Generators are a key technological element of the wind energy generation system. Currently, there is an increasing interest in adopting non-conventional stator-mounted permanent magnet generators, e.g., flux reversal generators (FRGs), which is a good alternative to conventional synchronous generators for medium-speed wind turbine generator applications. The usage of FRG with rare-earth (RE) permanent magnets (PMs) is increasing due to their high efficiency and high power density factors. However, RE PMs are unattractive to wind generators in terms of their cost and unpredictable market supply. In this paper, an attempt is made to study the potential of FRG with non-rare earths (ferrite PMs) for wind generators. The three-phase, 6/8 pole FRG is designed and compared with RE and NRE PMs for wind generator application at 375 r/min, 10 kW. Using 2D FEA, both the generators are compared in terms of their power generating performance with excellent overload capability. It shows that the average efficiency of the generators is approximately similar, but the torque density of NRE-FRG is only 51% that of RE-FRG. The NRE-FRG design is heavier, with the total active mass being 2.6 times higher than the RE-FRG, but with the estimated total active material cost of both generators almost the same. Moreover, the toque ripple for RE-FRG is 64% higher than for NRE-FRG. The demagnetization risk analysis was performed, and it is found that at higher temperatures, RE-FRG structures are prone to higher demagnetization risks, while it is much lower in NRE-FRGs. In summary, it is found that NRE-FRG is a suitable alternative to RE-FRG for medium-speed wind turbine generator applications in the 10-kW power range.