Increasing installation of wind turbines coupled with increasing government regulations to support renewable energy sources is likely to stimulate demand.
Market Size – USD 226.1 million in 2018, Market Growth - CAGR of 8%, Market Trends – Increased adoption of renewable energy
NEW YORK, Feb. 20, 2019 (GLOBE NEWSWIRE) -- The global lubricants for Wind turbine market is projected to grow at a CAGR of 8% in the forecast period, according to a new report by Reports and Data. Increased adoption of wind energy globally is a key factor affecting market growth. This can be mainly associated with increased efficiency of renewable energy sources coupled with growing awareness towards GHG emissions and energy security.
Additionally, advancements in wind technology have also led to an increase in the adoption of wind turbines. There has been an improvement in wind turbines and the related technology has evolved over time. For instance: Countries have been focusing on increasing the size of their turbines. Along with this, the average capacity factors of the turbines have also increased. This can be mainly associated with larger rotors and improved design. Thus, countries have started shifting to wind energy for power generation. Thus, with increase in wind turbines and turbine size, the demand for lubricants will also significantly increase.
Europe is expected to dominate the market for lubricants for wind turbine in 2026 and grow at a CAGR of 8.9%. The recent regulatory and economic development in Europe is expected to significantly change the wind energy perspective for the next few years. At the end of 2017, Germany accounted for the largest share of the installed power capacity. The installed power capacity rose from 28712 MW in 2011 to 55876 MW in 2017. The off shore installed capacity has also witnessed a rise of almost 30 percent since 2016. Similarly Spain and United Kingdom have also experienced a significant rise in their installed capacity. Decline in price of wind-power installation is also anticipated to foster market growth. As compared to 2012, the OEM’s reported decline in costs by 2–11 percent in the region.
Request for sample of this research report at: https://www.reportsanddata.com/sample-enquiry-form/1050
Further key findings from the report suggest
- Gear Oils is projected to be the fastest growing lubricant type with a CAGR of 8.1% in the forecast period. The demand for gear oil lubricants is expected to witness an upward trend due to the increase in contact pressures and expected increase in the oil life span. Gear box is considered to be the critical component in terms of downtime and failure rates. Almost 70 percent of gear box failures are caused due to the lubricant degradation, which reduces the life span of wind turbine operation.
- European market is forecasted to grow significantly in the coming years. Rising demand for the latest turbine technologies is a key factor affecting market growth in the region. Space constraints and siting challenges have led to an increase in demand for taller towers in European markets to make use of marginal wind sites and existing forested land that are available for development. The increased availability of opportunities for repowering in the EU is also likely to drive market demand. According to IEA, around 50 percent of the cumulative wind capacity in EU will reach the end of its operational life by 2030.
- Key participants include Castrol, Kluber Lubrication, DOW Corning, Shell, Indian Oil Corporation, ExxonMobil and Amsoil. ExxonMobil is a key player in the lubricants for wind turbine market. With a global presence in America, Europe, MEA and Asia Pacific, the company offers a wide range of turbine oils.
Access complete report at: https://www.reportsanddata.com/report-detail/lubricants-for-wind-turbine-market
For the purpose of this report, Reports and Data have segmented global lubricants for wind turbine market on the basis of lubricant type, oil replacement cycle, turbine component, application and region:
Lubricant Type Outlook (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
- Gear Oil
- Grease
- Hydraulic Fluid
Oil Replacement Cycle Outlook (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
-
- 6-12 months
- 12 months and above
Turbine Component Outlook (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
-
- Blade
- Rotors
- JAW
- Gearbox
- Others
Application Outlook (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
- Onshore
- Offshore
Regional Outlook (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
-
- North America
- U.S.
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- Latin America
- Brazil
- MEA
- North America
Browse More Reports of Materials and Chemicals Category At:
https://www.reportsanddata.com/report/category/materials-and-chemicals
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help clients make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries including Healthcare, Technology, Chemicals, Power, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Contact Us:
John Watson
Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-800-819-3052
E-mail: sales@reportsanddata.com
News: www.reportsanddata.com/market-news