Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- The global wind turbine gearbox market is poised to surge at a CAGR of 6.46% from 2019 to 2025, as per the latest report by Market Research Future (MRFR) owing to the awareness of renewable sources of energy and rapid depletion of fossil fuels. The market is also predicted scaling a valuation of USD 8,630 million by the end of 2025. These have made wind energy a very lucrative investment. In this, comes the wind turbine gearboxes, which are components present within wind turbines and are used in increasing the rotational power of blades. Wind turbine gearboxes are essential components, and the manufacturers of it are rapidly varying designs of the gearbox to increase its resistance according to loading and environmental conditions.
“Wind power is one of those renewable energy sources, which has gained prominence due to its efficiency and effectiveness.”
Driven by advancements in technologies and a noteworthy reduction in the cost of generation and associated risks, the use of wind energy as a source of electricity generation has attracted exceptional demands across the globe. Also, there is a mounting trend in the wind industry globally to reduce the operations & maintenance cost and downtime, which is expected to affect the global wind turbine gearbox market further. Globally, several countries have dedicated towards innovating renewable power generation and as a result of it, the recent years in witnessing a considerable amount of growth in global renewable energy consumption.
As depletion of conventional fossil fuel sources had been speedily taken into action, the rising burden of importing fuel commodities, growing environmental concerns and the global renewable energy consumption will further increase the preference for renewable energy source sources such as wind power. Wind power is likely preferable for its cost-effectiveness and energy generation efficiency. This is predicted that such factors will subsequently drive the growth of the wind turbine gearbox market. On the other hand, the turbine manufacturers are under constant pressure to provide equipment with lower operations and maintenance costs. Gearbox in running conditions are challenging and lifetime expectations are high.
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The novel use of wind turbine gearbox has introduced boxes with high storage capacity to drive market growth. The vendors for wind turbine gearbox are, therefore, introducing products with a high storage capacity specifically for applications that need to store large amounts of data such as action cameras, drones, and video surveillance systems. Also, the trend of capturing high-definition pictures and video along with the implementation of automation technologies across various sectors are driving the need for high-capacity Wind Turbine Gearbox. Pertaining to such demands, the global wind turbine gearbox market is hence, expected to proliferate at a higher CAGR in the period from 2019 to 2025.
Market Segmentation
Market Research Future Report offers a comprehensive segmental analysis of the global wind turbine gearbox market that is listed based on type, application, capacity, and installation type.
By the mode of type, the global Wind Turbine Gearbox Market comprises of yaw gearbox, main gearbox, and others. Wherein, the yaw gearbox segment is expected to exhibit a higher CAGR than the other sections owing to a gamut of product offerings are existing by the distributors. Also, several establishments of production plants are also being into action that is keeping the demand for wind turbines. This factor is likely to spur the segment to proliferate by 2025. On the other side, the main gearbox segment is estimated to propagate at 6.44% CAGR owing to the importance of gearboxes in increasing the rotational speed of turbines, which changes according to changing energy demands.
By the mode of application, this market segment comprises of onshore and offshore wind power. Among these, the onshore segment has captured a higher share of the entire market owing to the extreme uses of medium speed gearboxes to reduce capital and operational expenditure. Overside, the offshore segment is also likely to capture a higher market share by 2025 owing to the incorporation of spur gears in the wind turbine gearboxes setup. Thus, the spur gears allow the turbines to function at high speed resulting in more generation of electricity.
By the mode of capacity, this market segment is alienated into 1.5 MW-3 MW, up to 1.5 MW, and over 3 MW segments. Among these, the 1.5 MW-3 MW segment is anticipated to showcase 6.79% CAGR, while the over 3 MW segment has the possibility to exhibit the second highest CAGR over the forecast period.
By the mode of installation type, this market comprises of new and replacement. Where the new segment of the market is touted to reach a valuation of USD 6,865.3 million by 2025, and the replacement segment has possibilities to grow at a rapid pace owing to the need for replacement parts to modernize and update equipment.
Global Wind Turbine Gearbox Market to Profit from Various High Market Shares Across the World
The regional evaluation and progress report in global wind turbine gearboxes has gathered from North America, South America, Europe, Asia Pacific, and the Middle East & Africa. The North American region is credited being the prime region in the global market of wind turbine gearbox, where it has an estimation to rise by 6.53% CAGR and reaching valuation of USD 425.7 million by 2025. Such a tremendous growth is credited to the energy crunch faced by various countries in the North American region. As observed, Uruguay and Chile are the prime countries having the highest potential to contribute to market revenue.
Meanwhile, Europe region is composed to be the fastest growing region in concern with wind turbine gearbox market, which is accounted for 32.04% share in 2018. Emerging economies such as Turkey coupled with the presence of economically-strong countries such as France, the U.K., and Germany have possibilities to contribute to overall market revenue and make it rise high in the coming years. Also, the new robust policies to facilitate installations of wind turbines is also likely to portend regional growth throughout the forecast period.
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On the other hand, the North America region is also expected to perform well in raising the market owing to various developments in gearbox designs so that it can increase the rotational speeds and generate efficient energy. Hence, it is predicted to mount 6.43% CAGR during the assessment period. Followed by North America, Asia Pacific is the hot market for investments made in the wind turbine gearbox market owing to the vast expanses of land available for energy production. China has accounted for more than 70% share followed by India, Australia, Japan, and South Korea. This report has shown a promising market for wind turbine gearbox to spur exponentially by 2025. Whereas, the MEA wind turbine gearbox market is on the verge to experience a sluggish growth owing to installations only in Africa.
Market Players
Significant players influencing the global wind turbine gearbox market are RENK AG (Germany), Siemens Gamesa Renewable Energy S.A. (Spain), China High Speed Transmission Equipment Group Co. Ltd. (China), Winergy AG (Germany), Eickhoff Antriebstechnik GmbH (Germany), ISHIBASHI Manufacturing Co. Ltd. (Japan), ZF Friedrichshafen (Germany), and Chongqing Gearbox Co., Ltd. (China).
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