Lubricants for Wind Turbine Market Size Worth USD 344.34 Million in 2032 | Emergen Research

Rising demand for non-hydro renewable energy is a major factor driving Lubricants for Wind Turbine market revenue growth.


Vancouver, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global lubricants for wind turbine market size was USD 164 Million in 2022 and is expected to register a rapid revenue CAGR of 7.6 % during the forecast period. The surge is attributed to the increasing global focus on non-hydro renewable energy, in line with the United Nations' ambitious goal of achieving net-zero emissions by 2050.

Governments worldwide are prioritizing the deployment of renewable energy technologies, including wind power, to meet emission reduction targets. The United Nations emphasizes a 45% reduction in carbon emissions by 2030 and complete carbon neutrality by 2050. Wind energy, especially from offshore wind farms, is a key component in achieving these goals, despite facing challenges such as high operation and maintenance costs.

A major driver of market growth is the heightened awareness of greenhouse gas emissions and government initiatives to promote renewable energy. Notably, the World Bank has approved significant financing for low-carbon energy development in countries like India and Turkey, signaling a global commitment to sustainable practices.

Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/2575  

Technological advancements play a pivotal role in driving market revenue growth. Companies like Flender Corporation are at the forefront, developing advanced wind turbines with higher capacity. However, challenges such as high maintenance costs and limited awareness of lubricants' usage in wind turbines could impede market growth.

Base-Oil Insights:

The synthetic lubricants segment led the market in 2022, capturing the largest revenue share. Synthetic lubricants, composed of synthesized oil components, offer lower pour points, enhancing gearbox efficiency at lower temperatures. Mobil SHC synthetic oils, widely used in over 40,000 wind turbines globally, exemplify the industry's reliance on synthetic lubricants for wear protection and extended oil life.

The bio-based lubricants segment is expected to experience moderate growth, driven by the promising properties of lubricants derived from vegetable oils. Bio-based lubricants, with their low toxicity, high biodegradability, and superior physicochemical properties, are emerging as a viable alternative to mineral oils.

Product Insights:

The gear oil segment is anticipated to dominate the market during the forecast period, primarily due to the increasing use of gear oils in wind turbine gears. These oils, often made from fully synthetic Polyalphaolefins (PAO), exhibit excellent low-temperature behavior, viscosity-temperature performance, and compatibility with mineral oils.

The hydraulic oil segment is poised to register the fastest revenue growth rate, attributed to the growing demand for hydraulic oil to control wind turbine blades. This approach ensures longer oil service life, reduces maintenance costs, and contributes to the overall efficiency of wind turbines.

Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2575

Platform Insights:

The offshore segment is expected to hold the largest revenue share, driven by the specialized lubricants required for offshore wind turbines to withstand harsh marine environments. Stringent government regulations on pollution and the increasing need for renewable energy further contribute to the dominance of the offshore segment.

Onshore wind power is expected to register steady revenue growth due to its established technology, accessibility, and cost-effectiveness. Onshore wind farms play a crucial role in generating clean and reliable energy for communities and businesses.

Regional Insights:

North America accounted for the largest revenue share in 2022, attributed to the rising demand for clean energy and government investments in expanding wind energy capacity. The U.S., in particular, has witnessed a significant increase in electricity production from wind energy.

Europe is projected to register the fastest revenue growth rate, driven by the increasing demand for clean and renewable energy sources. Government initiatives and substantial investments in new wind farms contribute to the region's growth.

The Asia Pacific region is expected to account for a considerable revenue share, propelled by favorable government policies, increased investments in wind turbine projects, and reduced energy costs. Noteworthy investments in renewable energy projects in countries like China and Japan indicate a promising future for the market in this region.

Scope of Research

Report DetailsOutcome
Market Size in 2022USD 164.40 Million
CAGR (2023–2032)7.6%
Revenue Forecast To 2032USD 344.34 Million
Base Year For Estimation2022
Historical Data2019–2021
Forecast Period2023–2032
Quantitative UnitsRevenue in USD Billion and CAGR in % from 2023 to 2032
Report CoverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments CoveredBase-oil, product, platform, and region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country ScopeU.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Russia, Rest of Europe, China, India, Japan, South Korea, ASEAN Countries, Oceania, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies ProfiledExxon Mobil Corporation., TotalEnergies, Chevron Corporation, BP p.l.c., PETROCHINA COMPANY LIMITED, Valvoline, Sinopec Corp, ENEOS Holdings, Inc., Idemitsu Kosan Co., Ltd., PETRONAS, Motul, FUCHS PETROLUB SE, KLÜBER LUBRICATION INDIA Pvt. Ltd., Phillips 66 Company, The Lubrizol Corporation, Afton Chemical, AMSOIL INC., Gulf Oil International Ltd, Indian Oil Corporation Ltd., and COSMO OIL LUBRICANTS Co., Ltd.
Customization Scope10 hours of free customization and expert consultation

Major Companies and Competitive Landscape

The global lubricants for wind turbine market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective lubricants for wind turbines products in the market.

