; Wind Turbine Gearbox Market size, share, trend 2032

Wind Turbine Gearbox Market

Wind Turbine Gearbox Market Size, Share, and Analysis By Application (Offshore Wind Power and Onshore Wind Power), By Installation Type (New and Replacement), By Type (Main Gearbox, Yaw Gearbox, and Others), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2023-2032

Published on: Dec-2023
Report Code: FG INEQ 01763
No. of Pages: 170-350
Report Format: PDF

Wind Turbine Gearbox Market is expected to grow at a CAGR of 8.2 % in the forecast period (2023-2032), with the market size valued at USD 19.27 billion in 2021 and projected to reach USD 45.6 billion by 2032.

Product Overview

The wind turbine gearbox market refers to the global industry that manufactures and distributes gearboxes specifically engineered for use in wind turbines. These gearboxes are critical components of wind energy systems as they transfer and regulate the rotational speed of the wind turbine's blades to generate electrical power efficiently. Historically, market patterns have been shaped by variables such as technology breakthroughs, government policies favoring renewable energy, and the overall growth of the wind energy sector. Government incentives and regulations targeted at decreasing carbon emissions and developing renewable energy sources remain critical in driving industry growth. Additionally, as worldwide demand for sustainable energy solutions grows, wind energy projects in emerging regions are opening up new prospects for gearbox makers.

Source: Fatpos global

 

Market Highlights 

Wind Turbine Gearbox Market is Expected to Exhibit a CAGR of 8.2% During the Forecast Period

Wind Turbine Gearbox Market is expected to reach USD 45.6 billion, growing at a CAGR of 8.2%. The market is expanding owing to the growth of the wind turbine gearbox market, which is supported by government policies and incentives, advancements in gearbox technology enhancing efficiency and reliability, cost-cutting initiatives such as direct-drive systems, increased environmental awareness, the diversification of wind turbine designs, and the emergence of wind energy projects in both developed and developing countries. These elements, taken together, contribute to the industry's continuous growth, innovation, and sustainability, making wind turbine gearboxes an essential component in the global pursuit of clean and sustainable energy solutions.

Source: Fatpos Global

Wind Turbine Gearbox Market Segmentation

Replacement Segment to Grow Due to Reduced Downtime, Enhanced Productivity, and Extended Lifespan

Based on the type, the wind turbine gearbox market is divided into new and replacement. Throughout the global forecast period, the replacement gearbox segment is expected to increase significantly. This is mostly due to the benefit of less downtime, which increases production and extends the gearbox's lifespan while also permitting a faster exchange process. Additionally, replacing allows for the inclusion of the most recent technical breakthroughs. As a result, there is a larger preference for the replacement category, which will drive its expansion during the forecast period.

Onshore Dominance Shaping the Wind Turbine Gearbox Market

By Application, the wind turbine gearbox market is divided into offshore wind power and onshore wind power. The onshore category is expected to take the lead during the forecast period, owing to its broad usage globally. Notably, China and the United States are key players in onshore wind energy projects, due to the lower cost of onshore installations compared to offshore options. The growing trend of creating new onshore wind farms is significantly increasing demand for wind turbine gearboxes, contributing to the onshore segment's robust expansion.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Favorable Government Policies and Regulations to Support Potential Growth

Renewable energy investments are growing rapidly around the world, creating new potential for market expansion. As environmental concerns have grown, many governments throughout the world have prioritized greenhouse gas emissions reduction, resulting in the introduction of favorable laws that encourage growth in both onshore and offshore wind energy markets. Within the next five years, the International Energy Agency predicts a shift from fossil fuels to renewable energy as the primary source of electricity generation worldwide. Governments have established precise targets with aggressive deadlines, with a particular emphasis on the deployment of new wind farms, which is a key driver of the worldwide wind turbine gearbox industry.

Increasing Wind Energy Investments to Drive Market Growth

Global investment in renewable energy sources is increasing. The world's rising air pollution is causing an increase in the demand for electricity. The emphasis is shifting toward more environmentally friendly, greener energy sources. Various countries throughout the world are focusing on renewable energy-based power generation development to reduce their reliance on traditional power sources. Increased investments in wind and other renewable energy sources have been noted to develop regularly in recent years. Wind energy has the potential to overcome a wide range of energy producing challenges.  As a result, such massive increases in wind capacity necessitate effective maintenance and monitoring on a regular basis. As a result, rising investments in wind energy are expected to drive up demand for wind turbine gearboxes.

