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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 | 199 Pages | Author: Anshula Mandaokar| November 2018

Global Wind Turbine Gearbox Market Overview 

The Wind Turbine Gearbox Market is estimated to reach a valuation of USD 38531.02 Million by the year 2030 at a CAGR of 6.5% during the forecast period 2022 to 2030, owing to exigencies of energy from renewable sources.

Wind turbine gearboxes are the major components of a wind turbine. 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 raising the adoption of wind turbines leading 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 globally. 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 during the forecast period.

Wind Turbine Gearbox Market Trends

  • The Offshore Segment of the Wind Turbine Industry is said to be the most active trend aiding the market's growth.

Globally, the offshore wind industry has been expanding quickly. To take advantage of the steady and robust wind resources found in oceans, governments and energy businesses are investing more in offshore wind projects.

The Global Wind Energy Council announced in 2022 that 8 GW of offshore wind energy capacity had been added, bringing the total installed capacity worldwide to 64 GW. When compared to the 56 GW installed capacity in 2021, this is an increase. To facilitate the growth of offshore wind farms, there is an increased need for wind turbine gearboxes as offshore wind capacity increases.

The favourable wind conditions and geographic position of several countries make them viable sources of offshore wind energy. Offshore wind resources are being aggressively developed in regions including Taiwan, China, North Europe, and the US. Manufacturers of wind turbine gearboxes can take advantage of these regions' significant market potential to meet the increasing demand brought on by offshore wind development. 

Wind Turbine Gearbox Market Segment Insights 

The Wind Turbine Gearbox Market is primarily segmented into two main sub-segments based on type and application. 

Wind Turbine Gearbox Market Type Insights -

The Wind Turbine Gearbox Market is primarily divided into new and replacement segments based on type. The replacement gearbox market is anticipated to have significant growth during the forecast period as it boosts output and has the least amount of downtime. Additionally, it speeds up the swap procedure and extends the gearbox's shelf life. Upgrading to the newest technologies is made easier by replacing the gearbox. The replacement segment is expected to rise during the projected period due to a higher preference for it over the new segment. Apart from this, the new category is anticipated to experience significant expansion. Adoption of a new gearbox, typically installed in newly constructed wind turbines, is implied by the new section. The pace at which new initiatives are being deployed is rapidly accelerating. 

Wind Turbine Gearbox Market Application Insights -

The Wind Turbine Gearbox Market is further divided into onshore and offshore segments based on the applications. Throughout the forecast period, the onshore segment is said to have a major market share. Around 90 GW of onshore wind capacity is to be added globally as a result of the significant increase in onshore installation. When it comes to onshore wind energy installations, China and the US lead the way. Compared to offshore wind energy, the cost of installing onshore wind farms is cheaper. Throughout the study period, growth in onshore applications is driven by the wind turbine gearbox demand, which is heightened by the rapid increase in new installations.

The offshore segment is anticipated to increase at a high CAGR and is likely to expand at a significant speed. Global investment in the offshore sector is forecast to soar to over 120,000 GW by 2040, or eleven times the world's estimated power consumption. Employability may rise as offshore wind energy installations increase. In the next ten years, offshore projects may create 900,000 jobs worldwide, according to GWEC. There is a lot of gearbox utilization in these growing offshore projects. Consequently, during the projection period, this propels the growth of the offshore application segment.

Wind Turbine Gearbox Market Regional Insights 

The Wind Turbine Gearbox Market is primarily studied and divided across four prominent regions, namely North America, Europe, Asia-Pacific and the Rest of the World. Out of these regions, Asia-Pacific is said to be the dominating region in terms of global market share with a significant growth rate during the forecast period. 

Asia-Pacific region is witnessing an increase in wind capacity as emerging economies in the region are now installing new wind farms to accumulate their power generation needs. Among the leading nations, China is said to be the leader in the said market segment having installed such wind farms at a large scale, and has announced to increase in its electricity generation through the solar and wind energy plants to 11% of the total power generation. Furthermore, China is making significant efforts to lower its carbon emissions, which will increase the amount of renewable energy installed in this area. Throughout the projection period, the market for turbine gearboxes will grow as more wind turbines are installed.

