Windturbinegearbox

The offshore segment is likely to expand at a significant pace during the forecast period and is expected to register growth at a significant CAGR. The investment in the offshore segment is widely increasing in the world and it is expected to reach more than 120,000 GW or 11 times the projected global electricity demand in 2040. The rise in the installation of offshore wind energy could increase employability. According to GWEC, offshore projects could employ 900,000 people globally in the next decade. These increasing offshore projects involve high usage of the gearbox. Thus, this drives growth of the offshore application segment during the forecast period.

The global market size is anticipated to reach USD 44.60 billion by 2032, growing at a substantial CAGR of 8.08% during the forecast period (2024-2032).

The global wind turbine gearbox market size was $22.27 billion in 2023 & is expected to grow from $23.95 billion in 2024 to $44.60 billion by 2032

Europe leads the offshore wind market with the highest capacity share. The International Energy Agency expects that renewable energy will take over fossil fuel as the world’s dominant form of electricity generation in the next five years. The government has set certain targets for them to achieve in the particular timeline and these increases focus on the deployment of new wind farms. The above factor drives the global wind turbine gearbox market growth.

A wind turbine can be defined as a device that converts the wind’s kinetic energy into electrical energy. Wind turbines are constructed with different sizes along with either vertical axes or horizontal axes. When hundreds of thousands of large turbines are installed together, they form a wind farm. A wind turbine uses a rotor coupled with a gearbox drive motor to generate electricity. The conventional design uses a gearbox for the purposes of slowing the speed, however high torque power in the main shaft to a higher rotational speed is useful to the generator. Utility-scale wind turbines often use three-stage gearboxes. The first stage is planetary drive and the remaining two stages use helical gears

Windturbine withoutgearbox

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Based on application, the offshore segment is holding the dominant share in the market. Based on type, the replacement segment is holding the dominating share in the market.

The new segment is expected to witness significant growth during the forecast period. The new segment implies the adoption of a new gearbox generally installed in new wind turbines. The rate of deployment of new projects is increasing widely. However, this number is not significantly large as compared to replacement as the new installation is less as compared to the total previous installation. In 2019, total cumulative installation capacity was more than 650 GW. However, the new installation in the same year was 60.4 GW. The new gearbox leads to larger downtime and the investment in new wind farms is largely increasing around the world.

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In July 2020, Siemens Gamesa launched its next-generation wind turbine, SG 3.4-145, in India. This new wind turbine is designed and optimized for wind conditions in the country and to deliver the lowest possible LCOE with high reliability.

Types ofgearboxinwindturbine

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Despite these challenges, the wind market has seen the highest growth ever and installed more than 96 GW of new capacity which indicates around 59% year-on-year increase. China is the country where this virus is believed to have spread first, yet it has installed the highest capacity in the world.

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ZFWindPower

Europe is likely to register growth at significant CAGR during the forecast period. The installation of renewable energy is widely increasing in this region. The investment in wind energy is extensively increasing, especially in Germany and the U.K. The rate of installation of the gearbox is also widely increasing due to the increasing adoption of the wind turbine in this region. The region has planned various upcoming offshore as well as onshore projects. Europe has planned to build 15 GW of wind energy per year for the next five years. Wind was 16% of the total electricity consumed in Europe in 2020. The increasing deployment of wind energy increases new market opportunities for growth in the gearbox market in Europe during the forecast period.

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Such projects will boost the market for wind turbine gearboxes in the coming years. In addition, rising adaptation of renewable energy sources will most probably help to grow global GDP. This will also add to the integration of technologies in recent years by emerging businesses.

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The global wind turbine gearbox market is extremely fragmented due to the presence of a large number of regional and international players. Numerous key players across the globe are increasingly participating in organic & inorganic developments to strengthen their market position globally. Most companies are concentrating on enhancing their production capabilities by introducing new technologies for wind turbines and wind turbine gearboxes. For Instance, in February 2021, Vestas launched the V236-15.0 MW turbine. This new technology establishes a strong foundation for Vestas offshore leadership journey by setting a benchmark for performance and cost reduction on offshore technology.

An Infographic Representation of Wind Turbine Gearbox Market View Full Infographic To get information on various segments, share your queries with us

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For Instance, in March 07, 2024, HIH Invest Real Estate attained a 25-MW wind farm in Germany from German project developer Energiequelle GmbH, accumulating the asset to its green energy investment fund. This will lead to investment in equipment as a part of the projects.

North America is estimated to be a significant contributor to the growth of the component. The region is highly focused on operation and maintenance services. The companies operating in this region keep a regular check for equipment replacement. The installation of wind energy is also increasing in this region due to rising awareness about climate. The investment in wind power generation is also widely inflating in this region due to reduced cost of wind power. GWEC stated that North America registered growth of over 15% of new onshore capacity installation in 2019 compared to the previous year.

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Asia Pacific Wind Turbine Gearbox Market 2023 (USD Billion) To get more information on the regional analysis of this market, Request a Free sample

Your tires are wearing badly and you have issues steering.   Bad bearings will affect the alignment of your vehicle and the way your car handles. If your tires are wearing through quickly or unevenly, or your car seems to drift around on the road, a wheel bearing or alignment issue is to blame. A simple stop by the shop here at Automotive Solutions will get you answers promptly and stop any issues you might be having.

