Product Code: 51400
The global wind turbine gearbox market is expected to grow at a CAGR of less than 2% over the forecast period of 2020-2025. Factors such as the declining cost of the wind energy and increasing investments in the wind power sector are the key drivers for this market. However, the increasing use of the direct drive turbines is expected to restrain the gearbox market during the forecast period.
- The offshore industry witnessed major investments in 2018, and accounted for USD 25.6 billion, which was 11% more than the 2017 investment. Although onshore segment is likely to lead the market, the offshore sector may witness the highest growth rate over the forecast period.
- The emerging markets in Africa and South America offer a robust business opportunity for the wind power business. As countries, including Brazil, South Africa, Chile, and others, in these regions are on the cusp of development, there is an increased demand for electricity, which is expected to provide market opportunities for wind turbine gearbox market in the coming years.
- Asia-Pacific region is expected to dominate the market, mainly owing to high investments in the wind industry in China.
Key Market Trends
Offshore Segment to Register Higher Growth
- The global offshore market remained stable in 2018 with 4.49 GW of new additions, almost the same market size as in 2017. The total cumulative offshore installations have reached 23.14 GW, representing a 24% increase in cumulative offshore wind installed capacity over the previous year.
- Globally, the share of offshore installations continues to increase and reached 8% for new installations and 4% of the total installations in 2018. By 2025, the share of the new installation is expected to exceed 10%, and the total installed based is expected to reach 100 GW.
- Global demand for wind turbine gearbox in the offshore sector is increasing at a significant rate. Even though Europe dominated the market with 59.9% of global annual offshore wind energy generation capacity at the end of 2018, Asia saw a substantial increase in offshore wind energy deployment, installation of 1.8 GW. By the end of 2018, the installed offshore wind power capacity has risen to 23.140 GW from 18.658 GW at the end of 2017, with a significant fraction of investments coming from the private sector.
- The offshore wind turbine gearboxes are required to be more robust and more efficient and, in turn, are costlier, as the wind speed in offshore regions is higher. Hence, the growth of the offshore wind energy sector is expected to have a significant positive impact on the market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to be the promising markets for wind turbine tower in the coming years, on account of the favorable government policies and new installations in the countries.
- As of March 2018, China accounted for the largest wind power generation capacity in the world. Wind energy accounted for around 5% of the total power generated in the country during 2018.
- The country's wind infrastructure has increased by about 182.48 GW in the past 10 years. As the country's wind infrastructure was developed majorly in the past few years, the demand for wind turbine gearbox repair & refurbishment market is expected to grow rapidly in the coming years.
- As of 2018, India holds the fourth largest wind power installed capacity in the world. These projects are majorly spread in the Northern, Southern and Western parts of the country.
- As of 2018, the country total wind installation capacity has reached around 35,129 MW, after the addition of 2,191 MW of new wind installed capacity in 2018.
- Owing to the rapidly growing installed base in Asia-Pacific and shifting service strategies of Chinese and Indian asset owners, which are expected to provide a significant growth opportunities for the wind turbine gearbox repair and refurbishment market over the next decade.
The global wind turbine gearbox market is moderately consolidated. Some of the major companies include Siemens Gamesa Renewable Energy SA, Dana Brevini SpA, ME Production A/S, Winergy Group and ZF Friedrichshafen AG.
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Table of Contents
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
5 MARKET SEGMENTATION
- 5.1 Location of Deployment
- 5.1.1 Onshore
- 5.1.2 Offshore
- 5.2 Geography
- 5.2.1 North America
- 5.2.2 Asia-Pacific
- 5.2.3 Europe
- 5.2.4 South America
- 5.2.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 Dana Brevini SpA
- 6.3.2 Siemens Gamesa Renewable Energy SA
- 6.3.3 ME Production A/S
- 6.3.4 Stork Gears & Services BV
- 6.3.5 Winergy Group
- 6.3.6 ZF Friedrichshafen AG
- 6.3.7 Turbine Repair Solutions
- 6.3.8 Elecon Engineering Company Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS