Wind Turbine Gearbox Market was valued at US$ 21.78 Bn. in 2022. The Global Wind Turbine Gearbox Market size is estimated to grow at a CAGR of 10.7 % over the forecast period.
Wind Turbine Gearbox Market Overview:The device which converts kinetic energy into electrical energy is known as a wind turbine. It is manufactured in different sizes along with vertical and horizontal axes. A wind turbine uses a rotor with a gearbox motor to generate electricity. After the COVID-19, the market growth of the wind turbine gearbox market has an average collision by delay in supply and manufacturing of wind turbine gearbox market. Factors like increasing investments in wind power projects and decreasing the cost of wind energy will drive the market in the forecasted period. Again, rising in the CAGR is imputable to this market demand and growth. COVID-19 has most impacted fossil fuels and has negative impacts on renewable energy as well, but it is less impacted on wind energy.To know about the Research Methodology :- Request Free Sample Report
Wind Turbine Gearbox Market Dynamics:Beneficial Government Policies and Regulations to Support the Market Growth: Investment in renewable sources of energy like wind energy, solar energy, geothermal energy, etc., is broadly increasing in the world and also creating growth opportunities in the market. Concern related to ecology has also increased, and governments of many countries mainly focus on removing greenhouse gases emission from the world. They are executing suitable policies that are possible for both the onshore and offshore wind markets. President of the US, Joe Biden, declared an offshore goal of 30GW by 2030. Similarly, India has also targeted 30GW by 2030. India also has a plan to expand its green energy by mobilizing the unutilized offshore wind energy potential along its 7650-kilometer coastline. High Investment in Wind Energy: Increasing demand for electricity along with increasing air pollution day by day across the globe. According to the past data, investment in wind energy and other renewable sources has increased. Now the world is focusing more on shifting toward environmental-friendly, clean energy resources rather than chemical or artificial resources. Many countries are giving priority to renewable energy-based power generation rather than being dependent on traditional sources for power generation. High Cost of Operation and Maintenance required for Wind Turbine Gearbox: A high cost is required for the operation and maintenance of the wind turbine gearbox; 30% of the total cost of the wind turbine is required. Once the wind turbine is installed, it is important to check on the turbine in some gap period. The turbine is made up of two critical and complex parts generator, and gearbox and operation and maintenance is important for smooth running and persistent life of these parts. Proper maintenance is required, if there is any failure, it will cost very high, and it also leads to high downtime. The process of maintenance of the gearbox is very complicated as well as very expensive, and there is very less chance of sending it for repair, most of the time, it should be replaced.
Wind Turbine Gearbox Market Trends:The Paris Agreement Will Support the Market: The Paris climate change agreement will be going to support the market of wind energy in the forecasted period in terms of reducing air pollution. This agreement stated to increase the use of renewable energy. Where wind energy is the low-cost energy source among all the sources and it will help countries to reduce greenhouse gas emissions.
Wind Turbine Gearbox Market Segment Analysis:Based on Installation Type, the Wind Turbine Gearbox Market is segmented into New Gearbox and Replacement Gearbox. The replacement gearbox segment is dominating the market and is expected to grow during the forecasted period because it takes the shortest downtime and increases productivity and also increases the expected life period of the gearbox and the exchange process is also faster. It installed the latest technology while replacing the gearbox, because of that the demand for replacement gearbox is higher than the new gearbox. Based on Application, the Wind Turbine Gearbox Market is segmented into Onshore and Offshore. The offshore segment is dominating the market during the forecasted year because the installation offshore is higher than in the onshore segment. But in the US and China, onshore is dominating the market in 2022. The cost of installation onshore is less than offshore wind energy. Investment in offshore is increasing widely in the world and that expecting to reach up to 11000GW whereas installation onshore is only 90GW. The demand for offshore will rise by 11times in 2040. According to GWEC, offshore projects will provide 90000 employees globally in the next decades. This project will be required high usage of the gearbox which will increase the demand for the gearbox in the forecasted period.
Wind Turbine Gearbox Market Regional Insights:The Asia Pacific region held the largest market size accounting for 37% in 2022. Asia Pacific region is dominating the market by outstanding growth of CAGR during the forecasted period. The installation of wind capacity is higher in this region from others. China is leading in the market of the Asia Pacific region because of its highest wind capacity on a large scale. China has already declared that increase the electricity generation from solar and wind energy plants by 11% of total consumption. The installation of the turbine will surely increase the demand for the wind turbine gearbox in the forecasted period. The objective of the report is to present a comprehensive analysis of the global Wind Turbine Gearbox Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Wind Turbine Gearbox Market dynamic, and structure by analyzing the market segments and projecting the Wind Turbine Gearbox Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Wind Turbine Gearbox Market make the report investor’s guide.