Restraints

Wind Turbine Market Growth Would be Hampered by High Operating and Maintenance Costs

Over 30% of the whole cost of a wind turbine goes into its operation and maintenance, which is a relatively large amount. Regular inspection and maintenance are essential after wind turbine installation. The generator and gearbox, two complex and important parts of these turbines, need to be carefully maintained to perform effectively throughout time. Lack of proper maintenance increases the likelihood of component failures, which can lead to protracted downtime. Gearbox maintenance is a difficult and expensive task that frequently leads people to contemplate replacing the gearbox entirely as a more practical solution. This increased cost for operations and upkeep could potentially hinder market expansion over the course of the projection period.

Recent Developments

  • Eickhoff Wind Asia, a division of the German company Gebr Eickhoff Maschinenfabrik u. Eisengießerei GmbH, will open its cutting-edge production facility close to Chennai in June 2022. With the addition of this new wind gearbox assembly plant, Eickhoff's activities and presence in Asia are strengthened, and its global reach is increased.
  • SKF revealed ground-breaking developments in rolling bearing technology in March 2022, allowing for the reduction of drivetrain weight, which can result in significant cost savings and possible power gains. These advancements make it possible to increase onshore turbine size while maintaining transportation constraints.

Wind Turbine Gearbox Market

Key Players:

Regional Analysis

Wind Turbine Gearbox Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Due to China's ambitious plans to increase its wind capacity and its emphasis on lowering carbon emissions, the Asia Pacific region is expected to dominate the wind turbine gearbox market with significant growth. With huge wind energy expenditures and ambitions for significant annual wind energy expansion, Europe is also on the growth track. In North America, there is a significant focus on operation and maintenance services since wind energy is being used more frequently as a result of growing environmental awareness and falling wind power costs.

 

 Source: Fatpos Global

Impact of Covid-19 on Wind Turbine Gearbox Market

Energy sources have been affected in many ways by the COVID-19 pandemic, which the WHO has classified as a worldwide health emergency. While there were issues with fossil fuels, wind energy only saw a temporary and moderate impact. Worldwide project delays were brought on by supply chain disruptions brought on by travel restrictions, import-export bans, and lockdowns. Despite these obstacles, the market for wind energy exhibited resiliency and grew significantly. In terms of installed capacity, China, where the virus first appeared, clearly took the lead. Plans to increase wind energy in the U.S. could be delayed or abandoned as a result of the pandemic. Additionally, COVID-19 and unfavorable weather conditions had an impact on the Fryslan offshore wind farm construction, which caused project delays.

Wind Turbine Gearbox Market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Wind Turbine Gearbox Market Scope and Segments:

ATTRIBUTE

  DETAILS

Study Period

2018-2032

Base Year

2022

Forecast Period

2022-2032

Historical Period

2019-2021

Growth Rate

CAGR of 8.2% from 2022-2032

Unit

Value (USD Billion)

Segmentation

Main Segments List

By Type

  • Main Gearbox
  • Yaw Gearbox
  • Others

By Application

  • Offshore Wind Power
  • Onshore Wind Power

By Installation Type

  • New
  • Replacement

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Frequently Asked Questions (FAQ):

Wind Turbine Gearbox Market size was values at USD 19.27 billion in 2021 and is projected to reach the value of USD 45.6 billion in 2032, exhibiting a CAGR of 8.2% during the forecast period.

The Wind Turbine Gearbox Market refers to the global industry that manufactures and supplies gearboxes for use in wind turbines. By regulating the rotational speed of the turbine blades, these gearboxes play an important role in transforming wind energy into electrical power.

The Replacement segment and the Onshore segment accounted for the largest wind turbine gearbox market share.

Key players in the wind turbine gearbox market include Siemens Gamesa Renewable Energy, Vestas Wind Systems, GE Renewable Energy, Nordex SE, Enercon GmbH, Suzlon Energy Limited, Xinjiang Goldwind Science & Technology Co., Ltd., Winergy Group, ZF Friedrichshafen AG, Moventas, Bosch Rexroth AG, Dana Incorporated, Brevini Power Transmission, Renk AG, Allen Gears, and Other Prominent Players.

Favorable government policies & regulations and increasing wind energy investments are the factors driving the wind turbine gearbox market.

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