Wind Turbine Gearbox Market Ongoing Trends, Opportunities & Forecast To 2027
The wind turbine gearbox market will develop at a 6.46% CAGR between the forecast period, 2019- 2025, according to the new Market Research Future (MRFR) analysis. A wind turbine transfers kinetic energy effectively harvested from wind to the mechanical energy, which drives a rotor. This, along with the gearbox, helps to drive a motor for generating electricity.
Various factors are propelling the global wind turbine gearbox market share. As per the MRFR report, such factors include the rising awareness about renewable sources, depletion of fossil fuels at a high rate, the ability of turbine gearboxes to effectively handle the rise in the rotational power of blades, fall in the price of wind power generation for the robust investments made in the energy sector, changes in energy policies to improve sustainability, rise in R&D efforts, growing demand for the production of electricity, and generation of designs of wind power turbines to boost the capacity of wind turbines.
On the contrary, the current COVID-19 outbreak may limit the global wind turbine gearbox market growth over the forecast period.
A study by MRFR highlights an inclusive segmental analysis of the global wind turbine gearbox market based on capacity, application, type, and installation type.
By type, the global wind turbine gearbox market is segmented into main gearbox, yaw gearbox, and others. Of these, the main gearbox segment will lead the market over the forecast period. It is predicted to grow at a 6.44% CAGR by 2025.
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By application, the global wind turbine gearbox market is segmented into offshore wind power and onshore wind power. Of these, the onshore wind power segment will dominate the market over the forecast period. It is predicted to touch USD 7,897.4 million at a 6.42% CAGR by 2025.
By installation type, the global wind turbine gearbox market is segmented into replacement and new. Of these, the new segment will have a major share in the market over the forecast period. It is predicted to touch USD 4,476.1 million at a 6.4% CAGR by 2025.
By capacity, the global wind turbine gearbox market is segmented into over 3 MW, 1.5 MW-3MW, and up to 1.5 MW. Of these, the 1.5MW-3MW segment will spearhead the market over the forecast period.
By region, the global wind turbine gearbox market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), South America, and the Middle East and Africa (MEA). Of these, the APAC region will dominate the market over the forecast period. New installations, favorable government policies, China having the largest capacity of wind power generation, developed wind infrastructure, India having the fourth largest wind power installed capacity, rapidly growing installed base, and shifting service strategies of Indian and Chinese asset owners are adding to the global wind turbine gearbox market growth in the region.
In Europe, the global wind turbine gearbox market is predicted to hold the second-largest share over the forecast period for the presence of leading wind turbine producers in the UK. It is likely to grow at a 6.58% CAGR.
In South America, the global wind turbine gearbox market is predicted to have steady growth over the forecast period for the crisis of energy faced by some countries. It is likely to grow at a 6.53% CAGR.
In North America, the global wind turbine gearbox market is predicted to have sound growth over the forecast period, and in the MEA is predicted to have favorable growth over the forecast period.
Leading contenders in the wind turbine gearbox market report include RENK AG (Germany), ISHIBASHI Manufacturing Co. Ltd. (Japan), Eickhoff Antriebstechnik GmbH (Germany), Chongqing Gearbox Co., Ltd. (China), ZF Friedrichshafen (Germany), China High Speed Transmission Equipment Group Co. Ltd. (China), Winergy AG (Germany), and Siemens Gamesa Renewable Energy S.A. (Spain).
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Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Definition 22
2.2 Scope Of The Study 22
2.3 List Of Assumptions 23
2.4 Market Structure 23
3 Research Methodology
3.1 Research Process 25
3.2 Primary Research 25
3.3 Secondary Research 26
3.4 Market Size Estimation 26
3.5 Forecast Model 27
4 Market Dynamics
4.1 Introduction 29
4.2 Drivers 29
4.2.1 Significant Reduction In The Wind Power Generation Costs 29
4.2.2 Increase In Wind Energy Consumption 29
4.3 Restraints 30
4.3.1 High Operating And Maintenance Costs 30
4.3.2 Application Of Direct Drive Turbines With Better Performance 30
4.4 Opportunities 30
4.4.1 Increase In Rotor Diameter In Gearbox 30
4.4.2 Government Support For Wind Energy Projects 31
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