Press release
Lubricants for Wind Turbine Market – Growth Opportunities & Technology Developments by 2025
The main objective of this report is to define, describe, and forecast the global “Lubricants for Wind Turbine” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market.
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The use of wind energy as one of the major alternative energy sources to address global warming and resource conservation concerns has led to the rapid adoption of wind turbines. Considerable support from the government has increased the adoption of these wind turbines in the last decade. This has further boosted the demand for lubricants for wind turbine market. The lubricants for wind turbine market is expected to expand significantly owing to its austere performance requirements and high penetration rate of synthetic lubricants.
Lack of proper lubrication can cause vibration, contamination & moisture, and high mechanical loads, hampering the life of the engine. Several bearings and drives require lubrication irrespective of its design. Lubrication protects the machine and extends the life of its critical parts. It also extends service interval, simplifies service tasks, and protects the engine from atmospheric conditions. Development in the wind energy sector, drain interval extensions, and the high rate of direct drive machines are anticipated to drive the demand for lubricants for wind turbine market over the forecast period.
Rise in demand for wind energy as a source of electricity owing to its environmentally-friendly nature can augment the wind energy sector. Electricity generated from wind energy is void of fossil fuel; therefore, it does not contribute to carbon emissions. Moreover, governments of various countries are promoting the wind energy industry. This is estimated to propel the installation of wind turbines around the globe. This, in turn, is likely to drive the lubricants for wind turbine market.
Usage of biodegradable oils acts as a restraint for the lubricants for wind turbine market. Servicing of a wind turbine in offshore conditions is difficult. Biodegradable oils tend to breakdown and release acids that attack the bearings and other copper parts of wind turbines.
The lubricants for wind turbine market can be segmented based on lubricant type, major turbine component, oil replacement cycle, application, and region. Based on lubricant type, the market is further segmented into gear oils, greases, and hydraulic fluids. In terms of major turbine component, the market can be classified into gear box, generator, and others. In terms of oil replacement cycle, the lubricants for wind turbine market can be bifurcated into 6-12 months and 12 months & above. In terms of application, the market can be divided into onshore and offshore.
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Geographically, the lubricants for wind turbine market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is expected to dominate the global market during the forecast period. This growth can be attributed to initiatives taken by governments to encourage renewable power generation in the region. Favorable regulatory norms in North America and Europe are projected to create opportunities for the lubricants for wind turbine market in these regions. The wind turbine lubricant market in Middle East & Africa and Latin America is expected to expand significantly in the near future owing to the rise in investments to explore the potential of offshore wind energy sector.
Key players operating in the lubricants for wind turbine market include Amsoil, Castrol, Shell, Exxon Mobil, Evonik Industries, PETRONAS, Petro China, OKS Spezialschmierstoffe GmbH, Suzlon, Klüber Lubrication, and CNOOC.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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The study is a source of reliable data on:
Market segments and sub-segments
Market trends and dynamics
Supply and demand
Market size
Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis
The regional analysis covers:
North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
Eastern Europe (Poland and Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
A complete backdrop analysis, which includes an assessment of the parent market
Important changes in market dynamics
Market segmentation up to the second or third level
Historical, current, and projected size of the market from the standpoint of both value and volume
Reporting and evaluation of recent industry developments
Market shares and strategies of key players
Emerging niche segments and regional markets
An objective assessment of the trajectory of the market
Recommendations to companies for strengthening their foothold in the market
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