Product Code: 51400
In 2018, the cumulative installed wind capacity reached 591 GW. However, new wind capacity addition totaled 51.3 GW in 2018, which was down by 4.11% from 2017 and 6.55% since 2016, mainly due to maturing market in the regions like Europe and North America. However, the alternative clean energy sources such as solar and gas, are cheaper than wind energy, which is a major restraint for the market.
- Offshore segment is expected to register higher growth.
- 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
- Owing to the large investments in countries like China and India, and emerging countries like Taiwan the wind sector investments are dominated by the Asia-Pacific region.
- As of March 2018, China holds the largest wind power generation capacity in the world. Wind energy accounted for 5% of the total power generated in the country during 2017. In 2017, wind power generation reached 305,700 GWh from 242,000 GWh in 2016, which indicates about a 26% increase in wind power generation from 2016.
The global wind turbine gearbox market is moderately consolidated. Some of the major companies include Siemens Gamesa Renewable Energy SA, Moventas Gears Oy, 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
- 1.4 Study Deliverables
- 1.5 Research Phases
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion till 2024
- 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 & 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 Moventas Gears Oy
- 6.3.4 Winergy Group
- 6.3.5 ZF Friedrichshafen AG
- 6.3.6 NGC Gears
- 6.3.7 China High Speed Transmission Equipment Group Co., Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS