Global Wind Turbine Gearbox Market China forecast - 2017
This market research report provides a granular view of the global wind turbine gearbox market using industry-leading market research tools. We use analytical models such as Porter’s five forces to determine the future bargaining power of suppliers, buyers and also to establish whether there is an impending threat from substitute products or new market players. All important drivers and restraints likely to have a conspicuous effect on business operations have been analyzed in this report.
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Overview of the wind turbine gearbox market
A gearbox is a critical component of a wind turbine, as different components within the wind turbine are required to run at optimal speeds for the highest efficiency. A wind turbine gearbox performs the function of accelerating the slow turbine rotations up to faster generator rotational speeds. However, unlike conventional gearboxes, the one in a wind turbine does not switch gears. Instead, it maintains a single gear ratio between generator and rotor rotation. As different parts run at their respective optimal speeds, the efficiency of wind turbines improves, and so does the level of electricity produced. Estimates show that the global wind turbine gearbox market will witness a CAGR of about 7% over the forecast period of 2010-2017.
Over the last few years, a number of countries have made significant investments in renewable energy technologies. The focus of many economies has now shifted to achieving energy security while bringing down dependence on fossil fuels. Wind turbines rank high in the list of renewable energy investments because wind is an abundantly available natural resource that can be lucratively harvested and offers high returns. Given the high investment dollars being pumped into the wind energy sector, the wind turbine market is on an upswing. Consequently, the wind turbine gearbox market is currently in a phase of strong growth and expansion worldwide.
The report discusses the ways in which the global wind turbine gearbox market will benefit from stronger government backing and intensive R&D activity in wind-energy-related projects. The wind energy sector began to burgeon in the 1990s, and has since grown into a multibillion dollar industry, with its most rapid growth occurring only in the past few years. The wind turbine gearbox market will also benefit from the various government incentives, favorable regulations, and subsidies being offered to the wind turbine manufacturing and installation industry.
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However, the wind turbine gearbox market does have to find ways to address a few seemingly chronic concerns. These include, the high rate of failure of wind turbine gearboxes resulting from the wide instabilities in wind patterns and speeds. This is the greatest threat restraining vendors in the wind turbine gearbox market. A failed gearbox leads to electricity generation downtime as well as high costs by way of repairs.
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