Wind Turbine Gearbox Market Report-Forecast till 2027

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 2027

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

Wind Turbine Gearbox Market Synopsis


Wind Turbine Gearbox Market is expected to exhibit at a 6.46% CAGR, on the basis of value, from 2019 to 2025 (forecast period), as per the latest report by Market Research Future (MRFR) owing to exigencies of energy from renewable sources.


The market is driven by increasing energy consumption demands globally. Investments in wind turbines for capturing energy owing to its cost-effectiveness and energy-efficiency is forecasted to spur the market growth over the forecast period. Moreover, government support for renewable energy projects can positively impact the market. This is substantiated by low wind power generation costs and attractive returns ensured by onshore wind projects.


Report Overview


The report provides a comprehensive overview of the market complete with statistical graphs to support the forecasted figures. Our analysts make insightful predictions regarding the scope of the market and its future prospects. MRFR’s report includes a thorough analysis of the global wind turbine gearbox market segmented on the basis of type, application, installation type, capacity, and region. Numerous growth strategies undertaken by companies in recent years as well as the latest trends driving the market are outlined in the report. The market share of all prominent players and their current position is discussed in minute detail. It analyzes new revenue sources for players and emphasizes on the various strategies implemented by players.


Segment Overview


By type, the wind turbine gearbox market is segmented into main gearbox, yaw gearbox, and others. By application, it is segmented into offshore and onshore wind power. By installation type, it is segmented into new and replacement. On the basis of capacity, the market is segmented into 1.5 MW-3 MW, up to 1.5 MW, and over 3 MW. The segments covered in the market report are analyzed with respect to five regions namely – North America, South America, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe. The report discusses in detail the various players residing in these regions and their respective strategies to climb up the market standings.


Competitive Landscape


Wind turbine gearbox manufacturers in the wind turbine gearbox market include 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), and RENK AG (Germany).


The report offers a comprehensive analysis on the profiles on these market players and assesses their current standing in the market. Company history coupled with annual turnover, profit margins, segmental share, SWOT analysis, growth strategies, expansion techniques, and latest R&D initiatives are discussed in minute detail.


Research Methodology


Wind turbine gearboxes are essential components within wind turbines which increases its rotational speed. Manufacturers are rapdily changing their designs of gearbox to increase its resistance according to loading and environmental conditions.


At MRFR, our research analysts conduct a thorough objective analysis of the market while creating market reports by adhering to a rigorous set of standards which allow a truly comprehensive view of the market. Use of primary research strategies such as interviews with chief executive officers and top management professionals have culminated in highly relevant data. Secondary research entails a thorough analysis of past and present trends presented in a forward-looking manner.


In addition, market size estimation and validation of trends are conducted with both top-down & bottom-up approaches to obtain data from the value and supply chain. The balanced number of buyers and suppliers will result in a negligible demand-supply gap. Credible resources are accessed and verified by analysts to understand the nuances of market factors with consistency. Strong analytical tools are used to ascertain accurate analysis of very relevant parameters in an effort to provide clients with a conclusive and dependable view of the future.


Analysis Period



  • Base Year - 2017

  • Projection Period - From 2018 to 2025

  • Market Denomination - USD Million

  • Market Volume - Units

  • Conversion Rate - Considered as per the respective financial years


Type



  • Main Gearbox

  • Yaw Gearbox

  • Others


Application



  • Offshore Wind Power

  • Onshore Wind Power


Installation Type



  • New

  • Replacement


Capacity



  • 5 MW-3 MW

  • Up to 1.5 MW

  • Over 3 MW


Region



  • North America

    • U.S.

    • Canada

    • Mexico



  • Europe

    • Germany

    • U.K.

    • France

    • Turkey

    • Italy

    • Spain

    • Rest of Europe



  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Rest of Asia Pacific



  • South America

    • Brazil

    • Uruguay

    • Chile

    • Rest of South America



  • The Middle East & Africa

    • South Africa

    • Rest of Middle East & Africa




Intended Audience



  • Wind turbine gearbox manufacturers

  • Potential investors

  • Raw material suppliers

  • Traders and distributors of wind turbine gearbox

  • Research and development institutes

  • Government organizations



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   6.46% CAGR (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   Type, Application, Installation Type and Capacity
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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), and RENK AG (Germany)
  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


  • Frequently Asked Questions (FAQ) :


    The market can potentially grow at a rate of 6.46% in the coming years.

