd.
Market Segmentation & Coverage