Wind Turbine Gearbox Market 2021: Future Growth Prospects, Demand, Technology Advancement, Regional Outlook and Key Players to 2023
Research Reports
Jan 06, 2021
Market Analysis
The wind turbine gearbox market will develop at a 6.46% CAGR between the forecast period, 2019- 2025, according to the new Market Research Future (MRFR) analysis. A wind turbine transfers kinetic energy effectively harvested from wind to the mechanical energy, which drives a rotor. This, along with the gearbox, helps to drive a motor for generating electricity.
Various factors are propelling the global wind turbine gearbox market share. As per the MRFR report, such factors include the rising awareness about renewable sources, depletion of fossil fuels at a high rate, the ability of turbine gearboxes to effectively handle the rise in the rotational power of blades, fall in the price of wind power generation for the robust investments made in the energy sector, changes in energy policies to improve sustainability, rise in R&D efforts, growing demand for the production of electricity, and generation of designs of wind power turbines to boost the capacity of wind turbines.
On the contrary, the current COVID-19 outbreak may limit the global wind turbine gearbox market growth over the forecast period.
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Market Segmentation
A study by MRFR highlights an inclusive segmental analysis of the global wind turbine gearbox market based on capacity, application, type, and installation type.
- By type, the global wind turbine gearbox market is segmented into main gearbox, yaw gearbox, and others. Of these, the main gearbox segment will lead the market over the forecast period. It is predicted to grow at a 6.44% CAGR by 2025.
- By application, the global wind turbine gearbox market is segmented into offshore wind power and onshore wind power. Of these, the onshore wind power segment will dominate the market over the forecast period. It is predicted to touch USD 7,897.4 million at a 6.42% CAGR by 2025.
- By installation type, the global wind turbine gearbox market is segmented into replacement and new. Of these, the new segment will have a major share in the market over the forecast period. It is predicted to touch USD 4,476.1 million at a 6.4% CAGR by 2025.
- By capacity, the global wind turbine gearbox market is segmented into over 3 MW, 1.5 MW-3MW, and up to 1.5 MW. Of these, the 1.5MW-3MW segment will spearhead the market over the forecast period.
Regional Analysis
By region, the global wind turbine gearbox market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), South America, and the Middle East and Africa (MEA). Of these, the APAC region will dominate the market over the forecast period. New installations, favorable government policies, China having the largest capacity of wind power generation, developed wind infrastructure, India having the fourth largest wind power installed capacity, rapidly growing installed base, and shifting service strategies of Indian and Chinese asset owners are adding to the global wind turbine gearbox market growth in the region.
In Europe, the global wind turbine gearbox market is predicted to hold the second-largest share over the forecast period for the presence of leading wind turbine producers in the UK. It is likely to grow at a 6.58% CAGR.
In South America, the global wind turbine gearbox market is predicted to have steady growth over the forecast period for the crisis of energy faced by some countries. It is likely to grow at a 6.53% CAGR.
In North America, the global wind turbine gearbox market is predicted to have sound growth over the forecast period, and in the MEA is predicted to have favorable growth over the forecast period.
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Key Players
- RENK AG (Germany)
- ISHIBASHI Manufacturing Co. Ltd. (Japan)
- Eickhoff Antriebstechnik GmbH (Germany)
- Chongqing Gearbox Co. Ltd. (China)
- ZF Friedrichshafen (Germany)
- China High Speed Transmission Equipment Group Co. Ltd. (China)
- Winergy AG (Germany)
- Siemens Gamesa Renewable Energy S.A. (Spain).
Tables Of Contents
1 Executive Summary
2 Research Methodology
3 Market Dynamics
4 Global Wind Turbine Gearbox Market, By Reactor Type
5 Global Wind Turbine Gearbox Market, By Strategy
6 Global Wind Turbine Gearbox Market, By Capacity
7 Regional Market Analysis
8 Competitive Analysis
9 List of Tables
10 List of Figures
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