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.
Wind Turbine Gearbox Market is expected to grow at a 6.46% CAGR from 2022 to 2030, owing to exigencies of energy from renewable sources.
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.
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).
Shell has introduced gearbox oil to help wind turbines last longer. Shell Lubricants has launched a new synthetic wind turbine gearbox oil in the United States.
GE Renewable Energy, Toshiba Energy Solutions, and Solutions Corporation announced a collaboration to localize critical phases of the manufacturing of the GE Haliade X offshore wind turbine and support its commercialization in Japan.
GE Renewable Energy announced that they will supply 42 units of 2.7-132 onshore wind turbines for wind projects totaling 110 megawatts in India, which will help meet the electricity demand of various industrial companies in Gujarat and Karnataka.
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.
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 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.
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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.
The report provides a comprehensive overview of the Wind Turbine Gearbox 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.
Segments By Type
Segments By Application
Segments By Installation Type
Segments By Capacity
|Market Size||2030: Significant Value|
|CAGR||6.46% CAGR (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||
|Key Market Drivers||
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.