Wind Turbine Gearbox Market to drive the Highest CAGR Growth by 2027
Market Research Future (MRFR), in its latest wind turbine gearbox market 2020 report, reveals several factors that can impel the expansion of the market. As per MRFR study, the global wind turbine gearbox market size is poised to reach a value of USD 8,630 Mn by 2025. The rise in the awareness of renewable sources and the high rate of depletion of fossil fuels are factors that are expected to boost rise of the wind turbine gearbox market growth. The energy and power industry, especially the wind segment holds lucrative opportunities for the market. The ability of turbine gearboxes to effectively handle the increase in the rotational power of blades can boost the expansion of the turbine gearbox market across the review period.
The reduction price of wind power generation owing to the robust investments made in the energy sector can generate significant revenue in the years to come. The need for culminate wind turbines installations can improve the developing economies. Changes in energy policies by different nations to improve sustainability, plus the increase in research and development efforts can prompt the expansion of the world wind turbine market. The high demand for the production of electricity, along with, the generation of designs of wind power turbines to increase the capacity of wind turbine can prompt the expansion of the market in the years to come.
The type based segments are yaw gearbox, main gearbox, and others. The main gearbox segment can rise at 6.44% CAGR across the forecast period. The yaw gearbox segment can rise at 6.57% CAGR in the review period.
The application based segments of the global wind turbine gearbox market are onshore and offshore wind power. The onshore segment can secure 92% market share and rise at 6.42% CAGR to value at USD 7,897.4 million by 2025. The offshore segment can value at USD 732.6 Mn by 2025.
The installation type based segments are new and replacement. The new segment value can touch above USD 4,476.1 million at 6.4% CAGR in the assessment period. The replacement segment can value at above USD 1,746.4 Mn by 2025.
By capacity, the segments are Up to 1.5 MW, 1.5 MW-3 MW, and Over 3 MW. The 1.5 MW-3 MW segment can rise high.
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APAC wind turbine gearbox market can attain about 47% of the world market share in across the review period. In Europe, 32.04% is the estimates share, followed by North America 14.90% share. South America and MEA to secure 4.91% and 1.18% respectively. As per MRFR study, Europe wind turbine gearbox market growth can rise at 6.45% CAGR in the assessment period due to the high presence of topmost wind turbine producers in the UK, followed by the rest of Europe. EU market can rise at 6.58% CAGR through the forecast period. In South America, the wind turbine gearbox market trends is touted to rise at 6.53% CAGR through the study period due to prominent energy crisis. The regional market can value at USD 425.7 Mn by 2025 from USD 260 Mn that was in 2018. The region can get the highest demand for wind turbine by 2025.
MRFR recognized some prominent wind turbine gearbox market players. They are; Eickhoff Antriebstechnik GmbH (Germany), RENK AG (Germany), Siemens Gamesa Renewable Energy S.A. (Spain), ISHIBASHI Manufacturing Co. Ltd. (Japan), Winergy AG (Germany), China High Speed Transmission Equipment Group Co. Ltd. (China), Chongqing Gearbox Co., Ltd. (China), and ZF Friedrichshafen (Germany).
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