    The global market for wind turbine gearbox can reach a valuation of USD 8,630 million by 2025, estimates MRFR.

    Eickhoff Antriebstechnik GmbH (Germany), Chongqing Gearbox Co., Ltd. (China), China High Speed Transmission Equipment Group Co. Ltd. (China), ISHIBASHI Manufacturing Co. Ltd. (Japan), Winergy AG (Germany), Siemens Gamesa Renewable Energy S.A. (Spain), ZF Friedrichshafen (Germany), RENK AG (Germany), are the renowned companies in the market.

    Substantial investments in wind turbines combined with the increasing number of installations to expand their overall capacities are some of the prime strategies being employed by the leading companies to enhance their standings in the global market.

    South America is estimated to expand at a robust pace of 6.53% and can be valued at USD 425.7 million by 2025. Some of the chief factors supporting the market growth in the region include the energy crisis being encountered by the major countries and the rising need to solve this issue.

    The wind turbine gearbox market in Europe can expand at a decent rate of 6.45% in the forthcoming years.

    Yaw gearbox, main gearbox, and others are the primary types of wind turbine gearbox discussed in the report.

    Wind Turbine Gearbox Market – Summary


    Overview:


    The rapid depletion of fossil fuels and growing environmental concerns have forced energy providers to incline towards renewable energy sources. Wind turbine gearboxes are components which ensure the transfer of energy between the impeller and generator. The global market of wind turbine gearbox can grow exponentially at an impressive 6.46% CAGR during the forecast period (2019-2025) to scale to a valuation of USD 8,630 million by the end of 2025. Market Research Future’s (MRFR) report on the wind turbine gearbox market contains a detailed analysis of drivers and segments that can impact the market profoundly in the coming years.


    The wind turbine gearbox market is poised to expand in size owing to the increasing inclination towards renewable energy sources. The sustainable development goals of developed and developing nations to reduce the dependence of fossil fuels and minimize carbon emissions is likely to culminate in increased installations of wind turbines by 2025. Moreover, reduction in wind power generation costs can bolster the market demand till the end of the forecast period.


    Increasing support by governments to capitalize on wind energy to cater to increasing demands by citizens can further the market’s prospects. This is evident by projects started by India, China, Germany, the U.S., U.K., Brazil, South Africa, and others. In addition, introduction of energy efficiency policies such as the Chinese Renewable Energy Law which can encourage industries to use renewable sources of energy can boost market demand by the end of the forecast period.


    Segmentation:


    By type, the global market can be segmented into yaw gearbox, main gearbox, and others. The yaw gearbox segment is expected to exhibit a higher CAGR than the main gearbox segment thanks to a gamut of product offerings by distributors. In addition, establishment of production plants to keep up with the demand of wind turbines is likely to augur the segment growth till 2025. On the other hand, the main gearbox segment is projected to grow at 6.44% CAGR owing to gearboxes being pivotal in increasing the rotational speed of turbines according to changing energy demands.


    By application, the market can be segmented into onshore and offshore wind power. The onshore segment had captured a higher share of the overall market revenue thanks to the use of medium speed gearboxes to reduce capital and operational expenditure. On the other hand, the offshore segment is likely to capture a higher market share by 2025 owing to the integration of spur gears in its setup. Spur gears allow the turbines to function at high torque without risk of creating noise.


    By installation type, it is segmented into new and replacement. The new segment is touted to reach a valuation of USD 6,865.3 million by 2025, while the replacement segment can grow at a rapid clip owing to the need for replacement parts to modernize legacy or outdated equipment.


    On the basis of capacity, it is divided into 1.5 MW-3 MW, Up to 1.5 MW, and Over 3 MW segments. The 1.5 MW-3 MW segment is projected to showcase 6.79% CAGR, while the over 3 MW segment can exhibit the second highest CAGR over the forecast period.


    Regional Analysis:


    Geographical analysis of the wind turbine gearbox market spans across namely North America, South America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).


    The South America region is touted to exhibit 6.53% CAGR during the assessment period to touch a valuation of USD 425.7 million by 2025. This can be credited to the energy crunch faced by various countries in the region. Uruguay and Chile are countries with the highest potential to contribute to market revenue. But lack of supportive policies can impede its growth.


