Market Research Future has published a cooked research report on the Global Wind Turbine Gearbox Market.
The Global Wind Turbine Gearbox Market is poised to touch a valuation of USD 8,630 million by 2025, as per the latest report by Market Research Future (MRFR). Awareness of renewable sources of energy and rapid depletion of fossil fuels have made wind energy a very lucrative investment. Wind turbine gearboxes are components within wind turbines used in increasing the rotational power of blades.
The reduction in wind power generation costs due to robust investments in the energy sector can contribute to market revenues significantly in the coming years. This has culminated in installation of wind turbines in developing economies. Change in policies by nations to reach sustainability with their surrounding environment can boost research and development (R&D) efforts. High demand for electricity generation coupled with designs of wind power turbines with increased capacity can usher in significant revenues for the wind turbine gearbox from 2018 to 2025 (forecast period).
But emergence of direct drive turbines can act as a deterrent against market growth.
The wind turbine gearbox market can be segmented by type, application, installation type, and capacity.
By type, it is segmented into main gearbox, yaw gearbox, and others. The main gearbox segment accounted for nearly 61% share of the wind turbine gearbox market in 2018. It can experience 6.44% CAGR over the forecast period. On the other hand, the yaw gearbox segment can exhibit 6.57% CAGR during the review period owing to various yaw drive gearbox offerings by manufacturers. ‘Others’ include pitch gearboxes which can enhance the operational efficiency of wind turbines.
By application, the market is segmented into offshore and onshore wind power. The latter held close to 92% market share in 2018 and expand in market valuation to USD 7,897.4 million at 6.42% CAGR over the forecast period. On the flip side, offshore can reach a valuation of USD 732.6 million by 2025 thanks to its higher capacity than its counterpart owing to the use of spur gears which can operate at high torque and low speed. Establishment of offshore wind power projects mainly in the U.S. can bolster its growth over the forecast period.
By installation type, it is segmented into new and replacement. The new segment stood at USD 4,476.1 million in 2018 and can expand at 6.4% CAGR during the assessment period. This can be credited to its low frequency of repairs and maintenance required in new installations. The replacement segment, on the other hand, can generate close to USD 1,746.4 million by 2025.
By capacity, it is segmented into 1.5 MW-3 MW, Up to 1.5 MW, and Over 3 MW. The 1.5 MW-3 MW segment held nearly 48% market share in 2018. It can witness an impressive growth rate of 6.79% during the assessment period owing to these gearboxes facing frequent problems. It can dominate the wind turbine gearbox market on the basis of volume as well to reach a count of 86,270 units by 2025.
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The worldwide wind turbine gearbox market covers the latest trends and opportunities across North America, South America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
APAC accounted for nearly 47% market share in 2018, followed by Europe (32.04%), North America (14.90%), South America (4.91%), and MEA (1.18%).
The Europe wind turbine gearbox market is touted to grow at 6.45% CAGR during the assessment period owing to the presence of topmost wind turbine manufacturers in the U.K., Germany, Italy, and France. The region can accumulate a demand of 85,434 units by 2025 at a CAGR of 6.58% during the forecast period.
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