Wind Turbine Gearbox Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Deployment (Onshore and Offshore {Fixed and Floating Regions and Country
Detailed Analysis of COVID-19 Impact on the Wind Turbine Gearbox Market
Pages: | 231 |
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Table: | 47 |
Figure: | 145 |
Report ID: | UMEP21745 |
Geography: |
Report Description
With surging demand of electricity from renewable power, sources led to an exponential growth in the global wind industry. Additionally, the 93 GW of new installations in FY 2020-21 brought global cumulative wind power capacity up to 743 GW. In addition, through technology innovations and economies of scale, the global wind power market has nearly quadrupled in size over the past decade and established itself as one of the most cost-competitive and resilient power sources across the world. In 2020, record growth was driven by a surge of installations in China and the US – the world’s two largest wind power markets, accounting for over half of the world’s total wind power capacity.
As per the Global Wind Energy Council (GWEC) Market Intelligence expects that over 469 GW of new onshore and offshore wind capacity will be added in the next five years – that is nearly 94 GW of new installations annually until 2025, based on present policies and pipelines.
With increasing electricity demand, wind energy is growing at an influential rate owing to its high efficiency and declining cost component. In addition to this as compared to other renewable power sources, it has a low maintenance cost. Further, reaching net-zero will require bold actions by a large number of sectors, wind power is placed to be one of the cornerstones of green recovery to play an important role in accelerating the global green energy transition.
Green Wind Energy Council (GWEC) expects that over 469 GW of new onshore and offshore wind capacity will be added in the next five years that is until 2025. With the explosive growth of wind turbine installations in China, Asia Pacific continues to take the lead in global wind power development with its share of the global market increasing in 2020. Thus, the global wind turbine gearbox market is expected to witness a CAGR of ~27% during the forecast period.
Insights Presented in the Report
“Amongst Deployment, Offshore Category to Witness Higher CAGR During the Forecast Period”
Based on deployment, the market is bifurcated into onshore and offshore. Among these, the offshore category witness a higher CAGR during the forecast period. There has been a noticeable shift in the energy sector toward renewable and green energy due to factors such as the need to reduce carbon emissions, depletion of fossil fuels, climatic change, etc. Various government policies are in place to support the initiative toward greener energy. Many multinational companies are taking initiatives to cut down their carbon footprint to contribute to a greener planet and sustainability. For instance, Equinor (Norway) aims to cut its carbon emissions by half by 2050. A part of the plan is to develop its renewable energy businesses, particularly offshore wind, which may reach 6,000 megawatts in six years and 16,000 megawatts in 15 years.
Moreover, Surging investments toward the development of sustainable energy platforms including fixed and floating offshore wind projects will fuel the technology adoption. Low maintenance, reduced manpower requirement, and minimal land footprint is some of the prominent factors impelling the market share.
“Asia-Pacific will Dominate the Market During the Forecast Period”
The Asia-Pacific wind turbine gearbox market is expected to witness exponential CAGR during the forecast period. Major factors attributing to the growth include favorable government policies, the increasing investment in wind power projects, and the reduced cost of wind energy, which led to increased adoption of wind energy, thereby positively contributing to the demand for wind energy. Moreover, the technological advancements in efficiency and decrease in the production cost of offshore wind turbines are expected to create ample opportunity for the market players in Asia-Pacific.
China held a significant revenue share in the global wind energy market in 2020 owing to supporting government policies and easy availability of raw materials. China led the world’s biggest ever increase in wind power capacity. Moreover, the presence of major turbine manufacturers and the introduction of major offshore wind power projects. In 2021, Chinese wind turbine manufacturer MingYang Smart Energy launched a 5.5MW turbine, the first floating offshore wind tower, and turbine ever built in China.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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Research Methodology
Analyzing the historical market, estimation of the current market, and forecasting the future of the Wind Turbine Gearbox Market were the three major steps undertaken to create and analyze the demand and sales of Wind Turbine Gearbox Market across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below.
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Wind Turbine Gearbox Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Wind Turbine Gearbox Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are deployment and type. Further regional level analyses were conducted to evaluate the overall demand for Wind Turbine Gearbox Market in a global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing vehicle ownership and technological advancement in the healthcare sector, etc. Historical trends and their year-on-year impact on the market size and share were analyzed. The demand and supply-side scenarios were also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the market, and market shares of the segments and company. All the required percentage split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and sub-segments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the demand for Wind Turbine Gearbox Market across the major regions globally
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Wind Turbine Gearbox Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Wind Turbine Gearbox Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of deployment and regions.
The main objective of the Wind Turbine Gearbox Market Study
The current & future market trends of the Wind Turbine Gearbox Market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Wind Turbine Gearbox Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
- Segments in the study include deployment and regions
- Defined analysis of the regulatory framework for the Wind Turbine Gearbox Market industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
- Analyze the current and forecast market size of the Wind Turbine Gearbox Market across the globe. Major regions analyzed in the report include North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Spain, Rest of Europe); Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific); and Rest of World. Define and analyze the competitive landscape of the Wind Turbine Gearbox Market sector and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry