Wind Turbine Gearbox Market Competitive Status and Outlook 2020 to 2025

Global Wind Turbine Gearbox Market, delivering a must-read report for industry stakeholders wanting to understand the strategic landscape of this increasing sector. Readers will find an in-depth analysis of the market and how it will impact existing traditional markets, as well as insights into future development and opportunities across the globe.

According to the study, the global Wind Turbine Gearbox market expected to witness a significant growth of CAGR greater than 3% majorly due to the increasing end-user industry such as oil & gas, chemicals & petrochemicals, food & beverage, pharmaceuticals, etc. However, the volatile nature of oil and gas prices is expected to hinder the high-pressure pump market during the forecast period.

Some of the major players in the market are:

Dana Brevini SpA, Siemens Gamesa Renewable Energy SA, ME Production A/S, Stork Gears & Services BV, Winergy Group, ZF Friedrichshafen AG, Turbine Repair Solutions, Elecon Engineering Company Limited, amongst others.

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Market Overview:

Factors such as the declining cost of wind energy and increasing investments in the wind power sector are the key drivers for this market. However, the increasing use of direct-drive turbines is expected to restrain the gearbox market during the forecast period.

- The offshore industry witnessed major investments in 2018 and accounted for USD 25.6 billion, which was 11% more than the 2017 investment. Although the onshore segment is likely to lead the market, the offshore sector may witness the highest growth rate over the forecast period.
- The emerging markets in Africa and South America offer a robust business opportunity for the wind power business. As countries, including Brazil, South Africa, Chile, and others, in these regions are on the cusp of development, there is an increased demand for electricity, which is expected to provide market opportunities for the wind turbine gearbox market in the coming years.
- Asia-Pacific region is expected to dominate the market, mainly owing to high investments in the wind industry in China.

Key Market Trends

Offshore Segment to Register Higher Growth

- The global offshore market remained stable in 2018 with 4.49 GW of new additions, almost the same market size as in 2017. The total cumulative offshore installations have reached 23.14 GW, representing a 24% increase in cumulative offshore wind installed capacity over the previous year.
- Globally, the share of offshore installations continues to increase and reached 8% for new installations and 4% of the total installations in 2018. By 2025, the share of the new installation is expected to exceed 10%, and the total installed based is expected to reach 100 GW.
- The global demand for wind turbine gearboxes in the offshore sector is increasing at a significant rate. Even though Europe dominated the market with 59.9% of global annual offshore wind energy generation capacity at the end of 2018, Asia saw a substantial increase in offshore wind energy deployment, installation of 1.8 GW. By the end of 2018, the installed offshore wind power capacity has risen to 23.140 GW from 18.658 GW at the end of 2017, with a significant fraction of investments coming from the private sector.
- The offshore wind turbine gearboxes are required to be more robust and more efficient and, in turn, are costlier, as the wind speed in offshore regions is higher. Hence, the growth of the offshore wind energy sector is expected to have a significant positive impact on the market during the forecast period.

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Asia-Pacific Region to Dominate the Market

- Asia-Pacific is expected to be the promising market for wind turbine towers in the coming years, on account of the favorable government policies and new installations in the countries.
- As of March 2018, China accounted for the largest wind power generation capacity in the world. Wind energy accounted for around 5% of the total power generated in the country during 2018.
- The country’s wind infrastructure has increased by about 182.48 GW in the past 10 years. As the country’s wind infrastructure was developed majorly in the past few years, the demand for wind turbine gearbox repair & refurbishment market is expected to grow rapidly in the coming years.

Table of Contents:

1 Introduction
2 Wind Turbine Gearbox Market Research Methodology
3 Executive Summary
4 Wind Turbine Gearbox Market Dynamics
5 Wind Turbine Gearbox Market Segmentation
6 Competitive Landscape
7 Wind Turbine Gearbox Market Opportunities And Future Trends

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Note:

All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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This release was published on openPR.