Global Wind Gearbox Market to Perceive Substantial Growth USD 7.70 Billion by 2027 : Fior Markets

Wind Gearbox Market by Type (Vertical, Horizontal), Application (Onshore, Offshore), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027


Newark, NJ, May 16, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The Global Wind Gearbox market is expected to grow from USD 4.55 Billion in 2019 to USD 7.70 Billion by 2027, at a CAGR of 6.8% during the forecast period 2020-2027. A gearbox is commonly used in a wind turbines to increase rotational speed of electrical generator from a low-speed rotor to a higher speed rotor. The multi megawatt wind turbines are distributed with a gearbox. The gearbox provide reliability and higher torque rate to wind turbines. The wind gearbox is important part of wind turbine system that helps in gaining maximum efficiency of the turbines. The wind gearbox is connected to the blades of the turbine that is combined with the generator, to provide produce the electricity from the natural wind energy. The failure of gearbox can reduce the performance of the wind turbine generators. These gearboxes can be of vertical and horizontal type.

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Growing need for clean energy has pushed the market for wind turbines. Most of wind turbines operating currently needed a gearbox system. Upsurge in the number of wind turbines across the globe has boost up the wind turbine gearbox market. Different components in a wind turbine play a significant role in enhancing the speed for maximum efficiency. So, a gearbox plays a crucial part in a wind turbine, as it speed up the slower turbine rotations to fast generator rotational speed. Still, in contrast to conventional gearboxes, a wind turbine gearbox does not switch gears. Rather, it keeps a single gear ratio between the generator and rotor rotation.

The market has been segmented on the basic of type, application and region. Type segment includes vertical and horizontal. The Horizontal segment held largest market share of 67.63% and valued USD 3.08 Billion in 2019. Application segment includes onshore and offshore. Onshore segment held largest market share of 58.94% and valued USD 2.68 Billion in 2019. The market has been divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. APAC region has the largest market share in 2019 with 43.89 % market share. The countries such as China, India, and Japan are expected to lead the Asia-Pacific Global wind gearbox market, with China accounting for the largest share in the regional demand.

The major companies for global Wind Gearbox market are Siemens AG, GE Power, Suzlon Energy, China High Speed Transmission Equipment Group, Senvion S.A. and ZF Friedrichshafen. Siemens AG held the second largest market share of 16.89% in 2019. In January 2020, Siemens announced to  acquire Delhi-based C&S Electric. The acquisition of one of the leading suppliers of electrical and electronic equipment for infrastructure, power generation, transmission and distribution, will strengthen Siemens' position as a key supplier of low-voltage power distribution and electrical installation technology in one of the world's fastest-growing economies.

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About the report:

The global Wind Gearbox market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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