Europe Wind Turbine Gearbox Repair and Refurbishment Market Insights Covering Market Dynamics and Competitive Scenario through 2027 | Industry Leading Players- Winergy Group, ZF Friedrichshafen AG, Turbine Repair Solutions
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
The Europe wind turbine gearbox repair and refurbishment market which was valued at USD 3876.34 million in the year 2018 is estimated to generate significant revenues by end of forecast period, i.e. 2020-2027. Factors such as growing demand for renewable energy in the region, especially with concerns on environment pollution becoming a major issue globally and increasing number of wind farms being constructed in several parts of the region, apart from targets being set across the region to promote development of renewable energy infrastructure by offering incentives and concessions to developers in the region are all the major factors that are anticipated to boost the growth of the market in the region over the forecast period.
The Europe wind turbine gearbox repair and refurbishment market is segmented by product, gearbox failure, deployment and by region. Main gearbox forming part of product segment is estimated to grow significantly in terms of revenue and is predicted to occupy the highest market share by end of forecast period. On the other hand, planetary stage bearing that had registered the largest market share in the region in 2018 is predicted to grow at a noteworthy rate over the forecast period. This is on account of planetary gearboxes that have the capacity to bear the harsh loading. In addition to that, planetary gear damage can affect the life of gearboxes in wind turbines. Moreover, planetary bearing failures are costly as they require a complete replacement of gearboxes. With more failures occurring in planetary stage bearings, demand for wind turbine gearbox repair services is set to increase in the coming years.
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The Europe wind turbine gearbox repair and refurbishment market is predicted to observe a notable growth in its CAGR over the forecast period. The various factors that are anticipated to boost the growth of the market are the increasing demand for energy and power from renewable sources and the various initiatives started by many governments in the region to encourage the setting up of renewable energy sources for generating power such as wind power, solar power, hydro power and others. Countries such as Germany had entered into a political agreement to complete an additional onshore wind power installation of 4 GW by 2021. Apart from that, an extra 1 GW in the year 2019 and subsequently 1.4 GW and 1.6 GW for the years 2020 and 2021 is planned to be auctioned. In addition to these auctions, an additional auction of 2.8 GW of power has been fixed for all these years.
Increasing Government Initiatives and Increase in Demand for Renewable Energy
The number of wind farms being established across the region of Europe have been increasing over the past decade. Additionally, targets have been laid down by various governments in the region for development of infrastructure required for renewable energy, so that there would not be high dependency on energy from other countries. Moreover, several incentives and schemes have been introduced for developers that has aided the growth of wind energy infrastructure in the region. Higher focus towards deploying renewable energy, particularly through installation of wind turbines is anticipated to be another factor that is predicted to drive the growth of the market in the coming years. Countries such as Germany, Spain, United Kingdom, France and Italy have been increasing their installed capacity in wind power over the past few years, with Germany being the country with the highest installed capacity in Europe according to statistics released by Wind Europe. Germany had already reached a political agreement by which an additional 4GW of onshore wind power has been planned to be installed by 2021. Additionally, an extra 1 GW in the year 2019 is planned to be auctioned in 2019, apart from 1.4 GW in 2020 and 1.6 GW in 2021.
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All these auctions will be over and above the auction of 2.8 GW per year that has been fixed for each one of these years. However, gearboxes are prone to several issues during the course of their operation. Some of them being changes or variations taking place in the load that could impact the gearboxes performance. This may drive the need to undertake repair and refurbishment for resuming the efficiency in power generation of the turbines within a shorter time period. In addition to that, solar energy and other renewable sources of energy to wind energy have started operations in the region that may restrain the growth of the market temporarily over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Europe wind turbine gearbox repair and refurbishment market which includes company profiling of Dana Vindkraft, Siemens Gamesa Renewable Energy S.A., ME Production A/S, Stork-FDO Wind Energy Systems B.V., Winergy Group, ZF Friedrichshafen AG, Turbine Repair Solutions, Grenaa Motorfabrik A/S and Enercon GmbH. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Europe wind turbine gearbox repair and refurbishment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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