The purpose of this paper is to provide an analytical review of wind turbine-generator systems for stand-alone applications. The review focuses on variable-speed wind turbines, as the future trend in wind energy conversion, in contrast with the traditional fixed-speed wind turbines. Indirect-drive and direct-drive turbines are comparatively evaluated. The concerns about long-term availability of permanent magnet materials and its impact on the future of permanent magnet synchronous generator are addressed. Having cost and efficiency in mind, viability of indirect-drive squirrel cage induction generator for stand-alone wind energy conversion systems is discussed. As an efficient induction machine design, permanent magnet induction generator is also examined. Finally, the potential of using switched reluctance machine, as a generator, in a direct-drive wind turbine system is investigated.