Some major players included in the global lubricants for wind turbine market report are:

  • Exxon Mobil Corporation.
  • Total Energies
  • Chevron Corporation
  • BP p.l.c.
  • PETROCHINA COMPANY LIMITED
  • Valvoline,
  • Sinopec Corp.
  • ENEOS Holdings, Inc.
  • Idemitsu Kosan Co., Ltd.
  • PETRONAS
  • Motul
  • FUCHS PETROLUB SE
  • KLÜBER LUBRICATION INDIA Pvt. Ltd.
  • Phillips 66 Company
  • The Lubrizol Corporation
  • Afton Chemical
  • AMSOIL INC.
  • Gulf Oil International Ltd.
  • Indian Oil Corporation Ltd.
  • COSMO OIL LUBRICANTS Co., Ltd.

Strategic Development

  • On 14 September 2023, Petrobras, Petrobras signed a deal with Citi to evaluate Brazil's offshore wind energy generation supply chain and logistics capabilities. The deal is seen as an important milestone for Brazil's preparations to develop its first offshore wind farms. This deal will also involve a shift in the Brazilian supply chain, which is currently focused on onshore components. Petrobras is also evaluating partnerships for greenfield projects and mergers and acquisitions.
  • On 1 March 2022, Shell Energy Operations agreed to acquire 49% of Australian wind farm developer West Wind Energy Development Pty Ltd, which has a 3 GW project pipeline across Victoria, New South Wales, and Queensland. This investment is a part of Shell's strategy to build a low-carbon integrated power business in Australia, complementing its investments in solar, carbon trading, and power retailing.

Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2575

For the purpose of this report, Emergen Research has segmented the global lubricants for wind turbine market on the basis of base oil, product, platform, and region:

  • Base-oil Outlook (Revenue, USD Million; 2019-2032)
    • Mineral Oil Lubricants
    • Synthetic Lubricants
    • Bio-Based Lubricants
  • Product Outlook (Revenue, USD Million; 2019-2032)
    • Engine Oil
    • Gear Oil
    • Turbine Oil
    • Hydraulic Oil
    • Compressor Oil
    • Metalworking Oil
  • Platform Outlook (Revenue, USD Million; 2019-2032)
    • On-shore
    • Off-shore
  • Regional Outlook (Revenue, USD Million; 2019–2032)
    • North America
      1. U.S.
      2. Canada
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Russia
      8. Rest of Europe
    • Asia Pacific
      1. China
      2. Japan
      3. South Korea
      4. India
      5. ASEAN Countries
      6. Oceania
      7. Rest of APAC
    • Latin America
      1. Brazil
      2. Mexico
      3. Rest of LATAM
    • Middle East & Africa
      1. GCC Countries
      2. Israel
      3. Turkey
      4. South Africa
      5. Rest of Middle East & Africa

Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/lubricants-for-wind-turbine-market

Curated Reports You Shouldn't Miss: Dive In Now!

Electric Vehicle Battery Market Size, Share, Trends, By Battery Type (Lead-acid, Lithium-ion, Others), By Vehicle Type (Commercial, Passenger), and By Propulsion (Plug-In Hybrid, Battery), Forecasts to 2027

Sustainable Packaging Market Size, Share, Trends, By Materials (Plastic, Paper & Paperboard, Glass, Metal), By Packaging Type, By End Users, Forecasts to 2027

Battery Materials Market Analysis By Battery Type (Lead-Acid, Lithium-Ion, Others), By Material Type (Metal & Metal Oxide, Other Chemical Compounds), By Application (Consumer Electronics, Automotive, Grid Storage, Others), By Region, Forecasts to 2027

Cathode Materials Market, By Battery Type (Lead Acid and Lithium-ion), By Material (Lead Dioxide, Lithium Manganese Oxide, Lithium Cobalt Oxide, Lithium Iron Phosphate, and Others), By Application, and By Region Forecast to 2030

Lithium Ion Battery Recycling Market, By Battery Chemistry (Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Titanate Oxide, and Others), By Source, By Recycling Process, By End-Use, and By Region Forecast to 2030

Air Purifier Market By Technology (HEPA, Activated Carbon, Ionic Filters, Others), By Applications (Commercial, Residential, Industrial, Others) and By Regions Forecasts to 2027

About Emergen Research

Emergen Research 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 smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.

Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web: https://www.emergenresearch.com/

Direct Line: +1 (604) 757-9756

E-mail: sales@emergenresearch.com

Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights



Contact Data