Europe is said to be the second-highest region in terms of market share in the wind turbine gearbox market. The installation of renewable energy is rapidly growing in the entire European region, while the wind energy investment is rapidly growing, particularly in Germany and the United Kingdom. The growing popularity of wind turbines in this region has led to a significant increase in the rate of gearbox installation as well, which is why Europe has several upcoming onshore and offshore projects planned. For the next five years, Europe intends to build 15 GW of wind energy annually. In 2020, 16% of Europe's total electricity consumption came from wind energy. 

North America is the third highest in the list of top revenue-grossing regions in the Wind Turbine Gearbox Market. It is believed that a major portion of the wind turbine gearboxes growth has come from North America. The provision of operation and maintenance services for the gearbox of wind turbines is the region's primary focus. The businesses in this area regularly inspect their equipment for replacement. The increased awareness of climate change is also contributing to an increase in wind energy installations in this region. Because wind power is becoming more affordable, there is a significant increase in investment in wind power generation in this region. 

Wind Turbine Gearbox Market Key Players & Competitive Insights

With the presence of numerous regional and international companies, the wind turbine gearbox industry is highly fragmented globally. To improve their position in the global market, a large number of important businesses are becoming more involved in both organic and inorganic advancements. By implementing new technology for wind turbines and wind turbine gearboxes, the majority of businesses are focusing on improving their manufacturing capacities. For example, Vestas launched the V236-15.0 MW turbine in February 2021. By establishing a standard for performance and cost-cutting in offshore technology, this new innovation lays a solid basis for Vesta's journey toward offshore leadership. 

Key Companies in the Wind Turbine Gearbox Market - 

  • Siemens Gamesa Renewable Energy SA (Spain)

  • General Electric Renewable Energy (France)

  • Robert Bosch (Germany)

  • Vestas (Denmark)

  • Moventas Gear Oy¬†(Finland)

  • Ishibashi Manufacturing Co. Ltd. (Japan)

  • Voith GmbH & Co. KGaA (Germany)

  • Winergy Group (U.S.)

  • Dana Brevini SpA (Italy)

  • ZF Friedrichshafen AG¬†(Germany)

  • ME Production A/S¬†(Denmark)

  • Renk AG (Germany)

Recent Developments in the Wind Turbine Gearbox Market

May 2021 - 

In May 2021, a deal was signed where 50 V174-9.5 MW offshore wind turbines would be supplied by Vestas and Iberdrola under the terms of a deal for the Baltic Eagle project, which is being developed off the island of Rugen. Additionally, a contract for the upkeep and servicing of the new turbines has also been signed by both businesses. 

June 2022 -

In June 2022, the German company Eickhoff Wind Asia opened a new production facility close to Chennai, India. The new unit factory will work on producing wind gearboxes, which will increase Eickhoff's regional footprint in Asia. Gearbox storage, assembly, and testing up to an 8 MW size would be the main duties of the unit operating in India.

Wind Turbine Gearbox Market Segmentation

Wind Turbine Gearbox By Type Outlook

  • Main Gearbox

  • Yaw Gearbox

  • Others

Wind Turbine Gearbox By Application Outlook

  • Offshore Wind Power

  • Onshore Wind Power

Wind Turbine Gearbox Market By Installation Type Outlook

  • New

  • Replacement

Wind Turbine Gearbox By Capacity Outlook

  • 5 MW-3 MW

  • Up to 1.5 MW

  • Over 3 MW

Wind Turbine Gearbox Regions Outlook

  • 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

Report Attribute/Metric Details
  Market Size   2030: USD 38531.02 Million
  CAGR   6.5% 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 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 6.5% in the coming years.

The global market for wind turbine gearbox can reach a valuation of USD 38531.02 million by 2030, 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.

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