FORESIGHT: Wind Industry Prepares for Bottlenecks and Price Hikes
In 10 to 15 years two-thirds of wind turbines installed globally will incorporate rare earth permanent magnet generators
Adamas Intelligence head of business development, Gareth Hatch, recently spoke with FORESIGHT Climate & Energy about the current and future criticality of rare earths to the wind industry and clean energy economy.
Among the points emphasized by Adamas:
- Global annual demand for the three most used rare earth metals by the wind industry, all of which help power the clean energy economy, was worth $3.3 billion in 2018.
- By 2030, Adamas projects a 2.1-fold increase in global demand for the two main rare earth metals (neodymium and dysprosium) used in wind turbines and electric vehicles.
- About a third of wind turbines installed globally in 2018 incorporated rare earth permanent magnet generators (PMGs). This proportion could grow to two-thirds in ten to 15 years as next generation designs call for more “power per tower”.
- By eliminating the need for a massive mechanical gearbox, wind turbines with PMGs weigh less than their traditional counterparts. And, while direct drive turbines containing rare earth magnets may cost more than geared turbines, they are also seen as requiring less maintenance, an important factor for offshore wind farms, where maintenance operations are costly.
More Info: Rare Earth Market and Pricing Outlook to 2030
Adamas Intelligence’s Rare Earth Market and Pricing Outlook to 2030 is the industry’s go-to guide for understanding and assessing the forces shaping global rare earth supply, demand and prices in the years ahead.
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