Wind Turbine Gearbox Market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Himanshu Patni
- April 6, 2022
- ENERGY & POWER, NEWS
- Wind Turbine Gearbox Market, Wind Turbine Gearbox Market growth, Wind Turbine Gearbox Market share, Wind Turbine Gearbox Market size, Wind Turbine Gearbox Market trends
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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.
During the COVID-19 pandemic in early 2020, the majority of the countries and regions witnessed a countrywide lockdown. Globally countries witnessed an economic slowdown. The majority of the decline was witnessed in the industrial sector, where countries had imposed shut down of manufacturing facilities to reduce the spread of COVID-19. In the overall wind power sector, the first half of 2020 saw auctions being postponed or canceled due to COVID-19. However, the sector bounced back with vigor in the second half of the year as key mature and emerging wind markets began to overcome the impacts of the pandemic.
For a detailed analysis of the Covid-19 Impact on the market browse through – https://univdatos.com/report/wind-turbine-gearbox-market/
Based on deployment, the market is bifurcated into onshore and offshore wind energy. The offshore wind turbine category is expected to witness the fastest growth during the forecast period. This is mainly due to the constant technological advancements in the turbine and gearbox technology for augmenting the turbine capacity and generating more energy, with an emphasis on achieving significant cost reductions. Higher-capacity wind turbines have larger swept areas and produce more power for the same resource quality, thereby generating higher wind farm output levels. The market growth is attributed to a higher potential for power production as compared to onshore wind energy, technological advancements in offshore foundations, and increasing investments & favorable policies for offshore wind power generation globally.
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For a better understanding of the market adoption of Wind Turbine Gearbox, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Currently, Asia Pacific holds a lucrative market share owing to the growing focus on renewables energy. APAC region is expected to see high growth in wind energy owing to a rise in research and development activities for wind turbines and their components coupled with growing energy demand in developing countries like China and India. Moreover, favorable government policies and a growing focus on increasing the share of renewable energy in the power generation mix are some of the prominent factors driving the regions’ market. For instance, In 2018, the government of India asked companies to come forward to set up India’s first offshore wind energy project, in the Gulf of Khambhat in Gujarat, the project is yet to take off.
Some of the major players operating in the market include Siemens Gamesa Renewable Energy SA, Flender GmbH, Dana Inc., ISHIBASHI Manufacturing Co. Ltd., Robert Bosch GmbH, ZF Friedrichshafen AG, RENK GmbH, Nanjing High Speed Gear Manufacturing Co. Ltd., EICKHOFF GRUPPE, and Liebherr Group
Wind Turbine Gearbox Market Segmentation
Market Insight, by Deployment
MARKET INSIGHTS BY REGION
- North America Wind Turbine Gearbox Market
- Rest of North America
- Europe Wind Turbine Gearbox Market
- Rest of Europe
- Asia-Pacific Wind Turbine Gearbox Market
- Rest of Asia-Pacific
- Rest of World Wind Turbine Gearbox Market
Top Company Profiles
- Siemens Gamesa Renewable Energy SA
- Flender GmbH
- Dana Inc.
- ISHIBASHI Manufacturing Co. Ltd.
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- RENK GmbH
- Nanjing High Speed Gear Manufacturing Co. Ltd.
- EICKHOFF GRUPPE
- Liebherr Group