Press release
Technological Advancements in Wind Turbine Bearings Design to Augment their Market
MarketResearchReports.biz has announced the addition of a new market study to its repository, titled “Global Wind Turbine Bearing Market 2016-2020,” that offers a complete study with detailed analysis of the historical market performance, present trends, and future prospects of the market across the world. The report predicts the global market for wind turbine bearing to grow at an impressive CAGR of 12.61% from 2016 to 2020.
Bearings, put simply, essentially help in lowering energy loss caused by friction during rotational or linear movement. The different types of bearings in the market are plain bearings, ball bearings, and roller bearings, among others. Technological progress and the pressing need to bring about energy efficiency in a wide array of applications have led to many improvements in bearing designs. Therefore, the prospects for market growth of bearings are closely linked to the growth in production of high-performance industrial equipment and machinery.
Some of the factors driving the global wind turbine bearing market are the lowering in LCOE of wind power generation, rise in rotor diameter, and the growth in offshore installations. On the contrary, hobbling the growth in the market is the competition from fossil fuels, rising research and development in direct-drive generators for wind turbines, and high investment requirement in off-shore projects. Besides, bearings also result in high failure rate of wind turbine component. This has also crimped their market.
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Having discussed the growth drivers and restraints, the report goes on to segment the market based on application into onshore wind turbine market and offshore wind turbine market. It also segments the market based on geography into Asia Pacific, the Americas, and the Europe, Middle East and Africa. Among them, powered by North America which has seen a shift towards wind energy from solar on account of mandates regulating carbon emissions, the Americas lead the overall market. Europe and Asia Pacific, on the other hand, are slated to grow at the healthy clip in the near future because of policy support and increasing government initiatives supporting wind turbine installation.
The global market for wind turbine bearing is well diversified and is characterized by stiff competition among well-entrenched international and regional vendors. Players try to outsmart one another on the basis of complexity of the manufacturing process, offshore and onshore application of bearings, and services. The end-use segments of the market are industrial, residential, and commercial. Among them, the industrial sector accounts for maximum demand.
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To assess the competition prevailing in the global market for wind turbine bearing, the report provides a detailed analysis of prominent companies such as Rothe Erde, ZWZ, Dalian Metallurgical Bearing Group, SKF, Timken, LYC Bearing, Xibei Bearing, and Schaeffler Group.
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