New York, US, May 10, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Wind Turbine Gearbox Market Information By Type, Application, Installation Type, Capacity, and Region - Forecast till 2030", The wind turbine gearbox market can anticipate attaining a growth rate of 6.5% between 2022 and 2030, while touching a value of USD 38531.02 million by 2030.
Wind Turbine Gearbox Market Overview
A wind turbine is a device that transforms the kinetic energy of the wind into electrical energy. Various diameters and either vertical or horizontal axes are used in the construction of wind turbines. A wind farm is created when thousands of huge turbines are erected side by side. A gearbox drive motor and rotor are used in a wind turbine to generate electricity. The traditional design employs a gearbox to reduce speed, while the generator benefits from high torque power in the main shaft at a faster rotational speed. Three-stage gearboxes are frequently used in utility-scale wind turbines. Planetary drive is used in the first step, while helical gears are used in the final two stages.
The developing economies of Southeast Asian, South American, and African nations present a significant market for the wind power industry. There is a rising demand for power in these areas as nations like Brazil, South Africa, Chile, Vietnam, and others are in the process of developing, which is anticipated to present market prospects for the wind turbine gearbox industry in the future.
Market Competitive Landscape:
The renowned firms in the wind turbine gearbox industry are
- Siemens Gamesa Renewable Energy S.A. (Spain)
- Winergy AG (Germany)
- China High Speed Transmission Equipment Group Co. Ltd. (China)
- ZF Friedrichshafen (Germany)
- Chongqing Gearbox Co. Ltd. (China)
- Eickhoff Antriebstechnik GmbH (Germany)
- ISHIBASHI Manufacturing Co. Ltd. (Japan)
- RENK AG (Germany)
- Among others.
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Due to the existence of numerous regional and worldwide companies, the global wind turbine gearbox market is very fragmented. To improve their market positions globally, numerous significant players from around the world are increasingly getting involved in organic and inorganic advancements. The majority of businesses are focusing on developing new technologies for wind turbines and wind turbine gearboxes in order to increase their production capacity.
Wind Turbine Gearbox Market COVID 19 Analysis
The COVID-19 pandemic, spread to more than 200 countries, and is diagnosed in more than 200 million people worldwide. Fossil fuels are significantly impacted by the pandemic crisis, and some renewable energy sources are negatively impacted. The COVID-19's influence on wind energy is thought to be transient and ineffective, though. As a result of travel restrictions put in place by governments worldwide, the supply chain was interrupted. In several nations, the industries were shut down as a result of the nationwide lockdown and the suspension of import and export activities. Accordingly, COVID-19 has caused numerous projects to be postponed globally.
Despite these obstacles, the wind market has experienced its highest rate of expansion, installing more than 96 GW of new capacity, or about a 59% increase year over year. China has established the highest capacity in the world despite being the country where this virus is thought to have originally spread. The American Wind Energy Association estimates that the United States will add 25 GW of wind energy by April 2020, yet all of these projects could be shelved or delayed as a result of COVID-19.
Wind Turbine Gearbox Market Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 38531.02 Million 2032: Significant Value |
| CAGR during 2023-2032 | 6.5% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, Installation Type and Capacity |
| Key Market Opportunities | Increase in rotor diameter in gearbox Government support for wind energy projects |
| Key Market Drivers | Significant reduction in the wind power generation costs Increase in wind energy consumption |
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Wind Turbine Gearbox Market USP Covered:
Market Drivers:
Global investment in renewable energy sources is rapidly rising, opening up new market prospects. Governments in numerous nations are concentrating on lowering greenhouse gas emissions globally as environmental concerns grow. Both onshore and offshore wind markets are being driven by the favorable policies they are enacting. The National Ocean Industries Association set up the first offshore farm in the United States in 2017.
With a high-capacity share, Europe is home to a growing offshore wind sector. The International Energy Agency predicts that during the next five years, renewable energy will surpass fossil fuels as the primary source of electricity generation worldwide. The government has set certain goals for them to meet within a given timeframe, and this puts a greater emphasis on the installation of new wind farms. The wind turbine gearbox market is growing due to the aforementioned factor.
The amount of money invested in renewable energy sources is rising globally. Both the global increase in air pollution and the soaring demand for electricity are on the rise. The emphasis is shifting to greener, more environmentally friendly energy sources. To reduce their reliance on conventional sources of energy, numerous countries around the world are placing an emphasis on the development of renewable energy-based power generation. Increased investments in wind and other renewable energy sources have been seen to be steadily increasing in recent years.
A variety of energy generation challenges may be overcome by wind energy sources. According to the Global Wind Energy Council (GWEC), 71 GW of new wind projects were developed globally in 2020, signaling a significant increase in the installation of wind power. As a result, such significant increases in wind capacity require regular, effective maintenance. As a result, the demand for wind turbine gearbox is projected to increase due to the increasing investments in wind energy.
Market Restraints:
For wind turbines, the cost of operation and maintenance is very high and accounts for more than 30% of the overall cost. After the wind turbine is installed, it is important to regularly inspect such turbines. Generator and gearbox are the two essential and difficult parts of a turbine. For these components to function properly and live a longer lifespan, operation and maintenance tasks are essential. Failure is possible without proper maintenance, which increases downtime. The upkeep of the gearbox is a very pricy and difficult process. In most cases, it is better to replace the gearbox. The market's expansion potential throughout the projection period may be hampered by the high cost of operation and maintenance.
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Wind Turbine Gearbox Market Segmentation
By Type
Different types of wind turbine gearboxes are yaw gearbox, main gearbox, and others.
By Application
Offshore and onshore wind power are the top applications of wind turbines.
By Installation Type
The installation types are new as well as replacement.
By Capacity
Capacity-wise, the key segments are 1.5 MW-3 MW, up to 1.5 MW, and over 3 MW.
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Wind Turbine Gearbox Market Regional Insights
Over the course of the review year, the APAC wind turbine gearbox market is expected to account for 47% of global sales. Estimated shares for North America and Europe are 14.90% and 32.04%, respectively. A total of 4.91% and 1.18% will be secured respectively by South America and MEA.
As per MRFR analysis, the presence of the world's top wind turbine manufacturers in the UK will allow the wind turbine gearbox market in Europe to grow at a rate of 6.45% throughout the assessment period. The EU market can garner a CAGR of 6.58% over the predicted period. Due to the severe energy crisis, it is predicted that the South American wind turbine gearbox market would capture a CAGR of 6.53% throughout the study period.
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