Wind Turbine Gearbox Market Report-Forecast till 2030

Wind Turbine Gearbox Market Research Report by Type (Main Gearbox, Yaw Gearbox, Others), Application (Offshore Wind Power, Onshore Wind Power), Installation Type (New, Replacement), Capacity (1.5-3 MW, up to 1.5 MW, Over 3 MW), and Region - Global Forecast to 2030

ID: MRFR/E&P/5153-CR | November 2018 | Region: Global | 199 pages

Impact of COVID-19 on the Global Wind Turbine Market


The outbreak of the COVID-19 pandemic has a major impact on the global economy. As the global economy is dealing with the pandemic, the energy sector has been significantly impacted by the COVID-19 pandemic owing to a decline in the electricity demand, especially from the industrial and commercial sectors. This outbreak has had a huge impact on the energy sector, primarily in renewable energy sources. Many countries across the world are focusing on increasing the share of the electricity generated from renewable energy sources such as solar, wind, energy storage, and hydro, in the total power generation mix. They have experienced high growth over the next few years. As stakeholders in the power generation industry seek opportunities to reduce their carbon footprint and dependence on fossil fuel energy sources, the authorities around the world have set the target to increase the generation capacity of renewable energy generation sources to increase the share of renewable energy in the power generation mix. Countries across the globe such as the US, the UK, Germany, India, Norway, China, and France are focusing on the commissioning of wind power projects. Hence, as increase the share of electricity generated from wind power. For instance, in India, the authorities have set up a target to have an installation capacity of 60 GW from wind energy. In Germany, the authorities have set up a target to have the offshore wind power installation capacity of 15 GW by 2030. However, the COVID-19 pandemic crises have considerably disrupted this momentum. The outbreak has not only disrupted the supply chain of the wind turbine market, but it also has influenced the market in several ways, including changing government policies, delaying the commencement of wind energy projects, and halting government incentives in promoting wind energy sources. Such factors are likely to decrease investments and restrict the growth and development of the global wind turbine market.


FIGURE: GLOBAL WIND INSTALLATION CAPACITY, GW, 2013-2019


As per the statistics of the World Wind Energy Association (WWEA), the global installation capacity of wind power grew by 10.1% in 2019 compared to 2018, with an addition of 59.67 GW in 2019. However, the installation of wind power projects has come to a halt in 2020, which eventually impacted the wind turbine market due to the COVID-19 pandemic, resulting in the delayed installation of wind power projects worldwide. Moreover, the global wind turbine industry is also negatively affected due to this pandemic as the countries across the world, such as the US, Germany, and India, are dependent on other countries for imports and exports of wind turbines for the commencement of wind power projects. Furthermore, the lockdown and travel restrictions caused due to this pandemic have also resulted in the restriction of the movement of people and goods, shutting down manufacturing hubs, which will eventually drive up the capital expenditures of wind energy projects. This has resulted in production delays across the world, halting the commissioning of wind installation projects worldwide.  


Wind Turbine Market


Source: Primary Experts, Secondary Sources, and MRFR Analysis


GLOBAL WIND INSTALLATION CAPACITY


Source: International Renewable Energy Agency