Dublin, March 14, 2024 (GLOBE NEWSWIRE) -- The "North America Wind Turbine Lubricant Market Forecast to 2028 - Regional Analysis - by Base Oil (Mineral Oil, Synthetic, and Bio-based) and Product Type (Grease, Gear Oil, Hydraulic Oil, and Others)" report has been added to ResearchAndMarkets.com's offering.
This market analysis reveals a robust growth trajectory for the North America wind turbine lubricant market, as the region embarks on an ambitious path to bolster its wind energy sector. The detailed forecast predicts a promising climb from US$ 39.10 million in 2022 to an impressive US$ 69.5 million by 2028. A notable Compound Annual Growth Rate (CAGR) of 10.1% from 2022 to 2028 underpins this optimistic outlook.
The stimulus behind this surge is predominantly attributed to concerted governmental efforts aimed at fostering a sustainable and eco-friendly landscape through renewable energy. A prime example of these initiatives is the US Department of Energy's allocation of a significant US$ 132 million towards wind energy technologies for the fiscal year 2022. Policy-driven enhancements in the sector lead to increased wind turbine installations, directly fueling the demand for dedicated lubricants.
Market Dynamics and Regional Highlights
The expansive US market is a central player in this regional upswing, with government-led programs and a spike in wind capacity installations laying the groundwork for a flourishing wind turbine lubricants sector. Wind power holds the accolade of being the largest renewable energy source in the US, particularly distinguished in states like Texas, Iowa, and Kansas.
Across the border, Canada shows substantial commitment to renewable energy, with substantial investments in energy storage technologies to amplify clean power endeavors. Data from CanREA alludes to a significant expansion of the wind sector in 2022. Meanwhile, Mexico's wind capacity has witnessed a decade-long upward trend, encapsulated by a notable cumulative capacity of 8.3 GW, further accentuating the regional lubricant market's expansion prospects.
Key Market Segmentation Insights
- Base Oil Division: Within the lubricant market, synthetic oils have carved out a pivotal role, commanding the largest market share in 2022.
- Product Type Categorization: Gear oils have emerged as a front-runner in the product-specific segmentation, occupying a dominant market position in 2022.
- Country-specific Breakdown: The United States remains at the forefront of the North America wind turbine lubricant market.
Leaders in lubrication, including players that specialize in synthetic lubricants, grease, gear oil, and hydraulic oil, are integral to the robust competitive landscape of this market.
Driving Towards a Renewable Future
As North America continues to navigate the path of renewable energy, wind turbine lubricants are set to play a pivotal role in achieving operational excellence and longevity of wind energy infrastructure. These market analytics offer critical insights to stakeholders and underscore the pivotal trends shaping the market's progression, ultimately contributing to a more sustainable energy future.
A selection of companies mentioned in this report includes
- TotalEnergies SE
- BP PLC
- Chevron Corp.
- ExxonMobil Corp.
- Fuchs Petroblub SE
- Kluber Lubrication GmbH& Co. KG
- Phillips 66
- Shell PLC
- The Lubrizol Corp.
- Afton Chemical Corp.
- AMSOIL Inc.
For more information about this report visit https://www.researchandmarkets.com/r/nt12dd
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