    The Europe market accounted for 32.04% share in 2018. Emerging economies such as Turkey coupled with economically-strong countries such as France, the U.K., and Germany can contribute to overall market revenue. In addition, supportive policies to facilitate installations of wind turbines is likely to augur regional growth throughout the forecast period.


    The North America region is expected to perform well thanks to various developments in gearbox designs which can increase the rotational speeds and generate energy. It is predicted to experience 6.43% CAGR during the assessment period. On the other hand, APAC is a hot market for investments owing to vast expanses of land available for energy production. China accounted for more than 70% share in APAC, followed by India, Australia, Japan, and South Korea. The MEA wind  turbine gearbox market can experience a sluggish growth owing to installations only in Africa.


    Competition:


    Wind turbine gearbox manufacturers influencing the global wind turbine gearbox market are RENK AG (Germany), Siemens Gamesa Renewable Energy S.A. (Spain), China High Speed Transmission Equipment Group Co. Ltd. (China), Winergy AG (Germany), Eickhoff Antriebstechnik GmbH (Germany), ISHIBASHI Manufacturing Co. Ltd. (Japan), ZF Friedrichshafen (Germany), and Chongqing Gearbox Co., Ltd. (China).

    Global Wind Turbine Gear Box Market-Competitive Landscape


    Market Research Future includes following key players for Wind Turbine Gear Box market research study: Siemens Gamesa Renewable Energy, S.A., Winergy AG, China High Speed Transmission Equipment Group Co., Ltd., ZF Friedrichshafen AG, Chongqing Gearbox Co., Ltd., Eickhoff Antriebstechnik GmbH, ISHIBASHI Manufacturing Co. Ltd., and Renk AG.


    The market share analysis is derived by considering various factors such as financial position, segmental R&D investment, product innovations, corporate strength, product portfolio, strategy analysis, and, key innovations in the market among other factors. The major players holding prominent position in the wind turbine gear box market are Winergy AG , China High Speed Transmission Equipment Group Co., Ltd., ZF Friedrichshafen AG , Siemens Gamesa Renewable Energy, S.A., and among others.


    According to MRFR analysis, Winergy AG is currently leading the global wind turbine gear box market with 32.74% market share. Winergy AG designs and manufactures mechanical drive train components for the wind turbine. The company also has a vast number of manufacturing locations expanding its global presence. Furthermore, company focuses on improving  their drivetrain reliability by continuous innovation and decreasing product lifecycle costs. The company concentrates on improving quality to retain its  market  brand name and withstand in the market against the competitors.


    China High Speed Transmission Equipment Group Co., Ltd. has currently occupied the second position in the global wind turbine gear box market with 28.23% market share. The company  manufactures high-speed and heavy-duty gears, globally. It has three main businesses, focused on gears, machine tools and LED products. The company focuses on energy saving  and environment friendly products. Furthermore, it strengthens its efforts to provide and sell parts and components of relevant products as well as system solutions to its customers. Additionally, it focuses on enhancing  their current production efficiency without increasing its capital expenditure. Hence , it can maintain its market position as a major supplier.


    ZF Friedrichshafen AG has currently occupied the third position in the global wind turbine gear box market with 11.08% market share. ZF is an expert in supplying driveline and chassis as well as it offers active and passive safety systems. The firm is primarily known for its design, research and development, and manufacturing activities of automotive industry. The company is a developer and producer of safety systems and serves all major vehicle manufacturers worldwide. The firm continues to drive forward its research and development department in order to innovate the product lines. ZF’s research and development activities is majorly focused on developing efficient and intelligent systems for electric and hybrid drives firm major focus is on establishing a new and flexible project management approach.  This will enable them to widen up the product portfolio to compete in the market. The company also build up its external network of partnership, cooperation, and joint ventures.


    Siemens Gamesa Renewable Energy, S.A has currently occupied the fourth position in the global wind turbine gear box market with 10.37% market share. Siemens Gamesa Renewable Energy, S.A. is one of the leading suppliers of wind power solutions, globally. The company designs, manufactures, sells, and services wind turbine generators. It is a pioneer in the renewable energy sector and has installed products and technology with a total capacity base of over 84 GW. The company focuses on development of supply base with contribution to local wealth creation and planning with suppliers for achieving world class design  for cost reduction. These factors create opportunities for qualified suppliers. Additionally , the company concentrates on providing health services, and offering environmental , social and cultural programs on local grounds  for  development of products and strengthening customer base.