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Wind Turbine Gearbox Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2017 to 2022 Market Size in 2022: US $ 21.78 Bn. Forecast Period 2023 to 2029 CAGR: 10.7% Market Size in 2029: US $ 44.38 Bn. Segments Covered: by Installation Type • New gearbox • Replacement gearbox by Application • Onshore • Offshore
Wind Turbine Gearbox Marke, by Region• North America (United States, Canada and Mexico) • Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) • Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) • Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) • South America (Brazil, Argentina Rest of South America)
Wind Turbine Gearbox Market Key Players:• Siemens Gamesa Renewable Energy SA • General Electric Renewable energy • Robert Bosch • Vestas • Moventas Gear Oy • Ishibashi Manufacturing Co. Ltd. • Voith GmbH & Co. KGaA • Winergy Group • Dana Brevini SpA • ZF Friedrichshafen AG • ME Production A/S • Renk AG Frequently Asked Questions: 1. Which region has the largest share in Global Wind Turbine Gearbox Market? Ans: Asia Pacific region held the highest share in 2022. 2. What is the growth rate of Global Wind Turbine Gearbox Market? Ans: The Global Wind Turbine Gearbox Market is growing at a CAGR of 10.7% during forecasting period 2023-2029. 3. What is scope of the Global Wind Turbine Gearbox Market report? Ans: Global Wind Turbine Gearbox Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. Who are the key players in Global Wind Turbine Gearbox Market? Ans: The important key players in the Global Wind Turbine Gearbox Market are – Siemens Gamesa Renewable Energy SA, General Electric Renewable energy, Robert Bosch, Vestas, Moventas Gear Oy, Ishibashi Manufacturing Co. Voith GmbH & Co. Winergy Group, Dana Brevini SpA, ZF Friedrichshafen AG, ME Production A/S, Renk AG, 5. What is the study period of this Market? Ans: The Global Wind Turbine Gearbox Market is studied from 2022 to 2029.
1. Wind Turbine Gearbox Market Size: Research Methodology 2. Wind Turbine Gearbox Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Wind Turbine Gearbox Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Wind Turbine Gearbox Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Wind Turbine Gearbox Market Size Segmentation 4.1. Wind Turbine Gearbox Market Size, by Installation Type (2022-2029) • New Gearbox • Replacement Gearbox 4.2. Wind Turbine Gearbox Market Size, by Application (2022-2029) • Onshore • Offshore 5. North America Wind Turbine Gearbox Market (2022-2029) 5.1. North America Wind Turbine Gearbox Market Size, by Installation Type (2022-2029) • New Gearbox • Replacement Gearbox 5.2. North America Wind Turbine Gearbox Market Size by Application (2022-2029) • Onshore • Offshore 5.3. North America Wind Turbine Gearbox Market, by Country (2022-2029) • The United States • Canada • Mexico 6. European Wind Turbine Gearbox Market (2022-2029) 6.1. European Wind Turbine Gearbox Market, by Installation Type (2022-2029) 6.2. European Wind Turbine Gearbox Market, by Application (2022-2029) 6.3. European Wind Turbine Gearbox Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Wind Turbine Gearbox Market (2022-2029) 7.1. Asia Pacific Wind Turbine Gearbox Market, by Installation Type (2022-2029) 7.2. Asia Pacific Wind Turbine Gearbox Market, by Application (2022-2029) 7.3. Asia Pacific Wind Turbine Gearbox Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Wind Turbine Gearbox Market (2022-2029) 8.1. Middle East and Africa Wind Turbine Gearbox Market, by Installation type (2022-2029) 8.2. Middle East and Africa Wind Turbine Gearbox Market, by Application (2022-2029) 8.3. Middle East and Africa Wind Turbine Gearbox Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Wind Turbine Gearbox Market (2022-2029) 9.1. South America Wind Turbine Gearbox Market, by Installation type (2022-2029) 9.2. South America Wind Turbine Gearbox Market, by Application (2022-2029) 9.3. South America Wind Turbine Gearbox Market, by Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. Siemens Gamesa Renewable Energy SA 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. General Electric Renewable energy 10.3. Robert Bosch 10.4. Vestas 10.5. Moventas Gear Oy 10.6. Ishibashi Manufacturing Co. Ltd. 10.7. Voith GmbH & Co. KGaA 10.8. Winergy Group 10.9. Dana Brevini SpA 10.10. ZF Friedrichshafen AG 10.11. ME Production A/S 10.12. Renk AG