Wind Turbine Gearbox Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos

 

With increasing electricity demand, wind energy is growing at an influential rate owing to its high efficiency and declining cost component. In addition to this as compared to other renewable power sources, it has a low maintenance cost. Further, reaching net-zero will require bold actions by a large number of sectors, wind power is placed to be one of the cornerstones of green recovery to play an important role in accelerating the global green energy transition.

Green Wind Energy Council (GWEC) expects that over 469 GW of new onshore and offshore wind capacity will be added in the next five years that is until 2025. With the explosive growth of wind turbine installations in China, Asia Pacific continues to take the lead in global wind power development with its share of the global market increasing in 2020. Thus, the global wind turbine gearbox market is expected to witness a CAGR of ~27% during the forecast period.

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According to UnivDatos Market Insights (UMI)’ research report “Wind Turbine Gearbox Market”, the market is expected to witness a CAGR growth of around 27% during the forecast period 2021-2027F. With surging demand of electricity from renewable power, sources led to an exponential growth in the global wind industry. Additionally, the 93 GW of new installations in FY 2020-21 brought global cumulative wind power capacity up to 743 GW. In addition, through technology innovations and economies of scale, the global wind power market has nearly quadrupled in size over the past decade and established itself as one of the most cost-competitive and resilient power sources across the world. In 2020, record growth was driven by a surge of installations in China and the US – the world’s two largest wind power markets, accounting for over half of the world’s total wind power capacity.

As per the Global Wind Energy Council (GWEC) Market Intelligence expects that over 469 GW of new onshore and offshore wind capacity will be added in the next five years – that is nearly 94 GW of new installations annually until 2025, based on present policies and pipelines. 

Based on deployment, the market is bifurcated into onshore and offshore wind energy. The offshore wind turbine category is expected to witness the fastest growth during the forecast period. This is mainly due to the constant technological advancements in the turbine and gearbox technology for augmenting the turbine capacity and generating more energy, with an emphasis on achieving significant cost reductions. Higher-capacity wind turbines have larger swept areas and produce more power for the same resource quality, thereby generating higher wind farm output levels. The market growth is attributed to a higher potential for power production as compared to onshore wind energy, technological advancements in offshore foundations, and increasing investments & favorable policies for offshore wind power generation globally.

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Asia-Pacific Dominated the Market in 2020

For a better understanding of the market adoption of Wind Turbine Gearbox, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Currently, Asia Pacific holds a lucrative market share owing to the growing focus on renewables energy. APAC region is expected to see high growth in wind energy owing to a rise in research and development activities for wind turbines and their components coupled with growing energy demand in developing countries like China and India. Moreover, favorable government policies and a growing focus on increasing the share of renewable energy in the power generation mix are some of the prominent factors driving the regions’ market. For instance, In 2018, the government of India asked companies to come forward to set up India's first offshore wind energy project, in the Gulf of Khambhat in Gujarat, the project is yet to take off. 

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Wind Turbine Gearbox market are Siemens Gamesa Renewable Energy SA, Flender GmbH, Dana Inc., ISHIBASHI Manufacturing Co. Ltd., Robert Bosch GmbH, ZF Friedrichshafen AG, RENK GmbH, Nanjing High Speed Gear Manufacturing Co. Ltd., EICKHOFF GRUPPE, and Liebherr Group.

§ In February 2022, Flender GmbH reached an agreement to acquire Moventas from investor N4 partners. Integrating Moventas’ engineering and service capabilities will further foster Flender’s wind drives business under the Winergy product brand.

 “Wind Turbine Gearbox Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.    

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Market Segmentation:

1.     By Component (Onshore and Offshore {Fixed and Floating})

2.     By Region (North America, Europe, Asia-Pacific, Rest of World)

3.     By Company (Siemens Gamesa Renewable Energy SA, Flender GmbH, Dana Inc., ISHIBASHI Manufacturing Co. Ltd., Robert Bosch GmbH, ZF Friedrichshafen AG, RENK GmbH, Nanjing High Speed Gear Manufacturing Co. Ltd., EICKHOFF GRUPPE, and Liebherr Group)

Key questions answered in the study:

1.     What are the current and future trends of the Wind Turbine Gearbox industry?

2.     How the industry has been evolving in terms of voltage level and end-user segment?

3.     How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.     What are the key growth drivers and challenges for the Wind Turbine Gearbox industry?

5.    What is the customer orientation, purchase behavior, and expectations from the Wind Turbine Gearbox product suppliers across various countries?

Table of Content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 WIND TURBINE GEARBOX MARKET COVID-19 IMPACT

6 WIND TURBINE GEARBOX MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY DEPLOYMENT

8 MARKET INSIGHTS BY REGION

9 WIND TURBINE GEARBOX MARKET DYNAMICS

10 WIND TURBINE GEARBOX MARKET OPPORTUNITIES

11 WIND TURBINE GEARBOX MARKET TRENDS

12 POLICY AND REGULATORY LANDSCAPE

13 VALUE CHAIN ANALYSIS

14 DEMAND AND SUPPLY SIDE ANALYSIS

15 COMPETITIVE SCENARIO

16 COMPANY PROFILED

17 DISCLAIMER

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