Pune, India, Feb. 25, 2022 (GLOBE NEWSWIRE) -- The Global Wind Turbine Gearbox Market size was valued at USD 18.02 billion in 2020. The market is forecast to rise from USD 19.33 billion in 2021 to USD 32.55 billion by 2028 at a CAGR of 7.7% during the forecast period 2021-2028. Fortune Business Insights™ has delved into these insights in its latest research report titled, “Wind Turbine Gearbox Market, 2021-2028.”
According to the study, an infusion of funds into renewable sources of energy amidst rising environmental concerns will boost the business outlook. Soaring demand for electricity and shifting trends toward environment-friendly energy resources will encourage industry participants to invest in the landscape.
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Companies Operating in Wind Turbine Gearbox Market Report:
- Siemens Gamesa Renewable Energy SA (Spain)
- General Electric Renewable Energy (France)
- Robert Bosch (Germany)
- Vestas (Denmark)
- Moventas Gear Oy (Finland)
- Ishibashi Manufacturing Co. Ltd. (Japan)
- Voith GmbH & Co. KGaA (Germany)
- Winergy Group (US)
- Dana Brevini SpA (Italy)
- ZF Friedrichshafen AG (Germany)
- ME Production A/S (Denmark)
- Renk AG (Germany)
Wind Turbine Gearbox Market Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 7.7% |
| 2028 Value Projection | USD 32.55 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 18.02 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Segments covered | Type, Application, and Region |
| Growth Drivers | End-users to Tap Opportunities in Wind Energy to Bolster Growth |
| Industry Participants Expect North America to Provide Compelling Growth Opportunities | |
| Prominent Companies to Infuse Funds into Organic and Inorganic Strategies to Gain a Competitive Edge |
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COVID-19 Impact
Investments in Wind Portfolio to Overcome Challenges of the COVID-19 Pandemic
The COVID-19 outbreak had a mixed impact on the global outlook on the back of supply chain disruptions. Prominently, halt in trade activities and subsequent effects on renewable energy sources posed severe challenges. Meanwhile, bullish government policies have encouraged end-users to inject funds into the landscape. The American Wind Energy Association contemplates adding 25 GW of wind power projects in the U.S. Despite manufacturing facility shutdowns, the market is expected to overcome uncertainties created by the pandemic.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/wind-turbine-gearbox-market-101355
Report Coverage
The Wind Turbine Gearbox Market report is prepared rigorously through qualitative and quantitative assessments. The use of top-down and bottom-up approaches further validates the authenticity of the report. Included but not limited to primary and secondary sources have also been included to provide a birds-eye-view. We have delved into press releases, SEC filings, annual reports, and government websites to validate the veracity of the report.
Segments
Type, Application, and Region Are Studied
In terms of type, the market for wind turbine gearbox is divided into new and replacement.
With respect to application, the market for wind turbine gearbox is segmented into onshore and offshore.
Based on region, North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa are included in the report.
Drivers & Restraints
End-users to Tap Opportunities in Wind Energy to Bolster Growth
Leading companies could infuse funds into renewable sources of energy amidst growing environmental concerns. The growth of renewable energy power generation has become pivotal to minimize the dependence on traditional sources. Expansion of the wind capacity will further encourage leading companies to expand their footfall across untapped areas. The International Energy Agency anticipates renewable energy to take over fossil fuel as the dominant form of electricity generation over the next half-a-decade.
However, soaring operation and maintenance costs could dent the global business outlook.
Regional Insights
Industry Participants Expect North America to Provide Compelling Growth Opportunities
The North America wind turbine gearbox market growth will be pronounced in the wake of the rising installation of wind energy. Prominently, the U.S. will act as a catalyst as the investments in wind power generation continue to witness an upward trajectory. Besides, onshore capacity will also witness an uptick across the region, auguring well for the regional growth.
The Asia Pacific wind turbine gearbox market share will gain traction due to the presence of leading companies and investments in China. To illustrate, China contemplated increasing its electricity generation from wind and solar plants to approximately 11% of its total power consumption in 2021, according to the National Energy Administration. Concerted efforts to minimize carbon emissions will also play a pivotal role in fostering the penetration of wind turbine gearbox.
Leading companies are likely to envisage Europe as a happy hunting ground in the light of investments in wind energy in the U.K. and Germany. Prominently, Europe plans to establish 15 GW of wind energy per year for the next half-a-decade. A notable uptick in the number of wind energy projects will encourage leading companies to invest in the region.
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Competitive Landscape
Prominent Companies to Infuse Funds into Organic and Inorganic Strategies to Gain a Competitive Edge
The competitive landscape of the market for wind turbine gearbox indicates leading companies will focus on organic and inorganic strategies, including technological advancements, mergers & acquisitions, product launches, and innovations.
Industry Development
December 2020 – Moventas introduced a new Exceed Evo+ upgrade for the Exceed Evo gearbox that was rolled out in Hamburg wind energy expo 2018.
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Wind Turbine Gearbox Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Wind Turbine Gearbox Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- New
- Replacement
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Wind Turbine Gearbox Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- New
- Replacement
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Type
- New
- Replacement
- Canada Market Analysis, Insights and Forecast – By Type
- New
- Replacement
- U.S. Market Analysis, Insights and Forecast – By Type
- Europe Wind Turbine Gearbox Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- New
- Replacement
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Country
- Germany Market Analysis, Insights and Forecast – By Type
- New
- Germany Market Analysis, Insights and Forecast – By Type
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