Wind Turbine Brakes Market Research Report: Information by Application (Onshore and Offshore) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2027
ID: MRFR/E&P/8607-HCR | February 2021 | Region: Global | 111 pages
Wind Turbine Brakes Market Scenario
Wind Turbine Brakes Market size is projected to reach USD 390.4 Million by 2026, at 6.21% CAGR between 2020 and 2027.
The major factors driving the growth of the global wind turbine brakes market is the rising demand for electricity generation from wind energy and increasing government initiatives for the adoption of offshore wind for electricity generation. Furthermore, the increasing demand for sustainable electricity generation to reduce the emission of harmful gases is also expected to have a significant impact on the growth of the global market during the forecast period. The development of large-scale wind turbines has substantially boosted the installation of offshore wind projects globally.
Many major players such as ANTEC Group, Hilliard Corp, and Dellner Brakes AB are actively focusing on R&D to reduce the manufacturing costs of solar equipment to increase the adoption of off-grid solar equipment. For instance, in July 2020, Dongfang Electric Corporation announced that the company had started operations of its 10 MW wind turbine. The development is expected to have a substantial impact on the growth of the company’s market share during the forecast period.
The global wind turbine brakes market has been segmented based on application. Based on application, the global market is divided into onshore and offshore. The onshore segment is expected to hold a larger share of the market during the forecast period, owing to the increasing installations of grid-connected wind farms. However, the offshore segment is expected to grow at the fastest rate during the forecast period owing to the declining cost of offshore wind equipment and the technological developments of the equipment.
Global Wind Turbine Brakes Market is expected to register a 7% CAGR during the forecast period.
Key Players
The key players operating in the global wind turbine brakes market are Altra Industrial Motion Corp, ANTEC Group, Dellner Brakes AB, Hilliard Corp, Hindon LLC, Hydratech Industries, Miki Pulley Co. Ltd, Siegerland Bremsen GmbH, Thomson Industries Inc, and W.C. Branham Inc.
Market Segmentation
The global wind turbine brakes market is expected to witness high growth during the forecast period owing to the increasing demand for renewable electricity. This is expected to drive the demand for wind turbine brakes during the forecast period.
Based on region, the global market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Europe holds the largest market share of the market due to the increasing adoption of renewable electricity in the region. Additionally, the market in Europe is expected to grow at the fastest rate during the forecast period, primarily due to the numerous government initiatives introduced in the region to increase the adoption of wind energy.
Intended Audience
- Government and research organization
- Consulting companies in the renewable energy inverters -market
- Raw material suppliers
- Research consultants
- Investors and shareholders
Wind turbine brakes are used to hold the turbine in place and stop the rotors from moving. They are applied for maintenance operations and in extreme weather conditions where excessive wind speed may damage the turbine. Wind turbine brakes are also used to hold the turbine in place when the turbine faces mechanical failure.
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | USD 390.4 Million 2027 |
| CAGR | 6.21% (2020-2027) |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Altra Industrial Motion Corp, ANTEC Group, Dellner Brakes AB, Hilliard Corp, Hindon LLC, Hydratech Industries, Miki Pulley Co. Ltd, Siegerland Bremsen GmbH, Thomson Industries Inc, and W.C. Branham Inc. |
| Key Market Opportunities | Increasing Demand for Renewable Electricity |
| Key Market Drivers | New product launches and R&D Amongst major key Players |
Frequently Asked Questions (FAQ) :
The global wind turbine brakes market is predicted to grow at a 7% CAGR between 2020- 2026.
The global wind turbine brakes market is predicted to reach USD 400 million by 2023.
Europe will lead the global wind turbine brakes market.
Demand for sustainable electricity and development of large-scale wind turbines are the key factors driving the global wind turbine brakes market growth.
Key contenders profiled in the global wind turbine brakes market include Altra Industrial Motion Corp, ANTEC Group, Dellner Brakes AB, Hilliard Corp, Hindon LLC, Hydratech Industries, Miki Pulley Co. Ltd, Siegerland Bremsen GmbH, Thomson Industries Inc, and W.C. Branham Inc.