The wind turbine gearbox market research reports provide a detailed analysis of the market and focus on key aspects such as leading companies, leading types, and the application of the product. Besides this, the report offers insights into the market trends and highlights key industry developments and competitive landscape. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the market growth.

According to American Wind Energy Association, as of April 2020, the U.S. has planned to add 25 GW of wind energy and all these projects can be scrapped or got delayed due to COVID-19.

Investment in renewable sources of energy is highly increasing around the world, creating growth opportunities for the market. The concerns regarding the environment are also increasing and governments in several countries are also focusing on reducing greenhouse gases emission across the world. They are implementing favorable policies that drive both onshore and offshore wind markets. In the U.S., the National Ocean Industries Association established the first offshore farm in 2017.

The global market has been analyzed geographically across five key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Asia Pacific is likely to dominate the market registering growth at significant CAGR during the forecast period. Asia Pacific is witnessing increase in wind capacity by installing new farms around this region. China is likely to lead the market in the Asia Pacific region as it is increasing wind capacity at a large scale. China even announced to increase its electricity generation from solar and wind plants to around 11% of the country’s total power consumption in 2021, stated National Energy Administration. This region is extensively working on reducing carbon emission which further increases the installation of renewable energy in this region. The increase in installation of wind turbines ultimately increases the market for turbine gearbox during the forecast period.

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The COVID-19 has been declared as a pandemic by WHO and it has spread in approximately 200 countries and the cases of this illness have surpassed 200 million across the world. The pandemic situation has a huge impact on fossil fuels and a negative impact on some of the renewable energy sources. However, the COVID-19 impact on wind energy is considered to be temporary and less effective. The supply chain got disrupted as governments across countries have imposed travel restrictions. The import and export activities were halted and the nationwide lockdown had been implemented in many countries due to which the industries were closed. Accordingly, many projects have been delayed due to COVID-19 across the world.

Based on application, the market is segmented into onshore and offshore. The onshore segment is likely to dominate the market during the forecast period. Onshore installation is widely increasing around the world in 2020, with around 90 GW of onshore wind capacity installed in 2020. China and the U.S. dominate in the installation of onshore wind energy. The cost of installation of the onshore wind farms is lower as compared to offshore wind energy. The rapid increase of new installation increases the demand for wind turbine gearbox and this drives growth in the onshore application during the forecast period.

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The global wind turbine gearbox market size was valued at USD 22.27 billion in 2023 and is projected to grow from USD 23.95 billion in 2024 to USD 44.60 billion by 2032, exhibiting a CAGR of 8.08% during the forecast period. Asia Pacific dominated the wind turbine gearbox industry with a market share of 49.03% in 2023.

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Renewable sources are being adopted in multiple regions, driving the current energy transition. Many businesses are investing heavily in expanding renewable energy projects, and wind power is one of those. Investments in projects are allocated as per the requirements, such as turbines, blades, gearboxes, project deployment, labors, and testing.

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Increasing technological advancement in operation and maintenance of wind turbines and growing Investment in wind energy to drive market growth.

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If you think you might have a failing wheel bearing, let us get it diagnosed and repaired as soon as possible. Bad bearings heat up and damage other components, in addition to other hazards. It will cost less to fix than the new tires you’ll need if it goes neglected, and at worst you’re at risk of a wheel falling off while travelling down the road.

The top players in the market are Vestas, Siemens Gamesa Renewable Energy SA, ZF Friedrichshafen AG, and General Electric Renewable Energy

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Based on type, the market is segmented into new and replacement. Replacement gearbox is expected to register growth at a significant pace during the global forecast period. It leads to the shortest downtime and increases productivity. It also increases the shelf life of the gearbox and the exchange process is faster. The replacement of the gearbox helps in upgrading to the latest technology. The preference toward the replacement segment is higher than the new segment thus, driving growth of the replacement segment during the forecast period.

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Due to COVID-19, the construction of the 382.7MW Fryslan offshore wind farm has been delayed. The bad weather in that area along with COVID-19 affected the building.

The operation and maintenance cost is very high for wind turbines and it accounted for more than 30% of the total cost of the wind turbines. After installing the wind turbine, it is necessary to regularly keep a check on such turbines. Turbines consist of two critical and complex components generator and gearbox. Operation and maintenance activities are crucial for the smooth and extended life of these components. Without proper maintenance, there are chances of failure, which lead to high downtime. The maintenance of the gearbox is a very expensive and complex process. Most of the time, it is preferable to replace the gearbox. The high cost of operation and maintenance may hinder the growth of the market during the forecast period.

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The countries accepting the Paris Climate Change Agreement have improved significantly in terms of reducing air pollution. Paris climate change agreement insisted the countries increase their renewable energy consumption. Wind is a low-cost renewable energy source and it helps countries minimize greenhouse gas emissions. Hence, most of the countries have made a considerable investment in wind energy.

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