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
Wind Turbine Gearbox Market
Wind Turbine Gearbox Market is expected to grow at a CAGR of 6.46% during the forecast period and is expected to reach USD 34 Billion by 2028.
$34 Billion
Market Size
6.46%
CAGR
North America
Dominating Region
2021-2028
Forecast Period
Segmentation
Key Players
- 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)
Drivers
- Increase in rotor diameter in gearbox
- Government support for wind energy projects
- Significant reduction in the wind power generation costs
- Increase in wind energy consumption
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.
Wind Turbine Gearbox Market Synopsis
Wind turbine gearboxes are the major components that are included in wind turbines. Using the electric generator, these gearboxes enhance the rotational speed of the shaft. The gearboxes are designed in multiple ways to extend their resistance according to loading and environmental conditions and lessen the failure rate of the gearbox system. The growing shift toward renewable energy sources around the world is rising the adoption of wind turbines which leads to escalating the demand for the wind turbine gearbox.
Rapid industrialization and urbanization globally lead to a rise in demand for all business sectors. Moreover, growing awareness of the environment fosters the use of clean and renewable energy sources which results in a growing number of wind turbines around the world. Hence the wind turbine gearbox market is boosted all over the world. Furthermore, investment by market players in better designing and more efficient gearboxes will result in the best productivity and longevity. Rising investments in wind turbines for capturing energy due to their cost-effectiveness and energy efficiency are accelerating the market growth in the review period.
The wind turbine gearboxes 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.
Wind Turbine Gearbox Market Competitive Landscape
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).
Recent Developments
- A well-known enterpriser, Vestas introduced the new technology V236-15.0 MW turbine in February 2021. This innovation is benefitted a lot by establishing a strong foundation for Vestas offshore leadership journey in a way by setting up a benchmark for performance and lessening the cost of offshore technology.
- In July 2020, a highly populated enterpriser Siemens Gamesa launched their next-generation wind turbine named SG 3.4-145 in India. This advanced wind turbine is specially designed and optimized for countries' wind conditions and for providing the lowest possible LCOE with high reliability. Whereas in May 2021, the two leading organizations Vestas and Iberdrola took an agreement to supply 50 units of V174-9.5 MW offshore wind turbines for the Baltic Eagle project. They also signed a contract for maintenance and services of the new turbines.
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.
Wind Turbine Gearbox Market 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.
Wind Turbine Gearbox Market 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.
Wind Turbine Gearbox Market 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
Wind Turbine Gearbox Market 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.
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 | 2030: Significant Value |
| CAGR | 6.46% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2019 & 2020 |
| 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 |
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| Key Market Drivers |
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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.
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.
